{"id":11115,"date":"2024-02-08T10:34:02","date_gmt":"2024-02-08T10:34:02","guid":{"rendered":"https:\/\/fintech.global\/AIFinTechForum\/?p=11115"},"modified":"2024-02-12T10:35:29","modified_gmt":"2024-02-12T10:35:29","slug":"why-ai-is-vital-for-surveillance-officers","status":"publish","type":"post","link":"https:\/\/fintech.global\/AIFinTechForum\/why-ai-is-vital-for-surveillance-officers\/","title":{"rendered":"Why AI is vital for surveillance officers"},"content":{"rendered":"

Artificial Intelligence (AI) has been the focal point in discussions around innovation for many years, to the point where it is easy to be complacent when listening to how it will transform a sector. However, firms cannot afford to skip out on the latest advancements within AI as its rapid innovation is transforming the way we operate.<\/strong><\/p>\n

Jordan Domash \u2013 the co-founder and CEO of AI assistant developer Responsiv \u2013 recently spoke about the critical role AI has for surveillance officers. He believes this technology will be vital in how they can reduce false positives and detect risk.<\/p>\n

The reason AI is set for a pivotal role is due to a number of challenges the industry faces, most notably, the sheer volume of communications that compliance teams have to monitor. Communication platforms have exploded over the past decade, with services like Zoom, Teams, WhatsApp, Slack and RingCentral being just a small handful of the services available to people. Communications platforms are not tied to one format, with many allowing for video, audio and text chat. Compliance teams need an efficient way to monitor all the relevant platforms.<\/p>\n

Not only are there a wave of new platforms and communication modalities that compliance teams need to monitor, Domash noted that user behaviour is also changing. This change is bringing a new layer of risk that needs to be managed.<\/p>\n

He said, \u201cBehaviours are constantly evolving. We\u2019re not just looking for one behaviour, we\u2019re looking for 50, and those behaviours, those risks, change. We\u2019re focused on sharing inside information more today than we really ever had before. As these behaviours are evolving, you need a system that can adapt in real-time to risks that are seen in the market.\u201d<\/p>\n

To help visualise the size of the challenge posed to surveillance teams, Domash highlighted that Responsiv has over 140 billion records under management. A decade ago, this number was just four billion, representing a 25-times growth in the volume of communications under management.<\/p>\n

He added, \u201cIf you had a team of reviewers that were reviewing 100 communications an hour and they were reviewing them 24\/7 and you had a year, you would need over 160,000 people to read through all these communications. It is just physically impossible to spend the time to review these communications.\u201d<\/p>\n

To listen to the whole presentation, enrol in the\u00a0Professional RegTech Certificate<\/a>.<\/p>\n

About the Professional RegTech Certificate<\/p>\n

The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators\u2019 perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.<\/p>\n

The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.<\/p>\n

You can enrol\u00a0here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Artificial Intelligence (AI) has been the focal point in discussions around innovation for many years, to the point where it is easy to be complacent when listening to how it will transform a sector. However, firms cannot afford to skip out on the latest advancements within AI as its rapid innovation is transforming the way… <\/p>\n

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Read More<\/a><\/p>\n","protected":false},"author":8,"featured_media":11116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[72,59,62,60,63],"yoast_head":"\nWhy AI is vital for surveillance officers - AI in Financial Services Forum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.global\/AIFinTechForum\/why-ai-is-vital-for-surveillance-officers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why AI is vital for surveillance officers - AI in Financial Services Forum\" \/>\n<meta property=\"og:description\" content=\"Artificial Intelligence (AI) has been the focal point in discussions around innovation for many years, to the point where it is easy to be complacent when listening to how it will transform a sector. 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