A new year that continues to be technological has begun, and in the face of these new challenges, it seems that Artificial Intelligence will be a great ally for compliance professionals.
Automated interactions with third-party stakeholders (internal and external customers) are among the important digital transformation trends coming this year. AI- and ML-based chatbots and personal assistants are steadily being adopted in workplaces to increase human performance and eliminate time-consuming manual processes.
- Automation of responses to regulatory and compliance issues that have already been worked on previously seems to be on the rise, with organizations increasingly interested in optimizing time and budgets.
The adoption of advanced AI-powered solutions is a rising trend within the digital transformation of compliance. Chatbots offer compliance assistance that can improve the productivity of compliance managers by providing real-time information, generating reports and automating a wide range of other compliance-related activities, for which a question arises: is our Compliance area properly datified?
Reporting means the process by which data becomes a critical resource and a key determinant of the results of compliance activities. Many compliance programs still keep records of their fundamental processes on paper, making it difficult to design and track Key Performance Indicators (KPIs) in a timely manner.
- What processes in my Compliance area do I still have on paper?
- What KPIs do I have in place and how could the datification of the area help Senior Management make better decisions?
- How much time could I save if I could automate as much as possible the reporting of my responsibilities?
In this technological era, AI is a strategic ally for Compliance areas, however because of Covid-19 we will see an intensified effort to keep organizations afloat and it may not yet be a priority for the business to optimize these areas, but everything seems to indicate that sooner rather than later, the Senior Management of organizations will find in AI a tool not only to comply, but to improve and optimize their budgets.