The emergence of ChatGPT in November 2022 caused a sonic boom in every technology industry around the world. Since then, companies of all sizes have been exploring use cases to bring his AI into their operations. However, adoption, or compliance, has been slow in some sectors.
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In fact, a Moody's report surveying compliance and risk leaders and professionals found that only 9% of companies are actively using AI, and 21% are not considering using AI at all. not.
This isn't shocking news. His recent E&Y report states, “Historically, compliance professionals have treated innovation with skepticism.” It's easy to see why an industry rooted in transparency, integrity, and ethics is reluctant to adopt technology, especially in its early stages, which is fraught with bias and ethical dilemmas. Additionally, the regulatory and legal outlook for AI remains highly uncertain, making it difficult to implement with confidence.
AI is uncharted territory for most companies, and some compliance officers may want to avoid it while the technology is still new. But the more AI evolves, the more responsibly it is used for specific tasks, especially in professional services firms that have struggled to implement digital transformation and continue to rely on manual, outdated processes. It becomes clear that it delivers significant business value.
Let's take a look at how auditors can leverage AI to streamline processes and free up time to add value to their clients.
Streamline processes without sacrificing quality
Some compliance practices can be streamlined with AI. Whether auditors are using compliance software that has recently deployed AI capabilities or using popular tools like ChatGPT, there is value in automating certain processes.
First, there are surface-level automations such as virtual meeting summaries and on-demand transcription. This is a simple but important first step for companies to step into AI without fear of biased results. Tools like Fathom AI Notetaker simply process information, summarize it, and present it in an organized way. A built-in human approval layer eliminates occasional mistranslations and allows us to do this accurately and quickly, allowing you to search for details and find the exact moment in the call you want to remember. Masu.
Removing the need to diligently take notes (and the accompanying fear of forgetting to follow up) will clear your mind and allow you to identify opportunities to add value and build stronger relationships with your customers. .
Many of the mundane and frustrating aspects of compliance, such as performing vendor reviews, inspecting policies, and answering security surveys, are being incorporated into AI to speed up and simplify these processes. These tasks may be the stuff of nightmares for security professionals, but they're not enough of a risk to keep a CISO up at night.
By leveraging AI tools, companies can skip repetitive checklist steps and focus on the areas of their security program that really matter.
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If it's done right, the time saved by this technology can be reinvested to add value and enhance other areas of your business. While speed and turnaround time are obvious benefits, companies can also drive improved quality and overall engagement within their teams. All the energy you was wasting trying to write the perfect paragraph for a client's work (which may or may not get read at all) can suddenly be channeled into your passion.
Advocating for AI in your industry doesn’t mean trusting it blindly.
Companies should carefully scrutinize their own and business partner's tools to ensure they are satisfied with their safety and accuracy. While this technology is breathtaking, it still makes a lot of mistakes and means auditors still need to be on board with the inputs and outputs.
Add modern business value
Moody's report also found that 9 out of 10 companies using AI for compliance are seeing a positive impact on risk management. Staying competitive in today's digital age is made possible by new technologies.
AI tools can save time by streamlining paperwork, answering compliance questions by chatting with bots, automating document classification, and simplify customer-facing tasks like simplifying form filling. You will be able to delegate. Time and accuracy are critical. It is therefore clear why clients prefer companies that use and evaluate these new technologies, rather than those that take traditional approaches.
Furthermore, education is key to helping companies adopt AI and other new technologies. Employees need to understand the why and how behind each technology, how to use it, and the expected results. Once stakeholders decide that AI is right for their company, dedicated training sessions can be rolled out to help employees familiarize themselves with the specific tools they need and get the most out of their day-to-day work.
Human input is essential for high-quality AI output, so this step cannot be ignored.
How can auditors implement the right AI?
Compliance software companies are well aware of the high level of transparency required in the industry. As a result, we build trust with customers by addressing data privacy concerns and being open about the inner workings of our AI tools, avoiding the notorious black-box aspects of many AI-powered services. doing.
Compliance management platforms powered by AI tools provide comprehensive information that explains their AI philosophy alongside the release of AI tools. They will discuss processes such as encryption to ensure the safety of sensitive data, monitoring of results to reduce bias, and extensive testing to provide clients with reliable and secure tools. .
The key to making the leap to AI includes understanding the technology behind each tool, where and how the information comes from, and how it is protected. If a software company isn't transparent about this information, that's a red flag. By making informed decisions about which tools to implement, companies can set themselves up for success. Companies need to realize that they are not cutting corners with this technology, but rather adopting a more efficient, agile, and accurate methodology for compliance inspections.
The ability to safely experiment with new technologies gives compliance companies a competitive advantage in slow-moving industries. While AI tools are not the immediate endgame for the profession, it would not be surprising to see expanded use cases in the near future. Given current developments, this technology could help prepare reports and review evidence in the same way that calculators help prepare tax returns.
From what we've seen with AI over the past year, it's safe to say that it's an ever-changing technology that will likely never be fully developed. As technology advances, it takes on new forms. Those who choose to sit on the sidelines and wait for an innovation to develop into its final form may never find the right time to engage with an AI tool. In fact, the time is now.
