There are many different applications for artificial intelligence (AI). Some are ready now, such as using the processing power of AI to crunch big data to gain customer insight. Others, such as deploying AI within driverless vehicle computers might be another year or two from being fully ready. But amidst the discussion around AI, one element of modern business is generally overlooked – compliance and governance.
To be compliant and on the right side of governance laws around the world is incredibly important. The European Union’s General Data Protection Regulation (GDPR) that comes into effect on 25 May 2018 is a high-profile example, with every organisation – irrespective of where in the world they are located – having to comply with GDPR if they hold or collect data on European citizens. Failure to do so will results in fines of up to €20,000,000 or 4% of an organisation’s annual global turnover, whichever is greater.
Yet many organisations continue to manage their compliance and governance functions manually, using no more than an Excel spreadsheet to stay on top of increasingly complex regulations. What challenges are organisations facing with regard to compliance and could AI be about to drive a new era of automated compliance?
