Self generating & self healing test automation scripts using AI for automating regulatory & compliance functions in financial institutions

Abstract

The scrutiny on the governance and conduct of financial services firms accelerated after the financial crisis, especially in compliance management. Complying with new regulations, including soontobeimplemented Basel III requirements, results in everincreasing compliance costs for financial institutions (66 percent of firms surveyed by Thomson Reuters in 2018 predicted an overall rise in spending on senior compliance staff). With this in mind, effective solutions to combat these costs and compliance workflows are needed. Although in its early stages, there is also interest in artificial intelligence and machine learning compliance to compliment problems like trade and market surveillance as well as regulatory compliance assurance. If they are used in crucial applications, then it is important to have an extensive understanding of the data, because these problems usually involve a great amount of realtime data from multiple sources and you need to be aware that there will probably exist some quality and bias issues. It will highlight important use cases in compliance management.