[E-book] Compliance and AI: Balancing the risks and opportunities

Where is artificial intelligence (AI) heading? That is the question put to each of our expert contributors in the latest ICA Perspectives report.

Compliance and AI: Balancing the risks and opportunities brings together a diverse range of industry voices to offer a perspective on AI and its development.

Our contributors consider the history of AI, its rollout across financial services and other industries, and how it is being applied to help prevent financial crime. They also explore the likely future direction of AI, and how compliance professionals can use it to the benefit of themselves and their firms.

The report examines the two fundamental branches into which AI can be categorised: threats and opportunities.
The opportunities, of course, are many and varied; AI can be applied to identify unusual activity, highlight inconsistent data, alleviate manual efforts, improve collaboration, and offer a rapid, automated means of processing vast amounts of information.

At the same time, AI’s drawbacks cannot be taken lightly. Its use by those intent on deceiving others – including through the use of deepfakes and voice hacking – represents a real danger. Given that AI is a relatively novel development, the report also looks at how criminals are quick to adopt innovative tech for nefarious ends – and what compliance professionals and firms can do to guard against it.

Our report offers a unique insight into AI from those with an intimate knowledge of its potential and its drawbacks. The message that emerges is a positive one, albeit with an important caveat. AI will continue to evolve and will undoubtedly offer greater benefits as its use proliferates – but it must be understood so that its risks can be effectively mitigated.

Download the e-book today

About ICA

The International Compliance Association (ICA) is the leading professional body for the global regulatory and financial crime compliance community.

Since 2001, we have enhanced the knowledge, skills and behaviour of over 140,000 professionals in 152 countries either through our internationally recognised portfolio of professional qualifications (awarded in association with Alliance Manchester Business School, the University of Manchester) or through accredited in-company training.