Series 8, Episode 10: Artificial Intelligence in compliance: opportunities, pitfalls, and the regulatory response

In episode 10 of season 8 of Compliance Clarified, Helen Chan, Regulatory Intelligence's Hong Kong-based expert and Rachel Wolcott, senior editor in London discuss artificial intelligence in compliance. To say there has been a lot of hype around AI and generative AI is an understatement. ChatGPT, in particular, has captured the public's imagination. It is simultaneously hailed as transformational technology and a weapon of mass destruction. So what's in it for compliance officers? Helen and Rachel take listeners through some of the trends and use cases they are seeing in financial services and compliance for both deterministic and generative AI. They sketch out how regulators globally have responded to AI. Finally, they set ChatGPT for some simple compliance tasks to see how it performs. Spoiler: Chatbots are not going to take over compliance departments anytime soon. This is the last episode of season 8. We'll be back in September! Links: Impact Analysis: Regulators in Asia lay down the foundation for regulation of AI ethics:  http://go-ri.tr.com/aWnKkV Insight: China, EU and U.S. regulators ponder generative AI regulations, offer compliance considerations for businesses: http://go-ri.tr.com/JDlPO1 Generative AI: Five use cases for compliance: http://go-ri.tr.com/aeOBkB Expert AI is needed to deliver the accuracy required to automate compliance tasks; ChatGPT applications are limited Outside paywall: https://regintel-content.thomsonreuters.com/document/I563E94301B4111EEBE2AEF7C693C2154 Ten things new AI apps such as ChatGPT can do to 'augment' compliance -FINRA conferencehttp://go-ri.tr.com/Z0fFDU Contact us: Helen Chan (HK):[email protected] Rachel Wolcott (UK):[email protected] For more information about Regulatory Intelligencehttps://legal.thomsonreuters.com/en/products/regulatory-intelligence   Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.