AI Dives into Compliance

For financial firms, the back office faces a similar challenge digesting, analyzing, and discovering the answers that it wants from the ever-growing amount of data as the front office. Artificial intelligence-based platforms that use data analytics give compliance departments an alternative to throwing a conference room full of lawyers to review data manually. It is not a panacea, according to Wayne Matus, managing director, group investigations at UBS and who spoke on an AI panel hosted by Exiger. "There is a surge of the quantity and quality of data, which let us get to the truth much more accurately for the firm time," he said. "There is no substitute for the person who can see the pattern that the machine cannot."