How AI Can Benefit Compliance

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By YoGI Arumainayagam, Vice President of Publications, SCCE & HCCA

When new transformative technologies emerge, enterprises have an opportunity to take advantage of them in compliance practices by adopting Artificial Intelligence (AI), specifically Artificial General Intelligence (AGI). AGI can automate routine compliance tasks, benefiting organizations and compliance professionals. It is important to understand that the application of AI is an extension of compliance practitioner capabilities, not a replacement.

As a chief compliance officer, there are always opportunities for improvement in compliance programs. In the era of AGI, the following areas can benefit from technology:

  • Automating compliance tasks: AGI systems can automate tasks such as document review and data analysis, reducing the workload for human compliance professionals and increasing the speed and accuracy of compliance processes.
  • Identifying and flagging potential violations: AGI-powered systems can analyze large amounts of data and identify patterns or anomalies that may indicate a potential violation of regulations.
  • Monitoring for compliance: these systems can be used to continuously monitor an organization’s activities and transactions, flagging any potential compliance issues in real time.
  • Enhancing risk management: AGI can help compliance professionals identify, assess, and mitigate risks by analyzing large amounts of data and providing insights into potential compliance issues.
  • Improving compliance training: These systems can be used to develop and deliver compliance training that is tailored to individual employees’ needs and roles, helping organizations to ensure that all employees are adequately trained in compliance matters.

Document review is an obvious area where improvement can be made within the compliance industry. AGI systems can analyze large volumes of documents and flag any potential compliance issues, including identifying missing information, detecting potential fraud and bribery, or identifying language that may violate regulations. Data analysis can identify suspicious transactions or violations of regulations. AGI can also identify patterns of behavior that may indicate fraud or potential risk to the organization. Compliance reporting can be automated by analyzing data and generating reports that comply with regulations. Continuous compliance monitoring can flag any potential compliance issues in real time.

AGI technology can benefit the compliance industry by identifying and flagging potential violations. Natural Language Processing (NLP) techniques can be used to analyze text-based data, such as emails or social media posts, to identify language that may indicate a potential violation of regulations. Anomaly detection uses machine learning or deep learning to identify patterns or anomalies that may indicate a potential violation of regulations. Predictive modeling can be used to analyze data and identify potential violations of regulations before they occur.

Continuous compliance monitoring is another way AGI can help. These systems can continuously monitor an organization’s activities and transactions in real time, flagging any potential compliance issues. Predictive monitoring can be used to analyze data and identify potential compliance issues before they occur.

In conclusion, automating repeatable tasks with compliance can help organizations to be more efficient and identify and address compliance issues. AGI technology can assist compliance professionals in establishing trustworthiness within an organization by identifying and flagging potential violations and continuously monitoring for compliance. With the right application of AGI technology, compliance practitioners can work more efficiently and effectively while reducing the potential for fines and penalties and maintaining a good reputation.