A Myth-Busting View into the New Face of Compliance
On Friday 22nd June 2018, I had the opportunity to attend “Les Assises de la Compliance” in Paris, co-organised by Thomson Reuters, the GRASCO and the French Association of the Compliance Lawyer Master's degree.
In just 10 years, the evolution of Compliance and the importance given to strategic approach of the area is remarkable.
If you haven’t attended the event, there are myths about Compliance and its implementation that have never been or are no longer true:
- Compliance is not fun: From the good words to the impressive demonstration of Eva, the GDPR artificial intelligence bot, the day was as amusing as interesting!
- Compliance does not promote business: AMF will offer a VISA for voluntary compliant businesses subject to some criteria of seriousness. This would be a great gage of reliability for clients and investors.
- Compliance and regulators consider business as the enemy: With time, compliance is working hard on being less considered as a police force and more as a strategic tool. As ACPR (the French Authority of Prudential Control and Resolution) explained, only a minority of their regulatory controls ends in disciplinary pursuits, most time their mission is to help organisations define the right frameworks.
- Compliance is old school: Between Satellite image and facial recognition, conformity has never been so high end. Algorithmic text analysis assists and is now becoming vital for KYC and KYS.
- Tech for Compliance threatens our job: Tech for compliance aims to make us more efficient in decision-making. We are and will remain responsible for the final choices done in corporate and investment businesses.
- Compliance is only theoretical: Compliance does not only give life to procedures, it helps organise and apply procedure it in the right way for implementation.
Featuring top quality participants from both sides of the table (it’s indeed always very constructive to have both regulators and businesses speaking their mind), the event was a refreshing opportunity to hear different aspects of the vital area that is modern compliance, and how it might look tomorrow.
Candice Kabla