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When compliance professionals discuss AI most of the conversation tends to focus on the risk. Frank Orlowski (LinkedIn), Founder and President of Ation Advisory Group, though, is far from all gloom and doom on the topic. In fact, he believes AI can be an asset to compliance programs.
AI, he explains, can be of great value for compliance any place where there are large amounts of transactions that need to be monitored and checked. Two notable examples are travel & entertainment and accounts payable/vendors. AI is very useful for identifying outlier transactions that could be a sign of trouble.
In manufacturing, it can be very helpful in monitoring materials being used. AI can also be helpful, he believes, in ESG efforts.
But, there are limits. AI is not ready for handling contracts, he argues. It is also chronically deficient when it comes to addressing the gray areas of ethics and fairness. There it’s important for compliance teams to work with the business unit closely to ensure decisions are adequately documented and AI does not make decisions that would be regrettable from an ethics perspective.
Listen in to learn more about how AI could help your compliance efforts.