For the first time, a majority of compliance teams using AI: Inside the Mind of the CCO

For the first time, more compliance teams than not used artificial intelligence (AI) to assist them in their work, according to Compliance Week’s 2024 Inside the Mind of the CCO survey.

About 56 percent of compliance teams used AI in 2024—a sizable jump from the 41 percent who relied on AI in 2023– the sixth annual survey compliance professionals found. About 227 compliance professionals participated in the survey.

Overall, 31 percent of compliance teams relied on AI to help improve policies and procedures, 21 percent for training assistance, 14 percent for third-party monitoring and 14 percent for communications monitoring. About 13 percent used AI to keep up with regulatory changes, 11 percent to help detect fraud, corruption and bribery, 9 percent for corporate culture help and 2 percent for environment, social or governance. (GRAPHIC HERE)