CHIEF COMPLIANCE OFFICERS NEED TO ACCELERATE THE ADOPTION OF AI FOR CREATING EFFICIENT FCC ORGANIZATIONS
Dubai, United Arab Emirates —
Compliance business has successfully leveraged digitization and robotization for seeking impact. It’s time to focus on artificial intelligence to gain on the overall process efficiency.
Effiya Technologies partnered in the ‘FINTELEKT AML/CFT 12TH ANNUAL SUMMIT’, conducted in Mumbai, on 11th May 2023. Financial crimes are rising and becoming more advanced, this makes innovation in compliance operations vital.
Abhishek Gupta, managing director of Effiya Technologies presented a classic comparison of judgmental vs AI driven decision making and its overall impact on reducing false positive and improved productivity for any financial institution. He also presented unique insights on the potential that still hasn’t been realized for AI in different compliance functions. He encouraged compliance professionals to be open to the idea of implementing innovation and explained how to address the concerns and challenges they meet on the way. He also stressed the need of compliance professionals to create resident data management, machine learning capabilities within compliance department that can ensure seamless coordination by cross functional teams involving FCC projects.
In the conference, experts also delved into two other important themes that are important for the practitioners – information sharing amongst participants that is helping the industry immensely and training the frontline staff on compliance related issues which is becoming a big challenge amidst rising employee turnover.