How AI Can Improve Compliance

Compliance agencies all over the India are busy at work, with over thousands of new regulations expected in the coming decade. Companies are expected not only to comply, but to be transparent in how they are doing so. Due to the fact that most firms are subject to multiple regulatory frameworks, maintaining compliance can be a complex and costly endeavor.

As regulations change, your company must deploy additional resources to understand the relevant rules in order to develop the appropriate workflows. This process can take hours of manual work while still leaving your organization subject to delusion and regulatory gaps.?

Over the last 10 years, the term artificial intelligence has turned into a dinner table conversation topic despite the fact that most people cannot accurately define what AI is even in simple terms or truly understand all the possibilities of the technology. AI has enabled humans to build self-driving cars and computers to recognize speech, it can also improve the effectiveness of repetitive business processes that we encounter every day. I believe that over the next 5 years, we’ll see a massive transformation in regulatory compliance as all the companies are moving towards the same to enhance the process and accuracy.

?Taking compliance to the next level with AI

?Compliance, however, is a different story in its uptake of the technology. We expect that to change, and that leveraging AI will become a baseline when it comes to managing regulatory risk. There’s so much more that can be done today with AI to streamline this work. Compliance teams need to grow more comfortable with the help of AI tools.

?When we are talking about the implementation of technology, alone this is not enough- there is not just one algorithm or machine learning model that can solve surveillance challenges. It takes a suite of highly configurable capabilities that, when used together, will greatly reduce false positives and pinpoint organizational risk for compliance teams struggling to keep up with growing alert volumes.

?3 Ways AI Improves Compliance:

1. Human error mitigation

No matter what the cause is, human error costs regulated industries billions every year. When being included in a technology-driven strategy, AI applications can be valuable in mitigating the impacts of human error. AI-powered technologies can detect blind spots, reasonable errors, and other things that humans may not necessarily pick up on.

?2. Lowering Costs

Artificial Intelligence, particularly Machine Learning, can automate workflow. This means less time and human capital are necessary to support compliance operations.

?3. Addressing Human Error

The total volume of data creates the potential for interpretation, which can easily lead to human error. And, as regulatory compliance becomes more technology-driven by the day, AI and machine learning solutions can help minimize the effects of human error.

Reference:- Google and other sources