In a world where compliance requirements are continually increasing, the use of AI in the regulatory sphere will give a respite for the financial institutions.
FREMONT, CA: As a result of the significant increase in regulatory reporting requirements for banks over the last decade, demand for advanced compliance has surged. Banks have had no choice but to entrust technology to play a much larger role within compliance. Today, financial institutions have realized that leveraging the power of technology, and more specifically, Artificial Intelligence (AI) can reduce the burden on institutions and compliance professionals.
AI’s potential to process huge data volumes with high speed and accuracy can potentially transform the bank’s regulatory compliance. The technology can be used to assist bankers to understand compliance requirements easily and take appropriate action. Eventually, the continued use of AI in regulatory compliance will eliminate the need for humans in the process altogether.
AI applications that can read and interpret documents to deliver actionable insights to compliance professionals are being developed and used by leading financial corporations. Such applications can condense lengthy and complicated regulatory documentation into an easily readable format consisting of the most critical portions of the document. Thus, compliance officers can get actionable insights without having to spend much time and effort trying to figure out compliance requirements. Financial institutions can then initiate effective action quickly and ensure that their operations keep up with all evolving regulatory requirements.
AI can also help financial institutions in maintaining compliance by constantly checking compliance rules and notifying leaders about any changes in requirements. These systems can use deep learning and natural language processing to read compliance requirements from the regulators and notify businesses of any changes. This can ensure that financial institutions stay on top of evolving regulatory requirements and align their processes and reporting procedures with them.
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