Singapore’s Compliance Leaders Seek Reliable Data for Monitoring and Testing
As organizations in Singapore strive to measure the effectiveness of their compliance programs through monitoring, testing, and data analysis, they face a significant challenge: relying on unreliable and unavailable data. According to a recent KPMG survey, compliance leaders identified technology and data analytics as the top area to enhance over the next two years, forecasting future budget increases to focus on these areas.
Challenges with Data Availability
Compliance leaders in Singapore point to several common challenges surrounding the availability of data:
- Questionable integrity or accuracy
- Challenging data gathering processes across decentralized organizations
- Insufficient talent to support data-intensive needs
- Manual input and interpretations that increase the risk of errors
Regulators have also adopted heightened standards for quality data governance, data risk and controls, and data lifecycle management.
Addressing Challenges through Best Practices
To address these challenges, compliance leaders in Singapore are adopting best practices such as:
- Prioritizing collaboration between IT and compliance leaders to enhance data analytics capabilities that consider risk management and oversight needs
- Developing a better understanding of data and IT infrastructure
- Building data skills and resources within compliance
- Focusing on enhancing the monitoring and testing framework
Leveraging Technology
Compliance leaders are also recognizing the importance of leveraging technology to support their efforts, including:
- Artificial intelligence (AI)
- Machine learning
In fact, a recent survey found that compliance leaders in Singapore forecasted future budget increases to focus on AI, data analytics, and process automation.
Key Steps for Enhancing Monitoring, Testing, and Data Analysis
As organizations in Singapore look to enhance their monitoring, testing, and data analysis activities, they must consider the following key steps:
- Obtain an overview of the data and technology architecture
- Develop a better understanding of data quality and relevance
- Build data skills and resources within compliance
- Focus on enhancing the monitoring and testing framework
By prioritizing these efforts, organizations can ensure that their compliance programs are effective and efficient, and that they are equipped to meet the evolving regulatory landscape in Singapore.