Why Your Organization Needs to Leverage AI to Keep Pace with Changing Regulations

Managing an ever-changing regulatory environment and complex compliance obligations has become a way of life for modern-day organizations. With nearly 30 million regulatory changes occurring each year globally, organizations are given the near-impossible task of identifying and complying with countless new and changing regulatory requirements. Keeping a changing business environment aligned with a changing regulatory environment is particularly challenging.

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To make matters worse, failing to abide by current regulations can have highly damaging consequences for any organization. According to enforcement data, U.S. banks alone were fined over $8 billion for anti-money laundering compliance failures within 2022.

Because of this, organizations are turning to new methods of managing their compliance needs. With the exponential growth of technological advancements, organizations find that relying on technology and AI (artificial intelligence) is the best approach to staying on top of regulatory change in a dynamic business.

What AI can do for your organization?

Leveraging AI may be the breakthrough that organizations need to manage their compliance obligations effectively and efficiently, as AI provides a plethora of services to expedite previously manual processes:

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• Manage large amounts of data quickly. AI quickly processes massive amounts of data and information while extracting critical information and identifying fundamental changes that impact the organization specifically. This gives organizations a much earlier warning sign and allows for the organization to take action long before the regulation becomes an examination finding.
• Monitor regulatory updates. AI can also continue to monitor numerous regulatory bodies around the globe and quickly notify the relevant compliance team and subject matter experts in the event of a change impacting their business.
• Minimize mistakes. Often the individuals responsible for keeping up with the regulatory change can miss critical information as their mind wanders as they scan thousands of pages of regulation and legal updates. A machine can objectively read a volume of information in minutes and categorize and map while staying focused. Organizations need to leverage AI to ensure that no information is missed or forgotten, this greatly reduces the likelihood of compliance violations.

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At 4Crisk.ai, we have AI-powered compliance solutions to help address your regulatory and compliance challenges and greatly expedite compliance processes, while reducing compliance risk exposure. With the constant expansion of regulatory requirements and greater severity of punishments, maintaining effective compliance has become an absolute necessity within the modern business world, and 4Crisk is here to help you along the journey toward compliance maturity.