TECH BUYER Aug 2021 - IDC PlanScape - Doc # EUR248111321

IDC PlanScape: Augmenting Compliance in Financial Services through Artificial Intelligence

By:

George Briford
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Table of Contents

IDC PlanScape Figure

Figure: IDC PlanScape: Augmenting Compliance in Financial Services through Artificial Intelligence

Executive Summary

Why is AI in Financial Services Compliance Important?

Minimization of the Risk of Business Restrictions and High Fines

Improvement of Process Efficiencies

Potential to Replace Legacy Technology with Models and Algorithms

Provision of Agility to Compliance Supervisors

What is AI in Financial Services Compliance?

Who are the Key Stakeholders?

Table: AI Implementation Stakeholders

How Can My Organization Take Advantage of AI TO ENSURE Financial Services Compliance?

Implementation Challenges

Technological Challenges

Data

AI Architecture: Cloud Adoption versus Internal Server Deployment

Organizational and Process Challenges

Demanding Steps: From Model Learning and Engineering to Validation

Partner Selection

Skills and Capabilities ("Buy versus Build")

Regulatory and Legal Challenges

The Key Phases of AI in Compliance Implementation

1) Build the Fundamentals

Develop Basic Skills

Outcome

Formulate Business Priorities

Outcome

2) Play and Learn

Select the Variables: Algorithm Learning and Data Modeling

Outcome

Test the Explainability

Outcome

3) Apply and Improve

Model Validation

Outcome

Test the Scalability of the Overall Solution

Outcome

Advice for Technology Buyers

Related Research

Content


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