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By Eve WHITTAKER, director, financial crime compliance, EMEA, LexisNexis Risk Solutions
Unsurprisingly, artificial intelligence (AI) has become a buzzword in compliance. Increasing complexity in regulation and mounting data volumes drive up the cost of compliance. Countries are likely to add layers as they develop their own rules, with the EU's AI regulations being one of the first. Consequently, the need for systems that streamline processes and reduce manual effort has reached new levels. AI holds enormous potential to revolutionize compliance by significantly enhancing both efficacy and efficiency. However, organizations must overcome various challenges to implement AI effectively. So, what does it mean to adopt AI in practice...
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