Experts from Wolters Kluwer’s Compliance
Program Management (CPM) business and Chartis
Research will discuss ways in which financial services firms can tap
the power of Artificial Intelligence (AI) to more effectively manage
their regulatory
compliance obligations in a webinar, “Leveraging AI for Regulatory
Change,” on Tuesday, June 4, 2019 from 10-11 a.m. EDT.
AI’s ability to process large amounts of data and contribute to
organizations’ data management and analysis capabilities is well
documented, but financial firms must be cognizant that these
technologies by themselves do not guarantee a sound regulatory
management program. The webinar will look at what can and cannot be
achieved in this space using AI, how human experts are critical to the regulatory
change management process, and what this means to financial services
firms.
“Dealing with regulatory change has long been a huge challenge for
financial services firms in identifying constantly evolving laws and
regulations with which they must comply wherever they do business, and
also prove compliance to regulators,” says Chuck Ross, Vice President, Compliance
Program Management for Wolters Kluwer. “Increasingly we are
incorporating elements of AI technologies into our offerings, such as
OneSumX for Regulatory Change Management, to help financial services
customers better identify, track and manage their regulatory
obligations. However, key to that effort is creating a deliberate,
informed process in which both machines and experts are leveraged to
meaningfully extract regulatory laws and rules relevant to their
businesses.”
“One can see massive benefits to applying AI in the financial sector, if
applied in the right manner,” notes Sidhartha Dash, Research Director
for Chartis Research. “AI is best thought of as a cog in an analytical
machine, rather than the machine itself. Many of the problems that arise
in tapping AI to address the growing demands in data management aren’t
about the analytics themselves, but the question being asked. Sometimes
the issue is just too hard or complex for analytics alone, so the
framing of the questions posed is vital for effective employment of AI
technologies.”
The webinar will present an overview of the current market for AI
applications in financial services, explore Wolters Kluwer’s approach
through several case studies in helping clients manage regulatory change
using AI, and look at the opportunities and longer-term implications of
AI in financial services. Mike MacDonagh, Wolters Kluwer Global Content
& Strategy Lead, will moderate a panel conversation with:
- Rajiv Arora, Operations Decision Science Director, Wolters Kluwer
- SK Karanam, U.S. Market Manager, Wolters Kluwer
- Sidhartha Dash, Research Director, Chartis Research
To register, visit here.
Wolters Kluwer’s OneSumX
for Regulatory Change Management leverages the power of AI to take
many complex regulatory changes and organize them to create structured,
value-added content that is paired with an easy-to-use software. By the
linking of regulatory changes to their respective regulatory rules in a
customizable, constantly updated regulatory library, Wolters Kluwer CPM
clients receive actionable content. This content enables them to focus
their time on supporting business strategy, spending less time scouring
websites, synthesizing the changes, and determining applicability of the
rules to the business. What’s more, this content flows through a single
data feed format, which simplifies integration and simplifies reporting.
Wolters
Kluwer CPM, which is part of the company’s Compliance Solutions business,
sits within Wolters Kluwer’s Governance, Risk & Compliance division.
Wolters Kluwer CPM offers solutions that enable chief compliance
officers at banks, securities, and insurance companies to stay on top of
compliance with a myriad of financial and non-financial regulations.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters
Kluwer, which provides legal and banking professionals with
solutions to ensure compliance with ever-changing regulatory and legal
obligations, manage risk, increase efficiency, and produce better
business outcomes. GRC offers a portfolio of technology-enabled expert
services and solutions focused on legal entity compliance, legal
operations management, banking product compliance, and banking
regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and
solutions for professionals in the health, tax and accounting, risk and
compliance, finance and legal sectors. Wolters Kluwer reported 2018
annual revenues of €4.3 billion. The company, headquartered in Alphen
aan den Rijn, the Netherlands, serves customers in over 180 countries,
maintains operations in over 40 countries and employs 19,000 people
worldwide.
About Chartis Research
Chartis Research is the leading provider of research and analysis on the
global market for risk technology. It is part of Infopro Digital, which
owns market-leading brands such as Risk and WatersTechnology. Chartis’
goal is to support enterprises as they drive business performance
through improved risk management, corporate governance and compliance,
and to help clients make informed technology and business decisions by
providing in-depth analysis and actionable advice on virtually all
aspects of risk technology. For more information, visit www.chartis-research.com.
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