FEATURE developed analysis and reasoning capabilities , AI should play a key role in lightening the load .
For example , natural language processing ( NLP ) algorithms can identify non-standard clauses , flag regulatory conflicts and suggest updates to contracts . AI has also been found to produce fewer errors than humans when being applied to identify obligations and risks , providing clean , intelligible analysis and spotting patterns for staff to assess and apply to their practice .
AI can ’ t solve every issue a business is facing when it comes to regulation , but AI can certainly help speed up many of these extremely timeconsuming processes . Ultimately , this can help to free up in-house legal and compliance teams to apply their knowledge to higher level analysis or even shaping future regulation , instead of manually wading through documents just to keep their heads above water .
Responding to change
AI also offers ways to pivot in close to real-time – by continuously monitoring for regulatory changes and translating them into clear tasks . This proactive approach ensures businesses remain compliant while minimising the risk of fines or penalties . Nowadays , companies can even demonstrate compliance with new regulations like the EU ’ s Digital Operations Resilience Act ( DORA ) using AI . Tools like Robin Reports can generate plain language reports on thousands of documents to demonstrate compliance .
But these tools don ’ t just react to changes ; they can anticipate them too . AI can analyse historical data , industry trends and regulatory patterns to identify compliance risks and vulnerabilities . These tools can generate automated reports , providing employees with valuable insights to help companies prepare effectively for future change .
Keeping humans at the centre money required to sift through vast amounts of documents , contracts , policies and service agreements and the complexity of keeping them updated .
An AI for detail
While AI can handle the heavy lifting of data analysis and document review , human judgment remains crucial for nuanced decision-making . Workflows should be planned so that AI supports and enhances the work of skilled compliance professionals .
With the sheer scale of the task in mind , modernising compliance processes and applying new technology is a must . With its increasingly
A practical example here is using AI to develop customised compliance training materials – based on insights AI derives from your organisation ’ s
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