Read any article in the past few months and ChatGPT, automation and its impact on society is unmissable.
While the questions of its ethics and application abound, are there lessons for compliance teams, asks Impero’s Business Development Director Jeanne Koch Rasmussen.
The day the robots take over. You picture the panic, the fight, the hope that humanity prevails.
It’s an image etched in our minds – from books and sci-fi dramas to Hollywood blockbusters. But fast forward a few decades, dust off the Hollywood magic and there’s more to automation than robots taking our jobs.
Ask most people about their expectations of a business’ tax and financial compliance and the answer is clear – companies should live up to the rules that apply and promises they make, and their reports should reflect reality.
And it’s hard to imagine this will change. In fact, the opposite is more likely true – that people’s expectations of companies to ‘do the right thing’ will only increase over time.
So as compliance teams reflect on recent audits and annual reports, and search for ways to make next year’s process easier, what is the role of automation?
Jeanne Koch Rasmussen
Business Development Director, Impero
Can you rely on it to deliver accurate information? How can you guarantee human involvement to check what’s correct? How soon will this investment pay off?
By using systems that make sure processes are followed, you can empower accuracy. Then with automated, real-time generated reports that give you insights on completion, you not only get the analysis you need to make better and more informed business decisions, but you can also be confident that the processes work.
This isn’t just my view.
As Deloitte surveyed US-based CFOs on their outlook for 2023, a whopping 79% predict automation will factor in their process setup. It ranks higher as a priority than those who consider cost savings on items like commercial real estate, hiring pauses or outsourcing.
Because in the long run, these CFOs understand investing in automation to deliver accuracy will deliver for a robust business.
Here in Denmark the situation is similar. We take trust and transparency for granted in the way we go about doing business.
And as the march of new regulations to raise the bar of ethics, sustainability and good corporate governance continues, it’s clear that good compliance practices will be the bedrock of how people perceive your business.
And when your reputation is your business, compliance automation is an investment in what matters most.