Jul 13, 2017 | Gwen Smith
Top Takeaways from Compliance Week’s “AI, Tech Innovation and Compliance” Event
Recently, Narrative Science attended the Compliance Week “AI, Tech Innovation and Compliance” one-day conference in New York City. The event attracted a room full of leaders to speak on the future of compliance and audit programs.
Attendees discussed how technology innovation could help grow their businesses and strengthen their compliance functions, the practical ways they are already applying Artificial Intelligence (AI) into their organization, and more. Here are the top takeaways from the event:
Data quality challenges are real, but can be overcome
Perhaps the greatest challenge mentioned at the event regarded data quality - how do we ensure the data is clean, accessible, and up-to-date? How will it be used? Attendees concluded that instead of unearthing every data point in the organization, you should first develop an understanding behind what you want to know, a strategy for accessing the data you will leverage, and a plan for how you will take action using the data.
Transparency is critical
Compliance personnel are weary of black box technologies- as they should be. Machines need to be able to explain how they came to the decisions they’ve made. Therefore, it’s critical to ensure every data source, query, and analysis can be traced and explained to a regulatory body, or else rethink implementation.
The future of your organization will not be run by robots
Roles and responsibilities will evolve as automation is implemented, allowing staff to shift their focus onto higher value activities and innovate with the company. The attendees believe that as interactions with A.I. applications become the norm within enterprises, your team will appreciate that their work is being completed faster and, hopefully, return to the 8-hour work day.
Natural Language Generation (NLG) is being applied today to increase the effectiveness of compliance writing
Narrative Science’s very own Kim Neuwirth, Director of Product Management, attracted a large crowd as she discussed the ongoing transformation within the financial services industry, and the challenges of achieving compliance with ever-changing regulations. She also demonstrated how Quill™, Narrative Science’s NLG platform, can scale the efforts of an organization’s top analysts and provide regulators, internal audit teams, and executives with transparent and consistent reporting that can be traced back to the system of record. (For example, Suspicious Activity Reports.)