Generative AI has the potential to assist with compliance in several ways. One way is through the use of Natural Language Processing (NLP) to analyse and understand complex regulations and compliance requirements. With NLP, generative AI systems can scan large volumes of regulatory texts, interpret their meaning and identify areas that require compliance attention. All compliance professionals will cheer at how this can save time and resources opposed to manually reading and interpreting these lengthy documents.
For me this technology is a game changer for compliance. By automating the process of reading and understanding regulations, we can save compliance teams time and money, while also improving the accuracy of the compliance process.
Generative AI can also assist with risk assessment and analysis by identifying patterns and trends in data that could potentially indicate non-compliance. For example, by analysing large amounts of transactional data, this technology can identify anomalies or patterns that may indicate potential violations of regulations, and alert compliance teams to investigate further. A huge win in transforming the reactive nature of compliance.
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