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Boards need to apply a cautious strategy and initially view AI as a company risk rather than an opportunity , allowing management to present the potential benefits of adopting ...
The year 2023 posed substantial inquiries about AI ' s management internally and its ideal use . While the potential of AI to reshape operational landscapes isn ' t lost on compliance officers , the central question remains : will 2024 witness the practical integration of AI into Governance , Risk , and Compliance ( GRC ) technology ?
AI in Compliance : Anticipated Progress In the landscape of GRC , many vendors boast AI integration , but these claims primarily materialize in beta tests or specialized trials . The dream scenario where compliance officers seamlessly query GRC tools for detailed risk assessments on third parties remains on the horizon .
From due diligence to Know Your Customer ( KYC ) controls and sanction screenings , the application of AI across diverse compliance areas is conceivable . Large and small companies are vigorously developing such capabilities – specifically , the Chat GPT-like tools , sparking debates on the pace of adoption and the enthusiasm of compliance officers .
Implementation trends Contrary to the buzz , many compliance professionals have yet to harness AI ' s potential in their operational fabric . A survey conducted by Compliance Week last November unveiled that 59 percent of respondents were not using AI to assist with compliance obligations .
Among the respondents who said their compliance departments are relying on AI , the most popular use cases included improving policies and procedures ( 19 percent ), monitoring third parties and communications ( 12 percent