Many forward-thinking businesses have welcomed artificial intelligence (AI) to automate compliance processes, check for regulatory blind spots and gain back valuable time.
From automating horizon scanning to simplifying policy management, AI is proving to be a powerful partner for firms worldwide.
Still, for many, AI in compliance can feel totally new, untested or even overwhelming. After speaking with fellow compliance professionals, these are some of the most common concerns they shared and the ways regulatory change technologies can ease the pressure.
1. Fear of falling behind in the AI compliance race
Some days between urgent deadlines and day-to-day compliance matters, there’s simply not enough time in the day to research and find out which AI tools are hype and what’s actually helpful.
There’s too much noise, too many options and not enough time to try out every product.
Generative AI models like ChatGPT are free to use and can summarise regulatory texts. But the answers can’t always be relied upon as an open AI…
What if there was a closed AI agent that could analyse, summarise and highlight the most important parts of a regulatory text?
FinregE’s regulatory insights generator (RIG) is trained on over a million data points from structured legal and regulatory texts. Ask RIG questions on regulations, find out where the gaps are in your processes against that regulation AND get reliable answers back.
RIG even goes a step further. It can help build compliant policies, controls and process documents – ready for regulator audits.
2. Struggling to achieve operational efficiency
AI is great for eliminating repetitive tasks, but true efficiency means integrating AI into the entire compliance lifecycle.
FinregE goes beyond basic automation. It uses advanced AI, ML and NLP at every layer, from detecting real-time changes to regulations, to mapping these changes to policies, to creating workflows and audit trails for action.
FinregE doesn’t just help you respond to regulation. It is designed to deliver what regulators actually want to see to demonstrate auditable compliance. That’s what makes our platform truly unique.
3. Silos between departments causing friction
Assigning responsibility for a regulatory change in large businesses is nearly on par with the challenge of keeping up with the change.
We’ve all been there. Regulatory updates come in, but no one’s quite sure who’s responsible for taking action and responding. These silos between the compliance function and other business units can stagnate growth, create risks and make complying more difficult.
Having smart systems in place to inform exactly where a regulatory change impacts the business and which individual/s is responsible would improve interoperability.
FinregE solves this by turning regulatory obligations into task-specific actions and assigning them to the right teams and functions. Our intelligent workflows embedded with AI enhance cross-functional collaboration, improve visibility and harmonise different departments.
4. Horizon scanning to predict risks
Regulatory compliance is costly. The ability to predict and prepare can make the difference for compliance teams.
Using FinregE, a leading insurance firm now is able to monitor regulations across 35 jurisdictions, with AI automatically flagging relevant updates to the right users.
Our deep understanding of regulatory frameworks and what regulators expect means our platform doesn’t just help you respond to regulation; it makes compliance a strategic advantage – not just a checkbox exercise.
Why FinregE
FinregE is leveraged by global financial institutions to automate the entire regulatory change cycle, from being alerted to relevant regulations to assigning the changes to teams and individuals, and finally equipping compliance, risk and legal officers with insights and knowledge with our handy compliance assistant.
Trusted by key regulators like the FCA to make accessing and understanding regulatory change faster than ever before, FinregE is the perfect AI-powered compliance solution for regulated forms.
Don’t take our word for it, book a demo and see why.
