Compliance has almost always relied on people and demand for compliance professionals has surged due to some fairly significant increase in regulatory reporting requirements for financial institutions over the last decade. Now companies have little choice but to hire more and more compliance staff to address the challenge. Banking Tech brought this topic to our attention in their article, “How technology and AI are set to transform compliance.”
Technology has begun to play a much larger role in regards to compliance. Financial institutions and regulators have realized that by harnessing the power of artificial intelligence (AI), the burden is lessened.
A series of underlying technologies such as natural language processing, computer vision and machine learning, can be brought together within a cloud-based environment to store and process huge amounts of data.
This is the latest technology to play a key part in the digital transformation of the financial services industry. With this latest addition the possibilities within compliance and many other industries have expanded.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.