Use of AI to improve Regulatory Reporting Accuracy and Efficiency
DOI:
https://doi.org/10.47941/ijf.1825Keywords:
Regulatory Reporting, Artificial Intelligence (AI), Machine Learning (ML), Risk Mitigation, Compliance TechnologyAbstract
Regulatory reporting stands transformed by artificial intelligence's advent, offering numerous advantages in precision, efficacy, and compliance. AI enabled tools empower financial institutions to streamline compliance practices and mitigate risks through enhanced reporting accuracy. This article examines applications of AI in regulatory reporting and their benefits. The article also explores AI's transformative impact on financial institutions' adherence to regulatory mandates. Furthermore, it underscores human expertise's pivotal role in developing AI-driven regulatory reporting systems. As regulatory landscapes evolve, integrating AI technology into regulatory reporting processes becomes imperative for financial institutions.
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References
https://en.wikipedia.org/wiki/Artificial_intelligence
Wolters Kluwer whitepaper: https://www.wolterskluwer.com/en/expert-insights/artificial-intelligence-in-regulatory-reporting#gc
NICE Actimize https://www.niceactimize.com/
AQMetrics https://aqmetrics.com/platform
Compliance.ai https://www.compliance.ai/
ClauseMatch https://www.clausematch.com/
IBM OpenPages https://www.ibm.com/products/openpages
Clareti Regulatory Control https://www.greshamtech.com/platform
Adenza (AxiomSL) Regulatory Reporting https://adenza.com/solutions/risk-financial-regulatory-reporting-solutions/regulatory-reporting/
Moody's Regulatory DataCorp's (RDC) Compliance Screening https://www.moodys.com/web/en/us/solutions/regulatory-calculation-reporting.html
Fenero https://www.fenergo.com/regulatory-compliance
CUBE https://cube.global/
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Copyright (c) 2024 Chintamani Bagwe
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
