Robotic Process Automation (RPA) is transforming the way companies do business using software to automate repetitive, manual, and mundane tasks to efficiently and effectively complete these responsibilities once done by humans. While the primary advantage of using RPA is cost-savings, it also has several other benefits including:
Faster turnaround times
Reduced risk/increased controls
Flexibility and scalability
Limited human interaction
Frees up employees for higher value-add activities
More organizations are focusing on building a digital workforce, leveraging RPA solutions to transform front, middle, and back office operations, enabling their human workforce to focus on more value-added activities for their organizations. RPA technology is expanding throughout financial services into many areas within operations, risk, and compliance functions, helping to reduce costs and improve productivity by automating control, audit testing functions, and more.
With RPA expansion comes new and potentially unforeseen risks for organizations. A successful automation project requires implementation management and appropriately developed governance and controls structures. Keeping the software robots up-to-date with changing systems, regulations, and infrastructure, while having controls to detect changes is essential to maintaining a functional and effective process.