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Imagine you are at a large company with thousands of suppliers. As a part of the compliance team you need to understand the risk of working with each and every one of them. To do that you may need to understand the ownership structure, where they source materials, where and how they manufacture, and a host of other data about each and every one of them.
That’s a daunting task. It’s also one that Jenna Wells, Chief Customer and Product Officer at Supply Wisdom believes is ideally suited for AI. With human supervision it can help with such a large, seemingly impossible undertaking.
AI, she argues, can be an effective tool for enabling compliance programs to better understand the risks they face and then focus on the most important ones.
To get there, compliance teams need to get a handle on the data that they have that is normally siloed. Look to external sources for regulatory data and emerging legislation, she suggests.
At the same time, though, it’s important to understand the limitations of AI. While it can handle the brute force exercises, such as combing through all the data on all those vendors, there is still a need for the human element.
Listen in to learn more about putting the power of AI to work for your compliance efforts.