Lawyers and compliance officers are trained to be experts in laws and regulations, not in technology. But in today’s tough compliance environment, it pays to be able to automate processes and leverage tech tools. This need is particularly high for entities in the financial services industry, as they often deal with long lists of rules and regulations as part of everyday operations.
At a summit held in New York City this week by Compliance Science Inc., a firm that provides governance, risk management and compliance solutions to financial services players like hedge funds, private equity firms and investment banks, technology was a major discussion point. In one panel discussion, “Compliance Leadership: Compliance Automation and Technology Best Practices,” experts gave advice about how chief compliance officers can successfully integrate technology into their practices. Although the panel directed its advice to the audience— financial firms—the insights can also be helpful to CCOs and in-house counsel in other sectors. Here are three key tips:
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