MINNEAPOLIS – (COMMERCIAL THREAD) – As banks seek to establish new models of normalcy after Covid, they face strong headwinds. Given the sustained pace of regulatory change, evolving customer behaviors, increasing competition from fintech and changing regulatory priorities, they are under increasing pressure to re-adapt the powers of expertise. human. That’s what Wolters Kluwer Compliance Solutions says, in a new article on thought leadership.
In the article “Artificial Intelligence and the Further Optimization of the Compliance Program,” Elaine Duffus, Senior Specialist Consultant at Wolters Kluwer, explores the value of leveraging AI technology to optimize efforts regulatory compliance management of banks, in combination with the benefits that human experts can bring validating these processes.
âConsider how automated solutions are applying AI to regulatory change management processes. While the use of AI these days is almost a given, be sure to ask what is being done with the machine-derived results, âDuffus writes in ABA bank journal. âThe best practice would be to consider a solution that includes a validation step by a human expert. There are far too many nuances in regulatory compliance change events to be left entirely to the machines. ”
To support his argument, Duffus refers to the conclusions of Wolters Kluwer’s latest article. Regulation and risk management indicator bank survey – where nearly half of all respondents cited “manual compliance processes” as a concern of “7” or higher on a 10-point scale among their top barriers – in promoting the human expert and advanced technology to most effectively handle today’s banking challenges.
âEven when your regulatory change management process is automated, if the content entering that automated process is not properly configured, your expert compliance resources can take as long as a manual process to go through all irrelevant content. Â», Warns Duffus. âKeep this consideration in mind as you venture into the automation path. Ensure that the automated solutions being considered provide the means to help control the fire hose of regulatory changes.
âThis latest Compliance Solutions article offers practical and insightful advice for regulatory compliance professionals striving to optimize their resources and program efficiency during times of disruption and significant change,â said Steven Meirink, Executive Vice President and General Manager of Compliance. Solutions. âThe good news here is that incorporating the right automation into existing compliance processes can have drastically positive impacts by simplifying and improving your regulatory compliance management program. ”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The company, part of the Governance, Risk and Compliance division of Wolters Kluwer, helps these financial institutions effectively manage regulatory compliance risks and obligations, and obtain the information they need to better serve their customers and grow their business. .
Wolters Kluwer’s GRC division offers a range of expert solutions to help financial institutions manage regulatory obligations and risks. eOriginal from Wolters Kluwer Compliance SolutionsÂ® A specially designed suite of digital lending solutions, for example, helps lenders digitize their transactions and offers electronic signatures, collateral authentication and an electronic safe. iLien Motor Vehicle from Wolters Kluwer Lien Solutions provides processing and management of motor vehicle titles and privileges, helping solve the most unique and complicated challenges of title perfection. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions.
About Wolters Kluwer Governance, risk and compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and drive better business results. . GRC offers a portfolio of technology expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the healthcare, tax and accounting, risk and compliance, finance and legal industries. Wolters Kluwer achieved 2020 annual sales of 4.6 billion euros. The company, headquartered in Alphen aan den Rijn, The Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs approximately 19,000 people worldwide.