Wolters Kluwer and Chartis Research to Explore Benefits of Artificial Intelligence for Managing Regulatory Change
Posted: 2 May 2019 | Source: Wolters Kluwer
Experts from Wolters Kluwer’s Compliance Program Management (CPM) business and Chartis Research will discuss ways in which financial services firms can tap the power of Artificial Intelligence (AI) to more effectively manage their regulatory compliance obligations in a webinar, “Leveraging AI for Regulatory Change,” on Tuesday, June 4, 2019 from 10-11 a.m. EDT.
AI’s ability to process large amounts of data and contribute to organizations’ data management and analysis capabilities is well documented, but financial firms must be cognizant that these technologies by themselves do not guarantee a sound regulatory management program. The webinar will look at what can and cannot be achieved in this space using AI, how human experts are critical to the regulatory change management process, and what this means to financial services firms.
“Dealing with regulatory change has long been a huge challenge for financial services firms in identifying constantly evolving laws and regulations with which they must comply wherever they do business, and also prove compliance to regulators,” says Chuck Ross, Vice President, Compliance Program Management for Wolters Kluwer. “Increasingly we are incorporating elements of AI technologies into our offerings, such as OneSumX for Regulatory Change Management, to help financial services customers better identify, track and manage their regulatory obligations. However, key to that effort is creating a deliberate, informed process in which both machines and experts are leveraged to meaningfully extract regulatory laws and rules relevant to their businesses.”
“One can see massive benefits to applying AI in the financial sector, if applied in the right manner,” notes Sidhartha Dash, Research Director for Chartis Research. “AI is best thought of as a cog in an analytical machine, rather than the machine itself. Many of the problems that arise in tapping AI to address the growing demands in data management aren’t about the analytics themselves, but the question being asked. Sometimes the issue is just too hard or complex for analytics alone, so the framing of the questions posed is vital for effective employment of AI technologies.”
The webinar will present an overview of the current market for AI applications in financial services, explore Wolters Kluwer’s approach through several case studies in helping clients manage regulatory change using AI, and look at the opportunities and longer-term implications of AI in financial services. Mike MacDonagh, Wolters Kluwer Global Content & Strategy Lead, will moderate a panel conversation with:
- Rajiv Arora, Operations Decision Science Director, Wolters Kluwer
- SK Karanam, U.S. Market Manager, Wolters Kluwer
- Sidhartha Dash, Research Director, Chartis Research
To register, visit here.
Wolters Kluwer’s OneSumX for Regulatory Change Management leverages the power of AI to take many complex regulatory changes and organize them to create structured, value-added content that is paired with an easy-to-use software. By the linking of regulatory changes to their respective regulatory rules in a customizable, constantly updated regulatory library, Wolters Kluwer CPM clients receive actionable content. This content enables them to focus their time on supporting business strategy, spending less time scouring websites, synthesizing the changes, and determining applicability of the rules to the business. What's more, this content flows through a single data feed format, which simplifies integration and simplifies reporting.
Wolters Kluwer CPM, which is part of the company’s Compliance Solutions business, sits within Wolters Kluwer’s Governance, Risk & Compliance division. Wolters Kluwer CPM offers solutions that enable chief compliance officers at banks, securities, and insurance companies to stay on top of compliance with a myriad of financial and non-financial regulations.