As with anything, go for continuous improvement
- Don’t forget the feedback loop –Tests, rules and alerts need to be reviewed so that the process is continuously improved. Take the example of financial transaction processing: while machine learning tests generate alerts for suspicious transactions, these tests can generate false positives and there is a real cost to compliance teams in reviewing these. Human intervention is essential in reviewing and optimising this alert generation.
- Ensure early and continued buy-in from stakeholders because you will need them on your technological compliance journey. These typically include the business, internal audit, analytics, IT and legal.