February 26, 2024

The impact of AI on compliance and risk professionals is significant, with 83% of respondents in a recent survey expecting widespread adoption of AI in risk and compliance within the next five years. Despite this, only 26% of professionals report having high knowledge of the relevance of AI to risk management and compliance. The study also highlights the importance of regulation, with 79% of respondents agreeing that new legislation regarding AI is important to the profession. There is a clear data maturity gap, with early adopters of AI more likely to rate their data quality as high compared to those who are not considering the use of AI. The benefits of AI adoption include process efficiencies, advanced data analytics, and accurate predictions. The industry faces barriers to entry such as poor internal data quality and a specialist knowledge gap. However, businesses that adopt the right technologies early can gain a competitive advantage. AI opens up new opportunities and challenges for risk and compliance professionals, making it essential for them to understand and navigate the AI landscape. Overall, the study emphasizes the need for ongoing collaboration between regulators and the industry to address concerns and ensure a standardized regulatory framework.

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