Excerpt from FinTech Global Article, Published on Oct 29, 2024.
Artificial Intelligence (AI) is transforming compliance management, offering organisations a strategic edge in navigating complex regulatory landscapes. Solutions like 4CRisk.ai’s Regulatory Research Product are proving invaluable, improving compliance efficiency and achieving ROI in under a year. This innovation arrives as companies struggle with escalating regulatory demands across multiple frameworks.
By employing AI, 4CRisk.ai’s product enhances compliance by up to 90%, allowing companies to save approximately $264,333 annually by cutting down on manual tasks. For instance, a compliance team member’s $500 daily cost can be reduced with AI-driven automation, freeing up around 529 staff days annually. This time-saving enables staff to concentrate on high-value tasks like strategic analysis and decision-making, optimizing organizational resources and priorities.
The transformation begins with AI-driven rulebook creation, enabling compliance teams to swiftly generate regulatory inventories tailored to specific jurisdictions. AI speeds up the analysis of vast regulatory documents up to five times faster than traditional methods, auto-generating accurate rulebooks in minutes. The tool also simplifies rule categorization and compliance reviews, providing a seamless collaborative platform where subject matter experts can efficiently review and finalize rulebooks.
Another feature is the tool’s ability to merge similar regulatory requirements, cutting the time for obligation reconciliation from 50 staff days to just 15. AI also streamlines mapping regulatory obligations to business taxonomies, reducing 900 staff days to 450, ensuring thorough alignment between regulatory standards and company practices.
The use of AI reduces non-compliance risks, eliminates human error, and keeps companies agile in a constantly evolving regulatory environment. By automating repetitive tasks, organizations not only meet regulatory requirements but also gain a significant competitive advantage, showing that AI-driven compliance isn’t just a solution—it’s a strategic revolution.
To delve deeper into this topic, please read the full article FinTech Global.
