Extract from Daniel Accetta and Rob Mason’s article “AI for Compliance Teams: Why Now?”
Even as AI becomes a household term, some applications and industries have been more keen to adopt artificial intelligence than others. For instance, after becoming available in 2015, Amazon sold approximately 4.4 million Echo devices. The product became so ubiquitous that “Hey Alexa” makes an appearance in many contemporary TV shows and movies. We’re eager to utilize AI when it makes our lives easier and at least appears relatively simple.
When looking at the surveillance industry, however, adopting AI has been met with skepticism in many ways. With an industry that is so heavily regulated and dependent on effective reporting, it is understandable to be wary of the promises of AI and wonder: why now?
After all, AI is a bit of a buzzword, isn’t it? When pressed to actually define it, many cannot. Firms cannot explain the full value of the AI-powered solutions becoming available, their potential impact, or how AI fits into their surveillance workflows.
The adoption of AI, however, can help firms keep up with a tightening regulatory landscape, expanding surveillance laws globally, and an increasing number of channels to monitor in a remote professional world. Due to the success of AI enablement, most financial institutions see AI as the future and regulators are deeply exploring what is required to build and validate AI models. It is clear from looking at the trajectory of this industry that AI will play an increasingly larger role in helping firms avoid fines and remain compliant.
