THE IMPACT OF FINANCIAL TECHNOLOGY -- Risk & Compliance

R&C: To what extent are compliance departments turning to new technologies to help manage financial crime risks? Compared to legacy compliance systems, what kind of opportunities does the latest financial technology offer financial institutions (FIs) in identifying and responding to suspicious activities? LaScala: We have seen an increase in compliance departments leveraging new technologies to manage financial crime risks. Tools, such as machine learning (ML), artificial intelligence (AI) and robotic process automation can increase effectiveness and efficiency of anti-money laundering (AML) programmes. Specifically, they can help automate repetitive tasks and produce more valuable alerts so that compliance departments can better identify risk and spend more time investigating potentially suspicious activity. R&C: How are regulatory authorities responding to FIs' use of technology tools?