How technology and AI are set to transform compliance

Up until recently, compliance has mainly relied on people. And as a result of the significant increase in regulatory reporting requirements for financial institutions over the last decade, demand for compliance professionals has surged. Companies have had no choice but to hire more and more compliance staff, in an effort to tackle the growing regulatory burden. However, over the last few years, technology has begun to play a much larger role within compliance. Financial institutions and regulators have realised that by harnessing the power of technology, and more specifically, the power of artificial intelligence (AI) and machine learning (ML), a considerable proportion of the compliance function can actually be automated, reducing the burden on institutions and compliance professionals.