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Discover how Conversation AI and ChatGPT tackle compliance and risk challenges for remote work in this revealing blog post.
AI for compliance refers to the use of artificial intelligence (AI) technologies to improve compliance processes and ensure adherence to legal and regulatory requirements. AI can be used to automate compliance-related tasks, detect and prevent compliance violations, and provide insights into compliance risks and opportunities.
AI helps to identify and evaluate unstructured data about risky behaviors in the organization’s day-to-day activities. AI algorithms are helpful in identifying similar patterns of behavior with respect to past incidents and highlighting them as risk predictors. This traditionally requires a lot of analysis processes for financial institutions and insurers. AI acts as a very important tool in identifying such behaviors.
There are many different forms of intelligence. In general, all human beings possess emotional, social and cognitive behaviors whereas artificial intelligence cannot command emotional and social intelligence. Generally, a bot that works with AI can’t feel any human emotions, however, it still has some amount of character traits that define it.
When implementing an Artificial Intelligence driven solution for compliance management such as the Rulebot, there are many key characteristics that make it possible for the tool to guide the learner or user in carrying out a specific / required action.
Overall, AI has the potential to transform compliance processes by improving accuracy, efficiency, and effectiveness, while also reducing costs and minimizing risk. However, it is important to ensure that AI systems are designed and implemented in an ethical and transparent manner to avoid unintended consequences and ensure compliance with legal and regulatory requirements.
AI can be used for various risk management tasks, such as risk assessment, risk prediction, and risk mitigation.
It’s not that Artificial intelligence is here only to stay for risk management, but it will continue to change itself, and it will keep growing across a different set of industries. One of the key factor of AI’s ability to identify potential risks and prioritize these risks based on the intensity and suggest solutions accordingly.
In risk management, AI/ML has become compatible by improving efficiency and productivity but also keeping the cost factor in mind. This has been possible because of the technologies ability to process and analyze large volumes of unstructured data at lightning speeds with a very minimal degree of human intervention.
AI has the ability to evaluate unorganized data for some of the risky behaviors in the organization’s day-to-day operations. AI algorithms help to identify different patterns of behavior related to past incidents and has the potential to predict them as upcoming risks. Traditionally this requires a lot of analysis for financial institutions and insurers.
Definitely, AI helps to provide more accurate results and recommendations than humans. Humans are also prone to be bias and subjectivity while interpreting data. There are possibilities that analysis done by humans is correct but humans jump to conclusions quite early. However, AI prevents such human errors by analyzing data without being biased.
Here are some ways in which AI can be applied to risk management:
Overall, AI can provide significant benefits in risk management by helping organizations identify, predict, and mitigate potential risks more effectively. By automating some most important tasks and fetching real-time data, AI can help organizations make faster and more informed decisions. This can be very helpful in high-stakes environments, where decisions are required to be made quickly and accurately to prevent costly errors or save lives.
One of the most obvious ways AI is shaping the future is through continuous automation. With the help of machine learning, computers are able to perform tasks that were once only possible for humans to complete. This includes tasks some of the repetitive tasks such as data entry, customer service, and even important functions such as driving cars.
ChatGPT can be a valuable tool for organizations looking to improve their compliance and risk management processes.
Organizations face a lot of challenges with respect to cybersecurity, this majorly includes keeping up with the ever-evolving threat landscape and simultaneously complying with regulatory requirements. In addition, the shortage of cybersecurity skills makes it even more difficult for organizations to staff their risk appropriately and compliance functions. According to a study conducted by (ISC)2 2022 Cybersecurity Workforce Study, the global cybersecurity workforce gap has increased by 26.2%, with an average of 3.4 million more workers who need to secure assets effectively.
Given the changing dynamics, it’s important that Organizations must employ technologies like artificial intelligence (AI), collaboration tools, and analytics in order to cope with the changing situation efficiently. As of today, ChatGPT works as an enabler for organizational governance, compliance (GRC) functions, and risk
If companies want to use AI widely and freely in what they do, Organizations need to identify where AI’s involvement in a business process begins and ends, and at what point human takes over. I call this “the human point.”
For example, if anyone wants ChatGPT to draft a template on an anti-retaliation policy, identifying the human point in that process is easy: ChatGPT helps to draft the document, and then the compliance officer reviews it to modify it as per his needs. If anyone asks ChatGPT to translate that policy into a foreign language, it can; but there still needs a human who speaks that language and review the translation for accuracy.
Companies will need to think about different roles and responsibilities for AI just as much as they think about them for humans.
Compliance officers will have to bring a different level of management as our ChatGPT dreams come into existence. They will have to identify Who will be from that group who defines those roles and responsibilities? How will that given group keep the Do No Harm principle fixed in their minds? How will the organization revisit those roles and responsibilities over a given period of time, as both AI technology and your business evolve?
It’s going to be a process — and probably a mighty long process.
Here are some different ways in which ChatGPT can be used:25
Overall, ChatGPT can be a useful tool for organizations looking to improve their compliance and risk management processes. By providing accurate and timely information, ChatGPT can help organizations identify and mitigate potential risks, stay compliant with regulatory requirements, and improve overall risk management practices.
Dattatraya Shetty is an IT Professional with 2 Decades of experience in areas of Product Development, Implementation & Service Delivery Management. As the Head of Implementations and SOC Compliance in Smartkarrot he is on a mission to provide relishing customer experience.
Published May 17, 2023, Updated August 18, 2023
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