Conjeevaram Baradhwaj foresees use of AI to enhance compliance achievement through process reengineering
Ravi Lalwani: New age compliance is a subject of growing complexity. How are you simplifying it so that more and more people in the organization can understand it effectively?
Conjeevaram Baradhwaj: In simple words, compliance is all about 'knowing what you should do (or not do) and doing what you are supposed to do (or not do what you are not supposed to do)' - first one is knowledge and the second one is execution.
Understanding the requirements of the compliance team is the first step, ie, having the right knowledge. Certain regulatory requirements are specific only to certain stakeholders within the company. A walkthrough of the regulatory requirements (face-to-face meeting or through teams meeting) with all the concerned functions is made to train them on their requirements, understand their questions and provide them with a reply and finally agree on the way forward. Discussions with stakeholders happen on the interpretation of regulatory notifications, benchmarking with competition, financial implications for implementing the requirements, and alternative methods of achieving compliance.
Simplification is therefore achieved in 3 ways:
(a) Automating the processes to the extent possible - With AI and ChatGPT already influencing the way we operate, the future is about how we use AI to enhance compliance achievement through process reengineering. You train the systems more with facts, information, behavior, etc, and the results can be more accurate. But, end of the day, there is no substitute for the human mind on subjective matters, but to a great extent, such subjectivity can be reduced.
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