Top 20 Compliance Technology Companies - 2018
New and emerging technology trends, such as cloud computing, enterprise mobility, social media, and big data, are rapidly revolutionizing modern enterprises, so much so that these innovations have earned the moniker “the big four.” However, along with their potential to positively transform the enterprise, these promising technologies also carry with them inherent security risks. Given the scale of enterprises today, and their huge repository of data, it is clear that large-scale information systems are necessary for firms to achieve compliance and mitigate associated risks.
As vast amounts of data become digitized and the computing power becomes more powerful than ever, it only makes sense to rely on AI to ensure that an enterprise is compliant with the industry policies and regulations. In the past, systems relied on a rigid set of rules to determine the likelihood of non-compliance. But due to insufficient computing capabilities and the limited amount of data available for processing, previous techniques generated a high number of false positives. However, as AI technology becomes more advanced, it has the potential to be a mainstream RegTech solution. AI is giving computers the ability to learn beyond what they were explicitly programmed to do, allowing them to react to complex scenarios without human oversight.
Another breakthrough in the sector is the growing implementation of blockchain technology. Blockchain has the potential to make data more accessible, transparent, and immediate, with the promise of security. Since blockchains are immutable, the technology could be leveraged to provide records of proof of process to regulators. This will allow firms to better manage their internal compliance programs and report verifiable information to regulators.
To help CCOs, CIOs, and CEOs find the right compliance technology provider for their enterprise, our selection panel has evaluated the best of breed compliance technology providers. In our selection, we looked at the vendor’s capability to fulfill the burning need for cost-effective and flexible solutions that tackle complex compliance challenges. We present to you CIOReview’s “20 Most Promising Compliance Technology Solution Providers – 2018.”