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Compliance Monitoring and Testing Tools Gaining Traction in Sudan Amid Regulatory Hurdles

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As Chief Compliance Officers (CCOs) in Sudan navigate the complex landscape of regulatory requirements, they are increasingly turning to advanced analytics, monitoring, and testing tools to stay ahead of the curve. According to recent pulses among CCO clients and insights from KPMG, key issues and considerations are emerging.

Challenges in Control Testing

One major challenge is ensuring scope and efficiency in control testing between business units and compliance functions. The definition of “monitoring” versus “testing” remains a point of contention, with many organizations struggling to move beyond post-review processes and adopt more preventive and predictive analytics.

Data Accuracy and Integrity

Data accuracy and integrity are also top concerns, as well as dynamically linking analytics and monitoring to compliance risk assessments in real-time. Moreover, the ability to effectively monitor third-party risks has become increasingly crucial in today’s interconnected economy.

The Role of Artificial Intelligence (AI) and Emerging Technologies

The adoption of AI and emerging technologies is seen as a key enabler for CCOs in Sudan. By leveraging these tools, organizations can differentiate between “AI” and “automation”, identify potential issues earlier, and enhance overall compliance monitoring and testing capabilities.

Industry Consensus

A clear consensus has emerged across industries that enhancing compliance monitoring and testing is essential, and that AI and technology hold the key to achieving this goal. KPMG’s Regulatory and Compliance Transformation team offers expertise in helping organizations navigate these complexities and stay ahead of regulatory requirements.

Quotes from KPMG Experts

  • “In today’s rapidly evolving compliance landscape, CCOs must prioritize proactive monitoring and testing to mitigate risks and ensure sustained growth.” - Amy S. Matsuo, Principal and U.S. Regulatory Insights & Compliance Transformation Lead at KPMG LLP
  • “By harnessing the power of AI and emerging technologies, organizations can transform their compliance functions and drive business success.” - Todd Semanco, Partner and Advisory, FS Regulatory & Compliance Risk at KPMG US

Resources

For more insights on regulatory trends and emerging topics, visit KPMG’s website.