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Compliance Monitoring and Testing Challenges Persist in Jamaica: Experts Urge Collaboration and Data Skills Development

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As organizations in Jamaica strive to optimize their compliance programs through monitoring, testing, and data analysis, they often face significant challenges in accessing reliable and accurate data. A recent KPMG survey highlights the importance of technology and data analytics in enhancing compliance programs.

Challenges in Accessing Reliable Data

According to a 2023 Chief Compliance Officer Survey conducted by KPMG, organizations in Jamaica face several obstacles when it comes to accessing reliable and accurate data for monitoring and testing purposes:

  • Data Integrity Issues: Inaccurate or incomplete information can lead to poor decision-making and increased risk.
  • Decentralized Organizational Structures: Information silos can hinder collaboration and data sharing between departments.
  • Lack of Sufficient Talent: Insufficient talent within compliance functions can limit the effectiveness of monitoring and testing activities.
  • Manual Input and Interpretation Processes: Manual processes increase errors and limit enterprise-wide insights.

Regulatory Requirements

Regulators in Jamaica have intensified risk and compliance standards, particularly around:

  • Quality Data Governance: Ensuring data accuracy, completeness, and integrity.
  • Data Risk and Controls: Identifying and mitigating data-related risks.
  • Data Lifecycle Management: Managing data from creation to disposal.

Best Practices for Enhancing Monitoring, Testing, and Data Analysis

To overcome these challenges, organizations in Jamaica are advised to:

  • Collaborate between IT and Compliance Leaders: Leverage enhanced data analytics capabilities that consider risk management and oversight needs.
  • Include Compliance Professionals in Decision-Making Processes: Develop a better understanding of data and IT infrastructure, identify gaps and inconsistencies, and analyze root causes of issues.

Leveraging Technology for Compliance Automation

Compliance leaders in Jamaica are encouraged to take advantage of advances in technology supporting compliance automation. This enables them to:

  • Equip Teams with Data Skills and Resources: Focus on oversight roles and conduct monitoring and testing from a risk-based perspective.
  • Leverage Emerging Technologies: Explore innovative solutions like machine learning, predictive analytics, and GenAI.

Key Steps for Enhancing Data Capabilities

When establishing data capabilities, organizations in Jamaica should consider the following key steps:

  • Obtain an Overview of Current Data Analytics Capabilities: Understand current capabilities and related business requirements.
  • Inform Development of Monitoring and Testing Frameworks: Ensure frameworks are aligned with business objectives and regulatory requirements.
  • Explore Innovative Solutions: Consider emerging technologies like machine learning, predictive analytics, and GenAI.

Conclusion

By addressing the challenges of data access, collaboration, and technology advancements, organizations in Jamaica can enhance their compliance monitoring and testing framework, ultimately mitigating risks and ensuring effective oversight.