17 June 2021- “RegTech Summit 2021: How Artificial Intelligence can Transform Your industry” is on another level with sensational speakers, revolutionary workshops, and virtual booths. This virtual event brought together speakers and participants ranging from different industries.
Christopher Lim, Co-Founder of Gleematic, was invited to be one of the panel speakers in the “Is AI a Danger or Opportunity for Workforce in Regulatory Compliance” session. This roundtable discussion focuses on reviewing the current AI waves and their projection in the future.
Here is a recap of the session covered by Christopher Lim in case you missed it.
What are the realistic benefits of #AI in compliance?
My first realistic and potential benefit would be speed. Everyone wants to process their business operations faster with great throughputs. That includes your customers, who want to get their results and answer instantly. With better speed and throughput, you will improve how you respond to your customers thus also increase their satisfaction.
The second benefit would be the cost. With AI getting the work done, you can reallocate your budget to other resources that create greater value for your customers.
Finally, would be better talent retention. This can result from mundane and tedious tasks your talents find exhausting. For example, imagine having your talents set their eyeballs on thousands of documents. That is just too boring and exhausting for anyone.
What are your top concerns where AI could go wrong?
1. The issue of whether the data are suitable for the AI model.
Of course, if there is data, we can do everything with AI. However, in most cases the data is not clean and not suitable to create the AI model, as in technical terms – the data is not labeled for the AI to learn and develop. Thus, you need to understand whether you have the right data to solve the right problem – otherwise, you cannot use your data and there is no point in using AI. In a nutshell, you need to figure out how to label the data to get AI working on it.
2. AI needs to stay updated.
AI does not have common senses. As we know, any AI model depends on the given input – garage in garage out. Without the environment data, AI cannot change the environment. You cannot build the AI model once to be used in a lifetime. This is called AI Model Drift, where the AI model encounters degradation of its power due to the changes of the environment. In other words, it will be outdated in time especially when there is a ‘Black Swan’ event like this COVID-19 pandemic.
3. Will your regulators accept AI-based decisions?
Considering that AI is still a black box, whose inputs and the way it works are not visible to the user/other parties. In other words, AI is not easily explainable. The challenge is, can you make it sustainable?
Given your understanding of the evolving demands of compliance and resources available to them, such as #AI, what practical suggestions do you have for leaders and teams in designing / staffing up the team?
In redesigning the team, it is recommended to staffing up talents with cross-domain skill sets. It is necessary to have those who understand the requirements in Compliance processes and those who acknowledge the limitations of AI. You may have a mixed chart of the Compliance department and the Data/AI scientist department. In a matter of soft skills, they need to have the will to always learning, courage to try, and failing.
What are the skills you encourage compliance professionals to build and hone?
Hard skills or technical skills are required. For example, in understanding how the AI model is being trained, how much data is being given and the type of data to design the output. Also required, “Business Process Re-engineering” where we redesign core existing business processes to create and deliver more value, improving productivity, and bring greater benefits.
We thank RegPac Revolution for offering us the opportunity to participate in this program. We are thrilled to continue our growth in the automation market to empower humans to do creative, strategic, and compassionate work, all while making the world a better place.