target audience: TECH BUYER Publication date: Dec 2022 - Document type: IDC Perspective - Doc Document number: # US49938822
Artificial Intelligence Is Transforming Risk and Compliance: Results from IDC's 2022 Industry AI Path Survey
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Abstract
This IDC Perspective reviews the findings of IDC's 2022 worldwide Industry AI Path Survey specifically for artificial intelligence (AI) as a transformational technology to support risk and compliance in global banking. Today's risk and compliance environment is complex and changing fast. Automation with AI and advanced analytics are reshaping the ways that banks manage risk and compliance. Banks recognize that to minimize risk of financial crimes or errors and address changing compliance issues, they need to proactively detect, prioritize, and contextualize issues. AI enables banks to update their processes using a more sophisticated, comprehensive approach with real-time data analytics.
"Banks seeking to address heightened regulatory expectations and the increasingly complex and challenging risk landscape should consider adopting cloud-based AI technologies to increase their pace of innovation while enabling process improvements and operational efficiencies," says Sean O'Malley, research director, IDC Financial Insights: Worldwide Compliance, Fraud and Risk Analytics Strategies.