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Robotic Process Automation for Financial Compliance: Achieving Efficiency and Accuracy

Author(s) Vidushi Sharma
Country United States
Abstract Robotic Process Automation (RPA) has gained significant traction in the financial services industry as a tool for automating routine, rule-based tasks, leading to enhanced operational efficiency and accuracy. This research explores the role of RPA in improving financial compliance processes, with a particular focus on its ability to streamline tasks such as data validation, reporting, auditing, and transaction monitoring. The paper provides a comprehensive review of the current state of RPA in the financial sector, examining how the technology has been integrated into compliance workflows. Through a detailed literature review, the study highlights key findings from existing research, demonstrating the benefits of RPA in reducing manual effort, improving data accuracy, and ensuring regulatory adherence. The methodology section discusses various approaches to implementing RPA in compliance-related tasks, such as identifying suitable processes for automation and selecting appropriate tools and technologies. Additionally, the paper includes several case studies from leading financial institutions, showcasing real-world applications of RPA and analyzing both the positive outcomes and challenges faced during adoption. By synthesizing these insights, the research emphasizes RPA’s potential to revolutionize financial compliance operations by enhancing efficiency, reducing human error, and optimizing resource use. The paper concludes with strategic recommendations for financial institutions seeking to adopt RPA, addressing the future of automation in compliance, and identifying areas for further research in this rapidly evolving field.
Keywords Robotic Process Automation (RPA), Financial Compliance, Automation in Finance, Regulatory Compliance, Efficiency in Financial Processes, Audit Automation, Financial Technology (FinTech), Data Accuracy in Compliance, Financial Reporting Automation, Compliance Risk Management, Operational Efficiency, RegTech, RPA Implementation, Artificial Intelligence (AI) in Compliance, Cost Reduction in Financial Compliance, Compliance Process Optimization, Intelligent Automation, Automation in Regulatory Reporting, Process Automation in Financial Institutions, Machine Learning in Compliance.
Field Engineering
Published In Volume 1, Issue 3, November 2020
Published On 2020-11-17
Cite This Robotic Process Automation for Financial Compliance: Achieving Efficiency and Accuracy - Vidushi Sharma - IJLRP Volume 1, Issue 3, November 2020. DOI 10.5281/zenodo.14710642
DOI https://doi.org/10.5281/zenodo.14710642
Short DOI https://doi.org/g82n8f

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