Implementing artificial intelligence (AI) in compliance can help leaders easily understand and adhere to regulatory requirements. This will enable them to make better decisions.
Major sectors, right from healthcare to finance, have multiple regulatory bodies controlling different aspects. For instance, healthcare is monitored by multiple regulatory bodies such as the CMS, CDC, and the AMA, to name a few. Each of these regulatory agencies has hundreds of regulations of their own. Various regulatory agencies pass new regulations every day, and keeping track of every new regulation can become difficult, to say the least. The use of AI in compliance can help ease the burden of the stakeholders involved by making it easier for organizations to keep track of regulatory laws.
Uses of AI in Compliance Management Systems
The introduction of AI can transform compliance management systems. AI’s data handling capabilities with high accuracy and speed can assist leaders in easily understanding regulatory and compliance requirements, enabling them to make appropriate decisions. AI can help in:
Regulations are usually shared in the form of long documents, either in a physical or digital format. Thoroughly reading through hundreds of pages is tiresome and consumes a lot of time. The combination of technologies such as artificial intelligence, computer vision, and OCR can quickly read through hundreds of documents. They can read and understand contextual information and highlight important information contained in the documents. Thus, they condense the time and resources required to understand regulatory requirements. With NLP, NLG, and NLU, the information can even be translated into an easily understandable manner, depending on the user. Thus, compliance officers can know what to do and take effective actions quickly.
AI solutions can constantly check sources of compliance rules and notify organizations of changes in real-time. AI, in conjunction with deep learning and natural language processing technologies, can identify changes in regulatory compliances and provide the updated information in a structured manner. Thus, businesses can be up to date with the latest regulations and compliances and avoid financial penalties or reputational losses.
Instead of performing periodic audits, organizations can constantly monitor business parameters that indicate compliance with regulations. AI systems enable businesses to understand and predict patterns in risk and data management. Thus, they can alert authorities about non-compliance. The AI solution can record the necessary evidence indicating the same. This can help businesses in taking legal action against non-compliant entities. It also acts as a deterrent for potential fraudsters.
Compliance is necessary. However, it shouldn’t be the end-all-be-all for organizations. Although compliance proves necessary for economic and social systems, they may burden enterprises. Using AI in compliance is a step in the right direction to ensure regulatory compliance by enterprises without them having to dedicate more time and resources than necessary.