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Compliance and risk management are critical for businesses as it can lead to financial forfeiture, material loss and legal penalties in the event of failure to comply with industry regulations, government policies, and laws. The consequences can range from bad public sentiment, revenue loss to penalties reaching millions of dollars. This puts huge pressure on organizations to look for efficient ways to keep track of such policies and changes to them.
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Keeping track of all such regulatory changes can be a hectic task when attempted via the traditional methods. Employing people to do this can add up to be a significant amount of cost and is not efficient and reliable enough either. It takes a considerable amount of time and effort to monitor court records, sanction lists, watch lists and other repositories to ensure compliance. There is a high chance that changes in policies could go unnoticed as there is still a human element involved.
The Solution
A better solution to this problem is to put machines to do the monitoring work. As the regulatory documents are frequently uploaded and updated on the web, a web crawling setup can be used to crawl the sources and keep track of changes, if any. This will boost the efficiency and reliability of the risk management process while also cutting down the costs.
Web crawling can be carried out by programming bots to crawl and update you whenever there is change in the monitored web pages. This is highly reliable and effective which would in turn help you stay compliant to all the laws and regulations applicable for your organization. Companies have had to pay figures higher than 10 million dollars for failing to comply to the laws and regulations set by the US government. Reach out to us now to start risk management, backed by advanced web crawling technologies.