Discussion of artificial intelligence (AI) , NLP and machine learning, in general, but also specifically in compliance, often revolves around how either or both technological developments will take over jobs carried out by humans. But it doesn’t have to be this way. In fact, AI and machine learning in compliance could actually go the other way by enabling compliance personnel to become even more important in combating fraud on the trading floor.
In this article we discuss how technology can give compliance professionals superpowers and look at the enormous benefits for financial organisations.
Regulatory interest in using AI and machine learning in compliance
The Financial Conduct Authority (FCA) has said that implementation of AI and machine learning technology will lead to “far more efficient regulatory compliance”. The UK regulatory body want to see a widespread implementation of machine learning and AI in compliance and are leading the way in their implementation.