Special breakfast session explores the role of “expert augmented intelligence” in effectively managing regulatory change
Regulatory compliance experts with Wolters Kluwer Compliance Solutions will present insights on employing “expert augmented intelligence” to help banks better manage regulatory change at a breakfast panel session during the American Bankers Association’s 2022 Regulatory Compliance Conference. The session, “Simplifying State-Level Compliance to Achieve Data Certainty” will take place 7:30 – 8:15 am EDT Thursday, June 23, Regency Ballroom P, at the Hyatt Regency Orlando.
Participants in this panel discussion are Wolters Kluwer’s Kris Stewart , Senior Director, Regulatory Compliance Analysis, Compliance Center of Excellence; Bob Schroden, Director of Solution Design; and Elaine Duffus, Senior Specialized Consultant.
As Stewart explains, banks have used legal experts or, increasingly, leveraged newer technologies like artificial intelligence to help manage the considerable pace of new laws and regulatory changes impacting financial institutions— but there are limits to those dependencies.
“Traditionally, banks have tended to rely on legal experts to manage the raft of ever-changing regulations to which they are beholden,” says Stewart. “Developing and maintaining a set of up-to-date regulatory obligations is expensive, requiring legal experts to pour through hundreds of thousands of state and federal laws to identify, categorize and map regulatory developments into aggregated clusters of bank policies and obligations. But by the time these obligations are developed and ready for roll-out, some are already out of sync, given the constantly changing nature of state and federal regulations.”
While there are costs to depending solely on legal experts, she says, there are also pitfalls to depending solely on a technology platform to identify, tag and aggregate the full range, volume and frequency of regulatory changes that are relevant to a bank’s business.
“Technologies such as artificial intelligence cannot, by themselves, deliver an effective regulatory change management approach. By employing a combination of technology along with regulatory experts who can validate the technology output, that is, an expert, augmented intelligence approach, an organization will have a more complete, accurate picture across the entire enterprise. That clarity will allow the organization to more effectively and compliantly oversee enterprise obligation management,” she says.
The panel will look at current, leading bank use studies and discuss key considerations for determining the appropriate mix of human experts and dynamic technology to help manage regulatory change, reduce reliance on third-party legal firms, connect the various components of regulatory change management, and optimize their compliance efforts.