Using Artificial Intelligence and the Growth of Regulatory Technology (“REGTECH”) for Compliance in FS firms

Reporter: Neil Hodge

Publication: Compliance Week


Deadline: May 2, 2017 10:00 am

The financial crisis has seen a growth in the recruitment of compliance specialists in financial services firms as regulators demand more assurance around internal controls and internal oversight, and banks seek to reduce their exposure to fines, lawsuits and other penalties for their failure to follow the rules. However, compliance recruitment is expensive, and compliance does not add value or drive the business – it is a cost that FS firms now want to cut back on. As a result, FS firms are keen to invest in Artificial Intelligence (AI) and other regulatory technology (regtech) solutions to cut costs, improve compliance, and to also help find potential business opportunities. For example, Deutsche Bank has recently said that it is using AI technologies to improve compliance with new banking regulations, and regulators like the UK’s FCA are also keen to encourage FS firms to use such technologies to reduce the possibility of non-compliance. I am looking for written comments/case studies about which FS firms are using AI and regtech to improve compliance, and how they are using it (which particular operations/areas are being prioritised). I am looking for comments to address: – how FS firms are using AI and regulatory technology (and names of firms using it); – the pros and cons of the technologies: what are the limits of AI etc.? – Any proven examples of where AI and regtech have helped with compliance so far (for example, discovery of AML problems, fraud, market rigging, cartel-like activities, mis-selling etc.). I am looking for comment from: – banks, insurers, FS firms using the technology; – vendors (so long as they can name the FS clients using their products – otherwise, please don’t respond); – consultants. It is a quick turnaround on this feature and the deadline for comments is 10am TUESDAY, 2 MAY

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