Leveraging Technology for Financial Compliance Excellence |
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| © 2024 by IJCTT Journal | ||
| Volume-72 Issue-8 |
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| Year of Publication : 2024 | ||
| Authors : Mukta Sharma, Krunal Patel | ||
| DOI : 10.14445/22312803/IJCTT-V72I8P116 | ||
How to Cite?
Mukta Sharma, Krunal Patel, "Leveraging Technology for Financial Compliance Excellence," International Journal of Computer Trends and Technology, vol. 72, no. 8, pp. 109-113, 2024. Crossref, https://doi.org/10.14445/22312803/IJCTT-V72I8P116
Abstract
Financial compliance is a critical aspect of any organization's operations, especially in regulated industries such as finance, healthcare, and publicly traded companies. Compliance ensures adherence to laws, regulations, and standards set by regulatory bodies, helping organizations avoid legal penalties and fostering trust and integrity in the marketplace. In today's advancing and evolving technological landscape, digital transformation is here to play a critical role in enhancing and strengthening an organization's prospects to achieve and maintain financial compliance. Automation ensures regulatory adherence with minimized errors, while Artificial Intelligence (AI) and Machine-Learning (ML) enable real-time anomaly detection. Big data analytics and cloud solutions secure compliance platforms, and advanced cybersecurity and integrated compliance systems streamline processes, supported by effective RegTech tools for regulatory compliance and risk management. Sarbanes-Oxley (SOX) Act of 2002 legislation significantly enhances financial integrity by enforcing rigorous standards for transparent financial reporting and proactive risk management within organizations.
Keywords
IT General Controls, SOX, IT Audits.
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