Thriving in a World of Regulatory Complexity: Unleash the Potential of AI and LLM
Here is an excerpt from a presentation with Todd Cooper, the CEO of NuArca, providing Banks compliance expertise with AI/LLM Services...
Post 9/11 the focus was on anti-terrorism financing, anti-money laundering, and Know Your Customer. Then came the 2008 financial crisis including the LIBOR scandal and a new focus was added: corporate governance, consumer protection, and financial risk management. Since then we have seen an emphasis on consumer privacy, state level consumer protectionism, and more.
With every crisis comes new obligations and regulatory overhead. All combined have resulted in Regulatory Risk being the single biggest risk facing banks, credit unions, and finance companies.
For that reason, excellence in regulatory compliance is strategically important. It allows banks to compete in new markets, acquire, enter new lines of business, expand operations, and more. If you are not excelling at regulatory compliance, you are slowed down; stuck in the mire of responding to regulatory concerns and inquiries while your competition gets ahead of you.
"The legacy approach to regulatory compliance is time and resource intensive and the necessary complexity of complying with the spider web of obligations is overwhelming."
This legacy approach has failed and compliance professionals need a new way to get their job done.
AI/LLM technology is transforming the world and financial services compliance is no exception. Using this new technology to create order out of the regulatory web of chaos is the best path for compliance organizations to solve today and tomorrow’s challenges.
There is finally hope to make your and your teams’ jobs possible and demonstrate comprehensive insight, while maintaining control over the overall organization.
While Large Language Models (LLM) will not be replacing you or your team anytime soon, compliance professionals who use AI will gain a tremendous competitive advantage and will replace and overrun anyone who fails to leverage its paradigm shifting capabilities.
NuArca can help you super-empower your team to triple their impact while saving money.
Compliance strategies are always evolving and this next step is a revolution.
Contact us to get details for our next Executive Briefing with your peers ... or set up a one-on-one any time.