{"id":40624,"date":"2022-02-10T22:53:18","date_gmt":"2022-02-10T22:53:18","guid":{"rendered":"https:\/\/inmoment.com\/?p=40624"},"modified":"2022-02-10T22:53:20","modified_gmt":"2022-02-10T22:53:20","slug":"regulatory-compliance-artificial-intelligence","status":"publish","type":"post","link":"https:\/\/inmoment.com\/blog\/regulatory-compliance-artificial-intelligence\/","title":{"rendered":"Three Considerations When Leveraging Artificial Intelligence (AI) for Regulatory Compliance"},"content":{"rendered":"\n

Companies are investing heavily in <\/a>artificial intelligence (AI) to save money and time\u2014especially those in industries who have to constantly deal with regulatory compliance documents. After all, who wants to sift through endless amounts of tables and lists? Those working in legal, medical, or financial sectors are often all too familiar with this infamous struggle. And considering this, it makes sense that PwC predicts<\/a> AI could contribute $15.7 trillion to the global economy in the near future. Busy work, laborious practices, and the humdrum of paperwork are not the most ideal job duty for any employee. This poses an important question: is AI powerful enough so that no employee will ever have to touch a regulatory compliance document again?<\/p>\n\n\n\n

To help you answer that question, here are the top three things you need to consider:<\/p>\n\n\n\n

Consideration #1: What Is Artificial Intelligence?<\/strong><\/h3>\n\n\n\n

Fundamentally, we should think of artificial intelligence as a tool rather than a replacement for human expertise. AI doesn\u2019t accomplish anything without a proper wielder to fully comprehend how to use it. Therefore, it\u2019s key to rethink your AI strategy. Ask yourself, how are you approaching AI? <\/p>\n\n\n\n

Let\u2019s first take a look at the problem at hand. Regulatory compliance documents require an extreme attention to detail due to their naturally complex text structure. That\u2019s why traditional text analytics don\u2019t necessarily do the trick. Essentially, what you want AI to do is to read, check, and extract data from a document that\u2019s written and filled out by humans. <\/p>\n\n\n\n

The thing is these documents aren\u2019t standardized, resulting in arbitrary changes in format and other elements. This puts AI in a tough situation. As a technology that functions through learning from examples, how can it learn if the examples change unpredictably?<\/p>\n\n\n\n

Consideration #2: AI Cannot Succeed Alone<\/strong><\/h3>\n\n\n\n

That doesn\u2019t mean you should totally scrap AI, it just needs a little help. In the case of regulatory compliance, AI cannot succeed alone, but it can be a core part of your success. To tackle regulatory compliance documents, you need a combination of three technologies: <\/p>\n\n\n\n