Highly regulated industries can reap incredible benefits from low code development, both minimising risk and directly addressing compliance issues.
In a world that demands far more visibility than ever before, highly regulated industries such as financial services, healthcare and transportation face an uphill battle to play within the rules and stay compliant. In the last several decades, particularly in the last ten years, businesses have adopted software solutions in order to automate as many compliance hurdles as possible – but there are many other regulations that are still dealt with manually and, as such, are slowing organisations down.
These processes offer limited transparency for internal staff and low levels of visibility for external stakeholders, leaving the potential for service gaps, financial and reputational risk, as well as a high chance of miscommunication with regulatory bodies. The solution is to adopt an agile framework that can be built to standardise the majority of compliance activities whilst simultaneously automating processes. This will significantly improve the efficiency of compliance initiatives while increasing the speed of the business as a whole.
Building a framework that accomplishes all of this is, of course, no easy task. With a low-code platform, however, it is possible to create a cross-enterprise solution to regulatory requirements, giving businesses the speed, power and agility they need to rapidly build new apps, make changes, and maintain visibility, helping to standardise costs and to control the allocation of resources.
Low-code is essential for highly regulated businesses because:
Constant change is part and parcel of dealing with compliance issues. A long-term business strategy backed by a robust low-code platform like Appian simplifies compliance requirements, empowering your team to deliver flexible solutions to regulatory changes as and when they arise.
Low-code allows you to rapidly develop compliance applications, optimising processes and easing the pressure when meeting regulatory deadlines. Being able to deal with compliance issues quickly and painlessly is a long-term goal for most businesses and low-code is the way to fast-track that objective. Think about it like this: when the goal posts (regulations) move, the ball (low-code platform) automatically moves too.
By its very nature, compliance requires collaboration from many departments and stakeholders. Low-code is the fastest and most intuitive way to digitise this process. When combined with business process management and robotic process automation tools, systems can be put in place to remove the majority of errors and significantly improve efficiency.
You can’t have compliance without total visibility. One of the best things about low-code, and Appian in particular, is its ability to offer a single view of all data, allowing for shared accountability and compliance across your entire business. Consolidating data into a single view provides quantifiable metrics and incredible insights that can be actioned immediately, significantly improving quality control and reducing risk, while also helping us do our most important job – providing value to customers.
Queensland’s Crime and Corruption Commission (CCC) is an independent statutory body established to reduce the incidence of major crime and public sector corruption in Queensland, and to provide the state’s witness protection service. The CCC investigates both crime and corruption, has oversight of police and the public sector and protects witnesses. The CCC is run by a small, dedicated staff of approximately 50 people and is the only integrity agency in Australia with this range of functions.