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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. 
 

 

Opinions

Is artificial intelligence ready for financial compliance?

Daniel Fernandez | October 24, 2017

“Artificial intelligence” and “machine learning” are red-hot compliance buzzwords, but what do they really mean? And how can you actually incorporate them into your compliance program?

GRC Announcements Blog

KPMG and Exiger partner to leverage AI-based technology

GRC Announcements | October 5, 2017

Exiger, a global regulatory and financial crime, risk and compliance firm, recently announced a partnership with professional services firm KPMG in the U.K. to help enrich and streamline compliance solutions for its global corporate and financial institution clients.

News Article

Will AI disrupt compliance and internal audit?

David Bogoslaw | August 8, 2017

At a recent Compliance Week conference, experts discussed implementation and expectation for incorporating artificial intelligence into compliance programs.

GRC Announcements Blog

Waymark Tech AI tool identifies crossover between financial regulations

GRC Announcements | July 14, 2017

Waymark Technology, a provider of regulatory intelligence software headquartered in London, announced the launch of a new AI-powered tool that automatically identifies regulatory crossovers and conflicts between incoming EU regulations.

Coffin on Compliance Blog

The Difference Engines

Bill Coffin | June 12, 2017

Data correlation, artificial intelligence, Internet of Things, blockchain … these are all crucial technological changes that are already shaping the world of compliance. Time to understand why.

GRC Announcements Blog

CCO Checkup helps financial firms test AML program effectiveness

GRC Announcements | June 12, 2017

QuantaVerse recently announced the launch of CCO Checkup, a free service financial institutions can use to test the effectiveness of their AML programs, empowered by  QuantaVerse’s AI solution that analyzes transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction monitoring system.

GRC Announcements Blog

NICE Actimize launches AI tool to improve investigation efficiency

GRC Announcements | May 31, 2017

NICE Actimize has launched NICE Actimize Robotic Process Automation, a sophisticated technology that frees up investigators from low value, high volume manual tasks so that they may better focus on more important and strategic tasks.

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.