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How AI saved the Compliance Team from drowning in Data

Updated: May 23

The Challenge

Operating within the Australian fund management industry involves navigating a complex and ever-evolving regulatory landscape. Compliance teams must ensure adherence to stringent laws and guidelines set by governing bodies such as the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). The sheer volume of regulations, coupled with frequent updates and amendments, presents a significant challenge. Compliance officers often find it difficult to stay informed and respond swiftly to internal queries regarding regulatory requirements, risking non-compliance and the associated penalties.

The Solutions

To address these challenges, the business implemented a knowledge base generative AI agent designed to support compliance-related queries from internal stakeholders. This AI agent was equipped to understand and process complex compliance questions, providing accurate and timely answers. It was integrated with the latest compliance guidelines and legal precedents, ensuring that all information dispensed was up-to-date and reliable. The system utilised natural language processing technologies to interpret the queries and generate comprehensible, contextually appropriate responses.

The Outcome

The deployment of the generative AI agent significantly enhanced the efficiency and effectiveness of the compliance department. By providing quick access to precise compliance information, the AI tool reduced the workload on human staff and decreased the turnaround time for resolving queries. This improvement allowed the compliance team to focus more on strategic aspects of regulatory adherence rather than routine information retrieval tasks. Additionally, the risk of non-compliance was markedly reduced, ensuring that the business remained in good standing with regulatory authorities and minimising the likelihood of financial penalties or reputational damage.

GPT AI Chat, Copilots | AI Consulting Firm

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