Utilising AI in financial compliance -- Financier Worldwide

Given the increasing compliance demands on organisations from the public and regulators alike, companies cannot afford to neglect their compliance obligations. The role of compliance is to prevent, detect, respond to and remediate risk and financial institutions (FIs) must use all of the tools at their disposal to achieve it. Implementing an effective compliance framework requires the whole firm to be on board, from the C-suite down. The compliance function is in a state of flux, however – virtually unrecognisable from a decade ago. The catalyst for much of the change in the financial services industry was the global financial crisis.