Can Robots Run The Galaxy, Or At Least Automate Regulatory Reporting?
With increased digitisation being used by the global regulatory community, there is an opportunity to leverage the latest artificial intelligence technologies to deliver a quantum change in managing the cost of regulatory reporting.
Although robots are essential in running the galaxies of Star Wars, Star Trek, 2001 Space Odyssey and other imagined worlds, the truth is that they can’t read. Or rather, they can read by rote, but they don’t have the intelligence to interpret nuance. For regulations, legal definitions are highly dependent on context and there may be underlying human assumptions or interpretation that are absent in the text. This fact seems to point to the unfortunate conclusion that using robots to automate regulatory reporting could only be a reality in a science fiction world and not ours. But what if new technologies like Natural Language Processing (NLP) and Machine Learning (ML) could be leveraged to create intelligent robots, thus creating efficiencies and managing ongoing regulatory change? That kind of technology might not change the future of galaxies far away, but it could certainly alter how efficiently financial institutions meet regulatory requirements in this one.
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