THE ROLE OF AI IN BUILDING AGILE, PROACTIVE REGULATORY CHANGE MANAGEMENT OPERATIONS

R&C: Could you explain the value of artificial intelligence (AI) in enterprise governance, risk and compliance operations?

Duffus: Today, compliance teams are under constant pressure to do more with less. They serve a vital function at helping keep their organisations in compliance with a staggering mix of laws, regulations and industry expectation while trying to do so cost effectively. Following a year where coronavirus (COVID-19)-related developments significantly disrupted all business functions, the value of process automation became abundantly apparent. RegTech solutions which offer artificial intelligence (AI), natural language processing, robotic process automation and machine learning are increasingly critical components of a modernised compliance department. These advanced technologies can dramatically reduce the cost and time required to review applicable rule changes while delivering extremely high output accuracy.

Jan-Mar 2022 Issue

Wolters Kluwer

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