Application of AI in RegTech

Regulatory and compliance issues are some of the most important, complex and resource-consuming problems to solve for any organization, especially for startups with limited resources. Over decades of development, regulatory requirements and documentation have grown into a matter of special expertise and skills to decode. Globally, $80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion in the next five years . According to ANZ, National Australia Bank has estimated that the cost of regulatory compliance has risen from $A86 million annually in 2012 to $A177 million in 2013 and $A265 million in 2014. Westpac was reported to spending $A300 million on compliance last year.