Artificial intelligence set to transform regulatory compliance » Banking Technology

Most people have heard of the headline-making achievements in artificial intelligence (AI); systems winning quiz shows and beating world champions in chess. These are the poster children of the discipline but there is a quieter revolution taking in shape in other areas, including regulatory compliance in financial services. Writing for Banking Technology, Mike MacDonagh, London-based director of enterprise risk management at Wolters Kluwer, examines how AI technologies are promising to transform the way that firms ensure they can comply with a global explosion of new regulation. The problem with regulation Looked at in isolation, a piece of regulation is a relatively simple affair – a legal document containing text that describes what needs to be done, by whom, when, and (sometimes) how. With some understanding of the underlying topic, a compliance officer can read the document; understand what is mandated and where it will affect his or her part of the organisation.