Did you know that lots of companies have serious problems with maintaining compliance? Many of them prefer to work with advisory companies that can assist with compliance. But what does compliance really mean?
According to (ISC)² the definition of compliance is an adherence to a mandate; both the actions demonstrating adherence and the tools, processes, and documentation that are used in adherence.
Because every business area must comply with various regulatory compliance rules, it becomes difficult to wade through the numerous, dense documents that come your way in order to meet compliance expectations.
Reminder: Why you Should Care about Compliance
It is critical to be compliant and on the right side of governance legislation. The General Data Protection Regulation (GDPR) of the European Union, which took effect on May 25, 2018, is a high-profile example, with any organisation – regardless of location – being required to comply with GDPR if they keep or collect data on European individuals. Financial penalties of up to €20,000,000 or 4% of a company's annual turnover, whichever is greater, will be applied if it is not fulfilled.
So, How Can AI Assist Us in Overcoming the Obstacles to Compliance?
Artificial intelligence has a wide range of uses (AI).
- Many are already functioning, such as leveraging AI to process big data to then acquire customer insight.
- Others, such as integrating AI into driverless vehicle computers, may take another year or two to be fully completed.
Nevertheless, at the heart of the AI controversy, one aspect of modern business is frequently overlooked: compliance and governance.
AI's capacity to process enormous amounts of data quickly and accurately has the potential to revolutionise regulatory compliance. In the short term, technology can benefit corporate executives in simply understanding compliance obligations and taking appropriate action. The ongoing use of AI in regulatory compliance may eventually reduce the need for human efforts.
3 Ways AI Improves Compliance:
1. Reducing False Positives
Sophisticated enterprise IT solutions may address the problem of false positives that waste time and money every day by leveraging AI and machine learning to acquire, analyse and filter thousands of data elements. AI and ML apps can streamline compliance alert systems to near-perfection since they are built to learn from compliance officers' own data. In today's data-driven compliance environment, AI technology can improve the efficiency of compliance operations while lowering expenses.
2. Lowering Costs
Artificial Intelligence, particularly Machine Learning, can automate workflow. This means less time and human capital are necessary to support compliance operations.
3. Addressing Human Error
The sheer volume of data creates the potential for interpretation, which can easily lead to human error. And, as regulatory compliance becomes more technology-driven by the day, AI and machine learning solutions can help minimise the effects of human error.
As With Everything Else, There are Some Difficulties in Achieving Compliance in AI as Well.
"When comes to compliance, AI is not everything you can count on."
- Regardless of which AI-powered AML system you employ, you'll need to undertake a large amount of preparation work first.
- When you invest in AI, expect it to take time and effort to see benefits.
- Before starting any machine learning project, make sure you have the necessary governance and processes in place, as well as clearly defined desired outcomes.
"Do not forget that it requires massive data preparation process."
- Structured, semi-structured, and unstructured data are all required for machine learning. There is no learning without data.
- To get going, a new system will need to learn from existing data from your company.
- As a result, the data preparation process for machine learning should not be treated lightly, especially if your data is disorganised.
- Data will need to be pulled from some of the other sources together with internal ones. This will provide new insights and boost the accuracy of the system.
"Machine learning only reduces human involvement in the process. However, it does not totally deny the important role of humans."
- Many people think that using AI and Machine Learning totally exterminate the need for human work. It is obvious that the machine collects and processes the data but humans are performing the data analysis and making necessary decisions. Therefore, you still need people with necessary competencies.
In a nutshell: you cannot only count on AI to do everything for your organisation and you must use AI carefully and safely. It will indeed reduce the work and costs spent on certain tasks, but it will not make your infrastructure fully compliant and safe.
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