This article about the Future of Compliance was originally posted in the March 2018 edition of ‘inCOMPLIANCE Quarterly’, a Magazine published by the International Compliance Association (ICA). Malcolm Wright and Shanty Elena van de Sande discuss the future of the compliance role in an age of rapid technological change, smart data, machine learning and RegTech.

(Teaser) “Fortunately, the big data revolution – the explosion of data and the ability to analyze data – is providing a new toolkit to help confront such a dynamic and highly unpredictable landscape. Advances in machine learning and computational power are allowing this data to be processed efficiently and rapidly. Machine Learning, Smart Data and Link Analysis enable intelligence and law enforcement agencies as well as financial institutions to connect disparate information from a variety of sources. This creates wider awareness of emerging threats and at lightning speed. Big data is not only opening the door for entirely new ways of detecting and mitigating threats, but it is also helping to streamline and accelerate existing processes.”

Malcolm Wright is Chief Compliance Officer at Revolut. He also sits on the Future of Financial Intelligence Sharing program advisory board and the UK RegTech Council. Malcolm regularly speaks and writes on compliance topics.