Legal Knowledge Management and the Rise of Artificial Intelligence
Robotic Refactoring the Workplace
Why Your Next Insurance Claims Processor Could be a Robot
The Forgotten Element in Your Big Data Strategy
"AI -The Future of Automotive Industry"
Nitin Sethi, Global IT Director - Business Transformation & Engagement, Visteon Corporation
WiFi Networks: Shifting from Providing a Service to Improving the...
Daniel J. Strojny, Interim Associate Director of Network and IT Operations, University of St. Thomas
Breaking the Stereotypes in the Development of AI
Yves Jacquier, Executive Director, Production Studio Services, Ubisoft
Operationalize Machine Learning
Zongjie Diao, Director of Product Strategy and Management, Data Center Compute Group, CISCO
Thank you for Subscribing to CIO Applications Weekly Brief
Monitoring Financial Risk and Compliance with AI
All organizations have to abide by numerous laws, regulations, and standards. Compliance technology helps an organization to stay updated with regulatory and industry requirements. Automating compliance technology handles the compliances on behalf of an organization. It helps employees, internal auditors, and senior management by centralizing audit information and managing third-party risks. The Compliance Management Software (CMS) is a fully automated software and powered by AI. The CMS helps institutions in capturing data and ideas where they created and convey them across the institution to keep everyone in sync and ponder upon ongoing business-related issues and reflect the available solutions. Predict360 is one of the popular software tools that allow companies to manage, create, and discuss all compliance-related tasks.
AI and ML along with big data help computer analyze the data and make predictions. Businesses use big data to collect data from various organizations and manage compliance regulations safe and better. Neural networks, deep learning, and smart contractors are few of the AI methods that help companies achieve compliance regulations. The client risks managed with big data. The new Enterprise Fraud Management (EFM) systems are smarter, broader, faster and more explicit and thus it helps make noncompliance and fraud easier to identify from the outset.
Financial Conduct Authority (FCA) is a pioneer in regulatory management has started a new pilot program called Digital Regulatory Reporting (DRR) which will help financial management to meet regulatory requirements. The project aimed at reducing the time and cost involved in interpreting and implementing regulatory requirements by the firms. The regulator announced that machine reading technology had been successfully applied to two different regulations, including one regulation based on capital requirements and one on mortgage lending criteria.
ClauseMatch, a UK-based regtech start-up has developed and tested a system with the help of data scientists and machine-learning experts that can identify and compare regulatory paragraphs and assess their relevance to one another on the basis of semantics.
The Securities and Exchange Commission (SEC) used Natural Language Processing (NLP) method to examine tips, complaints, and referrals (TCR) data for undiscovered patterns. The result showed that the algorithms are five times better than random patterns at identifying the language in investment adviser regulatory filings. With the efficient and responsible implementation of regulatory technology, financial institutions will be able to reduce regulatory burden, better allocate internal compliance resources, and improve overall internal compliance.