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.
Denne historien er fra August 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Swedbank leverages data to the hilt
Sweden's Swedbank takes innovation to a different level by collaborating with other competing banks:
Digitization is for customer satisfaction, says Argenta Bank
Belgium's Argenta Bank has designed its digitization efforts to enhance customer experience:
Speed, Safety, Compliance
Brijesh Samantaray, Co-founder, Propelld shares the current trends in the education loans how the company is leveraging technology:
Unique methods in fraud perpetration
When we look at some of the very serious frauds that had taken place in the financial realm, it is evident that the perpetrators are somewhat ingenious:
NBFCs: Elevating Organizational IQ
What is more important than hiring smart people is raising organizational IQ. This topic was discussed in depth in a panel discussion at NBFC's Tomorrow conclave organized by Banking Frontiers. Edited excerpts:
Trustful Transformation
Transformation is no longer only about growth & efficiency. It involves aspects like compliance, security and explainability that are impacting NBFCs. These issues are explored in this panel at NBFC's Tomorrow:
CEO Panel: Connecting Traditional Wisdom with Modern Intelligence
Banking Frontiers organized its annual NBFC Conclave titled NBFC's Tomorrow in August 2024 at Mumbai. Highlights of the first panel discussion:
NBFCs EXPERIENTIAL EVOLUTION, TRUSTWORTHY TRANSFORMATION
Banking Frontiers organized NBFC's Tomorrow, its annual NBFC Conclave, in Mumbai on August 21. The program comprised panel discussions on 5 upcoming opportunities for the NBFC sector, along with presentations, fireside chats and a keynote address. Edited excerpts from the conclave:
Smart ATMs - an indication of a resurgence
Smart ATMs can be the future way of how one may be interacting with a bank and doing transactions:
Personalization scores with HNWI & YP
Ghulam Haidar Rasooli, Chief Financial Officer at Afghanistan based Ghazanfar Bank, reveals the impact of personalization and future roadmap: