How AI can automate and cut the cost for compliance

Definitions, clarifications and other non-obligation material make up 65% of the information in regulations. That leaves a mere 35% that involves an actual obligation, according to reg-tech firm Ascent. That means banks and other regulated industries — and more specifically, their lawyers — spend hours combing through information in search of actionable items, according to Andrew Steioff, senior manager of technology alliances at governance, risk and compliance software vendor LogicGate. The company partners with Ascent to offer an AI-based GSR solution.

Definitions, clarifications and other non-obligation material make up 65% of the information in regulations.

That leaves a mere 35% that involves an actual obligation, according to reg-tech firm Ascent. That means banks and other regulated industries — and more specifically, their lawyers — spend hours combing through information in search of actionable items, according to Andrew Steioff, senior manager of technology alliances at governance, risk and compliance software vendor LogicGate. The company partners with Ascent to offer an AI-based GSR solution.

In today’s episode of The Buzz, Steioff tells Bank Automation News: “Historically speaking, these organizations would have lawyers on staff that would sit there and manually comb through pages and pages and pages of these regulations, which a lot of them are ... just definitions. The real meat and potatoes aspect of it may only be a few lines for each individual regulation.”

In this podcast, Steioff breaks down how the business case for ditching manual efforts in favor of AI-based solutions.

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