Senior Manager, Data & Analytics
The regulatory environment is becoming increasingly difficult to navigate. Every day, new regulations are passed and existing ones updated – by different authorities in various countries, and also by transnational bodies. The challenge for companies, therefore, is to identify which regulations apply to them, especially if they supply a diverse range of products in different countries. Measures for ensuring compliance with regulatory requirements are complex and expensive for companies, but often still can’t guarantee with sufficient certainty that nothing has been overlooked.
Regulatory compliance is a good example of how AI can provide us with efficient support. That’s because it’s a matter of figuring out, from these infinitely large quantities of data on regulatory texts, which of them are relevant for a particular issue. The AI discipline used for this is known as natural language processing (NLP). Using NLP, the texts can be translated automatically to a large extent, and then checked for similarity and categorised. This means that texts with similar content can be grouped together or even examined in a more targeted manner for differences.
“Artificial intelligence lets us search and analyse regulations clearly and compare them with the company’s internal directives. That helps us ensure compliance with all relevant regulations in the area of data protection.”
PwC recently entered into a joint business relationship with the RegTech company CUBE. CUBE boasts one of the world’s most complete sources of regulatory requirements in the area of financial services, comprising regulatory data from 180 jurisdictions, which it processes using NLP (natural language processing). CUBE offers a platform in which the regulations can be clearly searched, analysed and compared with a company’s internal directives. This enables us to carry out an in-depth analysis of the implications of regulatory amendments and risks for companies.
Imagine you had advanced business analytics to predict every interaction with customers, every moving part in your supply chain and every financial transaction. Imagine you could react to events before they happen. This is all possible with the data you already own.