IDC PlanScape: Augmenting Compliance in Financial Services through Artificial Intelligence

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

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