Blog: Proactive Approach to Regulations with AI
With regulations strictly enforcing data handling practices on companies handling personal data, there has never been a higher demand for revolutionary monitoring and auditing tools and sedulous security assessments. By using reliable solutions for data governance that integrate machine learning and data science analytical powers, organizations can gain a better understanding of the information they possess and help facilitate compliance. With the ideas gained from these solutions in hand and compliance with regulations at bay, organizations can begin making data-driven choices that will raise their business to the next level.
In 2019, 20 percent of business executives polled plan to incorporate AI across their businesses, according to PwC. In the next two years, 89 percent of responses from more than 150 compliance officers at banks, insurance companies, and capital market firms anticipate increased compliance spending. The trend focus of expenditure earmarked for regulatory compliance management is moving from people to technology. There is growing confidence that new technology can aid institutions to achieve high returns. The company needs a strategic approach and an informative understanding of how Regtech solutions can be deployed effectively to gain the most value and economic advantages.
Faced with continually changing regulations, financial institutions are facing a growing challenge in keeping pace and interpreting regulatory requirements properly and their impact. 64 percent of respondents feel that they do not have enough time to manage all their compliance needs, according to the 2018 Compliance Pulse Report. Artificial Intelligence…