Apromore, a leading process mining software company, has recently introduced a new Compliance Center module to enhance and streamline compliance functions across various industries. This new module was developed in collaboration with two major banking industry customers, with the aim of helping organizations in financial services, public sector, energy, utilities, manufacturing, and other sectors to strengthen their compliance processes.
Marcello La Rosa, CEO and co-founder of Apromore, highlighted that the software was designed to address three key functions within compliance based on insights from the banking industry. These functions include auditing and reporting, compliance by design, and monitoring. Prior to the introduction of the Compliance Center, customers had to manually build process models and import data from governance, risk, and compliance (GRC) systems, limiting their ability to comprehensively assess compliance across all transactions.
The Compliance Center offers several key features to support organizations in managing their compliance posture effectively. It enables auditing and reporting on the full history of transactions, providing detailed information on control effectiveness and violations. Additionally, the module supports compliance by design by allowing customers to evaluate the impact of process changes on compliance metrics such as cost, cycle time, and service-level agreements. Compliance monitoring is another key aspect of the module, providing real-time analysis of transactional data against key performance indicators (KPIs) and visualizing control violations.
In addition to these core features, Apromore has introduced new capabilities such as the AI-enabled Copilot assistant, Variant Comparison for analyzing process versions, and a KPI and Metrics Center for real-time analytics and automated reporting. The company is committed to leveraging advanced technologies to automate tasks and provide guidance for complex compliance functions.
The development of the Compliance Center module involved extensive collaboration with banking industry experts, including former bank executives with deep industry knowledge. Through multiple rounds of feedback and proof of concept testing with banking organizations, Apromore ensured that the software met the specific needs of the industry and was effective in real-life scenarios.
As organizations across various sectors face increasing regulatory requirements and compliance challenges, solutions like the Compliance Center from Apromore play a crucial role in helping them achieve and maintain compliance effectively. By combining process mining capabilities with advanced analytics and automation, Apromore is empowering organizations to proactively manage their compliance processes and mitigate risks in a rapidly evolving business environment.