Dec 2016 - Business Strategy - Doc # US41956316

Business Strategy: The Use of Cognitive/AI Computing in Financial Services Compliance

By: Bill Fearnley, David SchubmehlResearch Director, Cognitive/Artificial Intelligence Systems


This IDC Financial Insights report takes a look at the challenges and opportunities that firms face in deploying increasingly advanced analytics to improve their risk management analysis and compliance programs to reduce the risk of regulatory penalties. Financial firms should actively investigate cognitive/AI solutions that have been customized for financial services use cases (e.g., transaction and communications monitoring, investigations, and compliance-focused searchable knowledge base). The objective is to improve compliance programs, mitigate operational risks, and improve the efficiency of analysts and compliance programs.

Bill Fearnley, research director, IDC Financial Insights, reports that, "Firms must stay ahead of an increasingly aggressive array of 'bad actors' and meet regulatory demands for more sophisticated transaction monitoring and risk-based analytics. To augment and automate existing systems and staff, IDC Financial Insights recommends that firms invest in cognitive/AI platforms and services for compliance, especially in the areas of transaction monitoring, researching beneficial ownership, and investigating suspicions activities and compliance system alerts."



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