Chapter 23
Regulatory Compliance and Legal Risk Reduction: Hitting the Bullseye on a Moving Target
IN THIS CHAPTER
Understanding the challenges facing regulated businesses
Discovering how AI can turn a paperwork nightmare into a competitive advantage
Identifying the AI techniques that make compliance automation work
Exploring compliance use cases for AI
Two dozen federal regulatory agencies exist in the U.S. plus several dozen in the E.U., not to mention the state-level agencies. Regardless of your industry or nonprofit focus, some agency somewhere is scrutinizing every jot and tittle of the law to see if you’re up to snuff. If you’re lucky, you might be answerable to multiple regulators regarding different aspects of your market.
The rules are constantly in flux. In 2017, Thomson Reuters Regulatory Intelligence captured 56,321 regulatory alerts from more than 900 regulatory bodies worldwide, averaging 216 updates a day, up from 10 per day in 2004. If you worked around the clock, you could get through the stack if you interpreted and implemented one change every 7 minutes. And it’s ...
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