With the help of Compliance Process Automation System technology in Australia (CPS AU), financial institutions can navigate the incoming Australian Prudential Regulation Authority’s new regulations with more efficiency, easing the worry of the risk of non-compliance. Let’s take a look at how financial firms can use CPS AU tech to leverage it for greater regulatory compliance.
Regulatory compliance complexity and challenges
Financial institutions in Australia face a myriad of challenges when it comes to regulatory compliance. The complexity of requirements and standards set forth by regulatory bodies such as APRA can be overwhelming. From risk assessments to reporting and monitoring, financial firms navigate a maze of regulations to ensure compliance. Additionally, operational and technological challenges compound the compliance burden, making it difficult for institutions to meet evolving regulatory requirements.
In light of CPS 230, Australian financial institutions face significant operational and technological challenges. Firstly, the complexity of regulatory standards outlined in CPS 230 poses a formidable hurdle — compliance requires a thorough understanding of the intricacies of the standards, necessitating extensive resources and expertise.
Additionally, operational challenges arise from adapting existing processes and systems to meet the new CPS 230 requirements. Adapting may involve overhauling legacy systems, implementing new procedures, and ensuring seamless integration of technology solutions. Such transformations demand substantial investments of time, money, and resources.
Moreover, technological challenges emerge from the rapid evolution of financial technology and cybersecurity threats. Financial institutions must stay abreast of technological advancements to remain competitive while safeguarding sensitive data from cyber-attacks.
How CPS AU technology can help with regulatory compliance
CPS AU technology offers a solution designed to help financial institutions face the, at times, burdensome challenges of regulatory compliance in Australia. This advanced technology leverages automation and artificial intelligence to streamline compliance processes, reduce manual errors, and ensure adherence to regulatory requirements. With CPS AU technology, financial firms can automate essential compliance tasks, such as risk assessments, reporting, and monitoring, saving time and resources while enhancing accuracy and efficiency.
Simplifying Compliance with APRA CPS 230
With the operational risks posed to financial institutions by third-party suppliers and providers, APRA-regulated institutions must understand the risks within their own supply chains. When the new regulations come into effect, institutions will be expected to know the inner workings and risks posed by their material service provider’s systems, as well as they know their own. Compliance will be top-down, with the onus falling on the institutions to ensure every aspect is secure and without risk.
By leveraging RobobAI's software product, financial institutions can streamline their compliance efforts, reduce the risk of regulatory breaches, and improve overall operational efficiency. The platform provides real-time insights into supply chain risk — enabling organisations to identify potential compliance issues proactively and take corrective action before they escalate. With RobobAI, financial firms can centralise their compliance data, streamline reporting processes, and ensure timely and accurate compliance with APRA CPS and other regulatory requirements.
As an example, RobobAI helped a major Australian telecommunications company increase the visibility of its material suppliers, bolstering its risk management capabilities and providing critical alerts to indicate potential supply chain issues.
RobobAI’s solution gives the company a 360° view of its internal, supplier, and third-party risk profiles - all in one place. It enables the company to efficiently assess, prioritise and collaborate with suppliers to remediate when required.
CPS AU is the best way to comply
CPS AU technology can sound complicated, especially when you throw in the concept of AI, but it is the best and easiest way to ensure compliance with regulatory bodies, including APRA. RobobAI's compliance automation solution offers financial institutions in Australia a powerful tool for achieving and maintaining regulatory compliance. By leveraging automation, artificial intelligence, and advanced analytics, financial firms can streamline compliance processes, reduce risk, and ensure timely and accurate compliance with regulations such as APRA CPS 230. With RobobAI, compliance becomes more manageable, efficient, and effective, allowing financial institutions to focus on their core business objectives and drive sustainable growth.
For more on how automated solutions and AI can help your institution comply with new regulations, check out our APRA CPS 230 hub, or get in touch with us for a personalised demo.
