How Artificial Intelligence Supports Regulatory Compliance Efforts
In this video, AI Expert and Microsoft MVP Aaron Back explains how artificial intelligence (AI) helps support regulatory compliance efforts, and also notes the limitations.
Highlights
00:23 — Avalara’s latest guidebook, “Navigating the Complexities of Regulatory Compliance for Future Growth,” is now available to download.
00:34 — AI has the potential to play a significant role in governance, compliance, risk management, and fraud detection, as it has the ability to scour mass amounts of data and notice trends, compliance conflicts, or risks. Yet, it’s important to note the limitations of AI within the context of regulatory compliance efforts.
01:23 — In order to generate the best output, AI relies on substantial input — the adage of “garbage in, garbage out” applies within this context. Similarly, AI is susceptible to human influence and can even generate “hallucinations.”
02:38 — To maintain a healthy balance of AI solutions and regulatory compliance efforts, Aaron encourages businesses to:
- Work with AI experts of Microsoft partners to identify current business processes and how AI fits
- Ensure AI solutions are grounded in the business’ internal data only
- Have an AI solution in a “test area” and use a small subset of data to test capabilities
- Bring in the proper stakeholders
