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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-06-29T15:04:00
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence (AI) technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
Of the 400 respondents to the “2023 Fraud and Financial Crime Report” by risk and financial advisory vendor Kroll, 56 percent said AI and machine learning have been implemented into their financial crime compliance programs. Two-thirds of respondents (67 percent) said over the next 12 months they planned to invest more in AI tech tools to combat financial crime.
The perception of using AI tools as part of the monitoring process was also positive among respondents, as 36 percent said they viewed the technology in a very positive light and 47 percent said somewhat positive. Only 7 percent said they viewed AI as somewhat negative or very negative.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-07-31T16:06:00Z By Jeff Dale
The United Arab Emirates has moved forward with plans to establish federal prosecution entities specializing in economic crimes and money laundering.
2023-07-21T15:29:00Z By Kyle Brasseur
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The possibilities for productive use of generative AI are alluring, compliance professionals say. But harnessing the technology in an ethical and compliant manner requires thorough risk assessment.
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2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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