For the first time, a majority of compliance teams using AI: Inside the ...
According to Compliance Week’s 2024 Inside the Mind of the CCO survey, more compliance teams than ever are utilizing artificial intelligence (AI) in their work. In 2024, about 56 percent of compliance teams incorporated AI into their processes, a significant increase from the 41 percent recorded in 2023.
The survey, which involved 227 compliance professionals, revealed that 31 percent of teams leveraged AI to enhance their policies and procedures. Additionally, 21 percent used AI for training assistance, 14 percent for third-party monitoring, and 14 percent for communications monitoring. Other applications of AI included keeping up with regulatory changes (13 percent), detecting fraud, corruption, and bribery (11 percent), supporting corporate culture (9 percent), and addressing environmental, social, or governance issues (2 percent).
The landscape of compliance is evolving rapidly, with different regions implementing varying rules and enforcement strategies. The European Union and the United Kingdom are strengthening their regulations, while the United States is navigating uncertain regulatory enforcement dynamics during Donald Trump's second presidential term.
In 2024, the demand for compliance officers, which surged in the post-Covid era, began to stabilize, as indicated by Compliance Week’s survey. The compliance function is now being recognized as a strategic partner to the C-suite and board, with an emphasis on risk assessment in light of changing regulatory landscapes.
Despite efforts to address gender disparities in compensation within the compliance field, the sixth annual Compliance Week Inside the Mind of the CCO survey found that male compliance professionals continue to earn higher salaries than their female counterparts.
This significant shift towards AI adoption in compliance reflects a broader trend of technological integration in regulatory and governance practices, signaling a new era in the industry.
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