Compliance teams must focus on governance frameworks, culture, and “explainability” to help banks thrive using AI in an increasingly competitive and complex regulatory environment. A new survey from Moody’s found that this is why most banks are now embedding compliance from the earliest stages of projects, with only 17 percent treating it as a “final approval gate.”
The researchers found that compliance and financial crime teams were the second most likely function to be using AI, just behind data analytics and technology teams. This trend is set to continue – while 35 percent of bank compliance functions now use AI, 61 percent of compliance teams expect AI to make “a significant impact” in the next two to three years.
