Dara
16 Oct 2023
Discuss the transition of compliance from a burdensome necessity to a strategic function through the integration of AI, using Complia as a case study against the backdrop of findings from the 2023 Cost of Compliance Report.
The 2023 Cost of Compliance Report from Thomson Reuters sheds light on the growing challenges faced by compliance professionals. The responsibilities and operational challenges they are grappling with, amidst a backdrop of geopolitical unrest, economic instability, and a torrent of regulatory changes. The anticipated surge in new regulations/regulatory updates, as highlighted in the report, necessitates an agile, robust, and efficient compliance function​. The report points out that the workload for compliance teams is shooting up, but the resources to handle these tasks are not growing at the same pace. This is where Artificial Intelligence (AI) can step in to take some load off their shoulders.
Artificial intelligence can handle routine compliance tasks, sift through mountains of regulatory data, and flag potential risks early on. It's like having a smart assistant that can handle the mundane tasks, letting the human team focus on the bigger picture. The report also talks about the high costs and the tough task of finding skilled compliance staff. Here again, AI can come to the rescue by taking care of a range of compliance jobs, helping firms save both time and money. Also, with tools like Complia, firms can quickly adapt to new rules and stay ahead in the compliance game. The use of AI could turn the tide, making compliance in 2023 less of a headache and more of a strategic advantage for firms, helping them sail smoothly through the regulatory storms ahead.
Read more: Cost of Compliance 2023