Published on: 12 January 2023
1. Machine learning and artificial intelligence (AI): Machine learning and AI algorithms can be used to analyse large amounts of data and identify patterns and trends that may not be easily noticeable to humans. This can be particularly useful for identifying potential compliance issues and helping organisations to proactively address them. TISCbots analyse compliance statements for key contextual ESG-related regulations. Quality of non-financial compliance submissions is an indication of how seriously an organisation takes its regulatory obligations, which in turn is a factor in their other ESG actions.
2. Blockchain: Blockchain technology can be used to create an immutable record of transactions and events, which can be useful for demonstrating compliance with regulatory requirements. For example, it can be used to track the movement of goods through the supply chain, ensuring that they are being handled and stored properly. Every corporate action and relationship to other connected entities recorded in a public TISCreport profile forms part of a unique fingerprint of that organisation which has multiple applications for blockchain-based technologies.
3. Digital identity and authentication: Digital identity and authentication solutions can help organisations verify the identity of their clients and partners, reducing the risk of fraud and compliance violations. For this reason, every publicly recorded corporate action of an organisation forms part of their unique digital fingerprint on TISCreport.
4. Cloud-based solutions: Cloud-based regtech solutions can help organisations manage their regulatory compliance requirements more efficiently, as they can be accessed from anywhere and do not require expensive hardware or infrastructure. By being cloud-based, TISCreport enables any organisation to afford to embrace corporate transparency, and also connects to other cloud-based sources and functions.
5. Regulatory reporting and disclosure: TISCreport is one of a number of regtech solutions helping organisations automate the process of regulatory reporting and disclosure for non-financial regulations, reducing the risk of errors and making it easier to meet deadlines. TISCreport enables and validates reporting against multiple codes of practice, and of course Section 54 of the UK Modern Slavery Act: the Supply Chain Transparency clause. This technology is now being applied to environmental reporting.
Overall, the latest advances in regtech are helping organisations to streamline their not just financial but non-financial compliance processes, reduce the risk of regulatory violations, and better manage the increasing volume and complexity of regulations. As corporate transparency becomes more embedded into business processes, the body of available open data will enable huge progress to be made. TISCreport was the first to apply the use of AI to assess the quality of compliance statements submitted for Section 54 UK Modern Slavery Act compliance. We’re excited to be a part of it!