Comment on page
Problems with Traditional Solutions
Traditional solutions like using papers and spreadsheets to manage compliance risk are ineffective and inefficient today because of the speed at which technology changes resulting in increased risks. Secondly, companies should not compromise on providing quality and value to their customers. Therefore, it requires compliance requirements-providing solutions to adapt accordingly.
The traditional solutions take time because multiple teams handle compliance requirements. It takes one team to assess existing programs and another to evaluate the process, whereas a third team is needed to analyze ways to improve compliance. Finally, a fourth team takes care of the budget for investing in the latest technologies required to attain these objectives.
One of the primary drawbacks of traditional solutions is they do not motivate users to remain compliant and lack incentives for users. As a result, it affects the involvement levels of users. Traditional solutions do not emphasize the user-first approach. Therefore, an effective solution should be in place that incentivizes users to perform better.
A significant demerit of traditional solutions is the lack of transparency and immutability. Therefore, modern software solutions are better, but a blockchain-based solution is the best because of its immutability and higher transparency levels.
Compliance regulations keep changing regularly, and the traditional solutions find themselves inadequately equipped to comply with the same. Therefore, there is a need to do things differently.