Five Tips for Risk and Compliance Teams Moving to the Cloud

As local and global laws and regulations evolve, the risk landscape has become a moving target. Firms need to continuously update processes to keep up with these changes, as well as those related to outside counsel guidelines (OCGs) and other client mandates.

According to a recent International Legal Technology Association (ILTA) survey, 33% of firms are considering moving to the cloud, which could help risk and compliance teams better address these very pressing issues. Check out five of the most important advantages you should keep top of mind when purchasing your next cloud-based risk and compliance suite, and learn how migrating to the cloud can greatly benefit your firm’s risk professionals.

1. Enhanced Security

Advanced cloud models for risk and compliance management incorporate key elements of secure computing, either meeting or exceeding common regulatory requirements, which makes them much safer than an on-premises deployment. In addition to providing a higher level of security, cloud platforms help firms preserve control over data access.

2. Reduced Costs

By using cloud-based risk and compliance software, you eliminate infrastructure overhead and on-premises maintenance, which reduces IT expenses and ownership costs. Cloud-based suites also automatically ensure new features are available in the cloud, allowing your IT staff to focus on innovative initiatives that support business strategy rather than upgrades and maintenance.

3. Accelerated Innovation

Advanced cloud-based risk and compliance management systems leverage the most innovative technologies to help firms keep pace with the evolving risk landscape. Unlike on-premises solutions, cloud suites are automatically and continuously updated, providing firms with the latest functionality to help stay ahead of the game without the overhead of manual upgrades.

4. Greater Mobility

Migrating to the cloud provides users with consistent, reliable, and secure global availability — an essential requirement for firms now that, for many firms, a majority of the workforce has become remote due to the COVID-19 pandemic. Users can download and access -leading cloud suites right from their smart phones. This would enable, for example professionals to instantly initiate and manage intake requests on their mobile devices.

5. Consistent Reporting

When investing in cloud software, you need to ensure that it offers a consistent user experience, robust self-service capabilities, and AI-driven reporting. Having a powerful, AI-based business intelligence and analytics tool allows firms to access administrative reports and productivity insights, as well as overviews of the volume of onboarded matters, the number of conflicts reports in a time period, and other mission-critical risk information.