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Compliance Meets Artificial Intelligence

The rate of computing power is growing so quickly that by 2020, we will finally have a computer with the same raw processing power of a human brain. By 2050, we will have a computer with the same raw processing power of all human brains combined. We are seeing the computing power of machines hit a hockey stick moment and, as that power increases, so does the advent of truly artificial intelligence—machines that think on their own and learn on their own. 

AI has long been the realm of science fiction, but in compliance, it takes on a new meaning, as AI-driven computer systems can provide organizations with the ability to process huge amounts of data either in search for particular documents or to screen communications for the usage of certain words or phrases, or scanning financial transactions for signs of money laundering or other impropriety. With this kind of increase in capabilities, compliance officers are understandably interested in what AI can do for them. But first, we need to understand better what exactly AI is and does in a compliance context and where we are between the promise of the technology and what it actually delivers. 
 

 

Coffin on Compliance Blog

Automation, AI, and the future of audit and compliance

Bill Coffin | May 22, 2017

When it comes to compliance, automation isn’t just a hypothetical development. It’s the future of the profession, and a future that is approaching more rapidly than you think.

Grapevine Blog

Hearsay launches next-generation compliance platform

GRC Announcements | April 7, 2017

Hearsay, provider of Advisor Cloud solutions for the financial services and insurance industries, has introduced the next generation of its enterprise compliance platform, which applies predictive technology to reduce false alerts and help compliance teams focus on activities that pose the highest risk, while increasing security coverage and control.

Coffin on Compliance Blog

If AI can’t bake a cake, can it really do compliance?

Bill Coffin | April 3, 2017

The growing pains of artificial intelligence can be hilarious, but they still highlight how important it is for compliance officers to make use of it.

Coffin on Compliance Blog

Compliance automation is more than just number-crunching

Bill Coffin | February 6, 2017

The increasing automation of compliance has a lot of promise, but what can you really do with it so far? And where does it still need to improve? Bill Coffin has more.

Coffin on Compliance Blog

I’m sorry, Dave: Will AI ever replace compliance?

Bill Coffin | November 28, 2016

We are just on the cusp of seeing how much artificial intelligence can change compliance. But, asks Bill Coffin, will it ever replace it?

Jose Tabuena

Compliance monitoring and artificial intelligence

Jose Tabuena | October 25, 2016

As compliance programs must deal with growing amounts of data, they need tools to help separate true risks from background noise. Jose Tabuena examines.

GRC Announcements Blog

Cognetyx cyber-surveillance solution helps safeguard medical information

Jaclyn Jaeger | August 11, 2016

A developer of advanced AI security solutions has launches a new technology to protect healthcare providers against privacy violation, patient record snooping, and cyber-security breaches in real-time.