Transforming Regulatory Reporting with AI/ML: Strategies for Compliance and Efficiency
Ravish Tillu, Muthukrishnan Muthusubramanian -, Vathsala Periyasamy · Journal of Knowledge Learning and Science Technology ISSN 2959-6386 (online) · 2023
In today's complex regulatory landscape, financial institutions face significant challenges in meeting reporting requirements while maintaining operational efficiency. This paper explores the transformative potential of Artificial Intelligence (AI) and Machine Learning (ML) technologies in enhancing regulatory reporting processes. By leveraging AI/ML, organizations can streamline data collection, analysis, and submission, leading to improved compliance and operational efficiency. This paper discusses key strategies for integrating AI/ML into regulatory reporting frameworks, including data standardization, predictive analytics, anomaly detection, and automation. Moreover, it examines the benefits, challenges, and best practices associated with implementing AI/ML solutions in regulatory reporting. Through real-world examples and case studies, this paper provides insights into how AI/ML technologies can revolutionize regulatory reporting practices, enabling financial institutions to navigate regulatory complexities effectively while optimizing resource utilization and decision-making processes.