The landscape of regulatory reporting within the financial services industry is witnessing rapid transformations.
According to Regnology, with the introduction of new legislation and ever-changing requirements, coupled with the sector’s growth and diversification, organisations are seeing an escalated burden in their reporting obligations. Yet, the complexities expected in the future appear even more daunting.
A recent whitepaper by Regnology delves into the significant potential of artificial intelligence (AI) to revolutionise regulatory reporting, highlighting both the challenges and opportunities it introduces. As firms navigate this evolving landscape, the implementation of AI presents a promising avenue for enhancing efficiency and accuracy in compliance processes.
Critical to the successful deployment of AI in regulatory reporting are the aspects of data quality, transparency, governance, and privacy. Ensuring high standards in these areas is essential for building trust and achieving the reliability necessary for AI systems to effectively support regulatory duties.
Moreover, the whitepaper discusses the need for substantial organisational and systemic changes to fully integrate AI into financial operations. For firms to truly benefit from AI technologies, a comprehensive approach involving strategic planning and implementation is required. This not only supports compliance with current regulations but also prepares organisations for future demands in the regulatory landscape.
Download the whitepaper here.
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
