All businesses need to take care of legality and compliance in some ways. Automation has helped industries in all areas and compliance is no exception. Generally, the two crucial compliances are governmental mandates and internal corporate policies. The most significant advantage RPA has offered to the legal and compliance industry is time savings.
In this article, we will discuss RPA in legal and compliance its benefits, and use cases.
What is RPA?
RPA stands for Robotic Process Automation. RPA operates in automating manual tedious repetitive tasks by software robots. These software robots are software programs that are built to do the self-regulation work by replacing the human element.
The work could be addressing queries, making calculations, maintenance of records, and performing transactions.
Why should Legal and compliance opt for RPA?
RPA is a logical solution for companies that can reduce the legal burden by ensuring that important legal compliance is handled according to protocol. According to Deloitte, “several aspects of compliance oversight operations can be enhanced through RPA implementation.” Human error can be eliminated with the help of RPA and the risk of violating regulations can be reduced. The compliance issues are easy to execute when bots know the process from scratch to end.
How is RPA used in the legal and compliance industry?
E-discovery-
E-discovery includes containing, reviewing, and exchanging information in a digital format for evidence in a case. It is a manual process and a lot of time goes into processing it all. RPA in E-discovery allows the legal departments to upload, review and maintain documents while eliminating pressure and expenses.
E-filling-
Most of the legal departments find it challenging to take data and documents out of a CMS, handover them over to e-file portals, record case numbers, and track communication through a specified portal. This process is highly repetitive and can be redesigned easily for making use of the RPA space allowing for the legal department to focus on other strategic work.
Risk Assessment-
Businesses have risks when they are not analyzed properly.
Some common risks in legal and compliance are -
Regulatory issues
Employment law
Insurance coverage
RPA bots help determine the risks and prepare for possible outcomes, making it easy and secure for upcoming outcomes.
What are the benefits of RPA in the legal and compliance industry?
Improved Productivity -
The legal department is at benefits as they can avoid most of the repetitive tasks which were done manually. The repetitive tasks such as compliance checks, creating spreadsheets, searching databases, reviewing case information, and filing reports, etc. can be automated making space for more strategic ones.
Reduced Costs -
A study by Salesforce showed that “Implementation of automation in industries can save costs up to 75% ”. This means the cost can be utilized where it is needed and the legal department overall can focus on more critical tasks and stress less on the repetitive ones.
Improve Compliance Management -
Compliance operations are improved immensely once RPA is installed. The capacity of RPA to retrieve and aggregate data from many sources can improve regulatory reporting efficiency by reducing the time spent collecting, synthesizing, and summarizing vast amounts of data.
Conclusion
As we discussed on the above points, legal and compliance are appropriate to move for RPA. With Robotic Process Automation, cost savings and daily outcomes are improved. The legal department should select the best fit processes for automation and analyze how automating such processes can help them in their journey.
Hope you found the above helpful.