![]() Escalation processes for instances of noncompliance with the established framework.Criteria for compliance with the established framework.One best practice for effective RPA governance is to establish an enterprise framework that outlines the requirements for the development, implementation, approval, ongoing monitoring, and performance evaluation of automated tools. Some of the most important decisions to consider when building an RPA program involve defining roles and responsibilities that determine overall governance. The following four best practices can help organizations employ effective governance at both the overall RPA program and the bot level. To mitigate risk, organizations should take a proactive approach. ![]() Introducing new technology increases the need for solid governance over these processes to ensure consistency in the design and execution of RPA tools. While it’s important to take advantage of automation’s benefits, it’s equally important to manage the risk of deploying this technology. Specifically, compliance departments are determining the benefits of automating processes such as gathering transactional data, completing external third-party research (including negative news and adverse media), and assigning alerts and cases to analysts and investigators. ![]() Benefits of RPA programsįinancial services organizations continue to explore the use of RPA within operational and back-office functions to reduce costs and increase efficiency, eliminate opportunities for human error, and allow resources to focus on meaningful, value-adding activities. Through the use of robotic applications, or “bots,” software can learn processes, create workflows that replicate them, and execute those workflows without the interaction of humans. Robotic process automation (RPA) is technology that can facilitate and automate processes that are manual, time-intensive, or repetitive. ![]() When effective governance is discussed, reviewed, and incorporated into the decision-making process, RPA programs can be powerful tools.
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