Data Visualisation the solution you knew you needed
Whether you are the Head of a large and disbursed team or responsible for analysing large volumes of data, you are truly missing out if your data management process does not include visualisation. Data Visualisation is the representation of information using graphs, charts and other visuals so that it may be easier to understand. Having the ability to create smart visualisations that allow you to democratise data for everyone within your organisation is no longer considered nice to have. Most organisations that fail to adopt a data visualisation tool struggle to realize the true benefits of Business Intelligence.
Compliance is a challenging field; regulations are always changing, laws are continuously being challenged and amended, and technology is constantly evolving and with it all the opportunities for both good and bad. While you may already understand all the necessary controls needed to ensure your organisation remains compliant, the proliferation of information gathering needs continues to make it more difficult to analyse your ever-growing data set. Additionally, to remain competitive and influential within your organisation, the modern compliance department needs the ability to access current, historic and accurate data in order to provide real-time recommendations to the organisation.
Reports vs Visualisation
Producing reports on a Quarterly, monthly, weekly, or even daily basis is no longer enough when seeking to assess risk within an organisations data set. Decision making relies on accurate data and, depending on the complexity of your data, day-old data can sometimes take hours to analyse in order to identify trends accurately. You can spend hours combing through text-heavy reports with the intention of translating information into digestible insights for other business leaders within your organisation. Data Visualisations can, in real-time, organise your information in a way where it is easy to use, easy to understand and with powerful visuals, you can highlight the key activities that need the most focus.
The speed of business today requires executives to be able to make real-time decisions. No longer can we wait days to identify critical trends in our compliance process, nor can you allow significant instances of bad data to go unidentified in your screening process. KYC and screening regulations require you to perform extensive due diligence on customers and third-party vendors to prevent compliance violations and fall victim to fraud. Having the ability to interpret information quickly empowers you as an executive and your team to take required actions according to your governance policies. Data communicated well in a visual dashboard accelerates the decision-making process across the organisation. This leads to a potential increase in business growth, improving the output of the compliance function.
Improving Effectiveness and Efficiency
One of the strongest benefits of Data Visualisation is customisation. Your visualisations can include a number of different graphs, shapes and designs all to suit your specific monitoring needs. Data Visualisation is not meant to be a one-size-fits-all approach; however, it is a fully customisable approach. Whether you are leading a large team across multiple regions, branches or a single department, the ability to cascade relevant information through the use of visualisations still provides the ability to uncover insights at all levels of an organisation and instantly have it shared for almost immediate benefit.
The use of technology in Regulatory Compliance has quickly grown over the last few years and it only looks to continue. With this shift, there is a greater need for Compliance programmes to have fast access to information to be able to respond to these ever-changing needs. Reducing the time required to uncover new trends and insights through real-time reporting and leveraging automation is a must-have in any modern compliance process. Data visualisations provide you with easy access to your most critical information and quick analysis to drive the decision-making process so that you can bring new impact into your organization.
We at Symptai Consulting stand ready to deliver automated solutions to improve your AML- CFT processes. Reach out to our team today and find out how we can help create easy to manage Data Visualisations that your company could employ and how we can help you improve your compliance processes.