Wolters Kluwer: Leveraging Technology to Manage Regulatory Change
Posted: 1 July 2019 | Source: Wolters Kluwer
Experts from Wolters Kluwer Compliance Program Management and Chartis Research discussed ways in which financial services firms are tapping artificial intelligence (AI) to more effectively manage their regulatory compliance obligations in a June 4, 2019 webinar, “Leveraging AI for Regulatory Change.”
Nearly half (48.5%) of 215 financial services compliance and risk managers polled during the webinar on the use of artificial intelligence in helping manage regulatory change anticipate that their firms will increase investments in automation, including AI, in the coming 12 months. However, half (50.4%) of this same financial services audience acknowledged that their firms are still using manual spreadsheets—as opposed to automated workflow systems—as the primary means for managing regulatory compliance.
Following are results from three polling questions posed:
Polling Question #1
Do today’s webinar audience members use manual Excel spreadsheets—as opposed to automated workflow systems—as the primary means for managing regulatory compliance?
- Often. (50.4%)
- Sometimes. (26%)
- Rarely. (8.1%)
- Never. (5.7%)
- Not sure. (9.8%)
Polling Question #2
Does your firm—or vendors who support your compliance management program—use AI?
- Yes, AI is a core element of our compliance management program. (7.6%)
- AI is used to a certain extent in our compliance management efforts. (25.7%)
- No, AI is not used in our compliance management efforts. (40%)
- Not sure. (26.7%)
Polling Question #3
Do you anticipate increasing your firm’s investment in automation for regulatory change management in the next 12 months?
- Yes, we anticipate increasing the automation of our regulatory compliance investments, including AI. (48.5%)
- No, we do not anticipate increasing our regulatory compliance investments in automation, including AI. (10.3%)
- Not sure. (41%)
To hear a recording of the webinar, click here.
To learn more about ways in which financial services firms are working with Wolters Kluwer to manage their regulatory change obligations, visit here.