When effective governance is discussed, reviewed, and incorporated into the decision-making process, RPA programs can be powerful tools.
Robotic process automation (RPA) is technology that can facilitate and automate processes that are manual, time-intensive, or repetitive. Through the use of robotic applications, or “bots,” software can learn processes, create workflows that replicate them, and execute those workflows without the interaction of humans.
Benefits of RPA programs
Financial services organizations continue to explore the use of RPA within operational and back-office functions to reduce costs and increase efficiency, eliminate opportunities for human error, and allow resources to focus on meaningful, value-adding activities. Specifically, compliance departments are determining the benefits of automating processes such as gathering transactional data, completing external third-party research (including negative news and adverse media), and assigning alerts and cases to analysts and investigators.
While it’s important to take advantage of automation’s benefits, it’s equally important to manage the risk of deploying this technology. Introducing new technology increases the need for solid governance over these processes to ensure consistency in the design and execution of RPA tools.