Artificial Intelligence in Compliance

AI, particularly Generative AI, is reshaping industries, including financial services. At Synpulse, we collaborate with a range of our clients to implement AI solutions that drive efficiency and innovation. AI has also become a priority for the executive- and board-level with discussions centering around AI strategy, readiness and perceived vs. actual adoption in the industry as well as key risks and challenges.

Adopting AI in Compliance has the potential to significantly drive efficiency and effectiveness — especially in the areas of AML (KYC and transaction monitoring), fraud prevention, and general compliance services. As advisors to the industry with over 20 years of technology expertise, we understand the challenges of adopting new technologies in banking and the need to create value for clients, employees, and shareholders through technological innovation.

To effectively address risks associated with AI adoption and support regulatory compliance, we recommend a comprehensive model, data, cyber and third-party risk assessment as a foundation to embed new AI technologies into the bank’s risk management governance and controls.

Are you asking yourself:

What you will get from us:

How can we best leverage AI technology for Compliance controls and processes?
What are high-benefit AI use cases in Compliance?
What are key risks and regulatory expectations when using AI?
How can we best mitigate those risks and meet regulatory expectations?
What does robust AI governance look like?
Shall we develop AI applications in-house or better source them from third-party providers, and if the latter, what does the market offer?

Insights into AI adoption of banks and example Compliance use cases
An evaluation of key benefits as well as risks and challenges of using AI in Compliance
A benefit analysis regarding your compliance processes and controls that are suitable for the use of AI in the 1st and 2nd line of defence (business case)
An assessment of build-and-buy options regarding strategic value, risks, skills, technology, cost, control, flexibility and time to market
Transparency on potential solution providers
Building and implementation support for AI solutions, including embedding in the bank’s risk management

Our approach:

Baselining

Analysis of front-to-back core Compliance processes and controls regarding risks and benefits of AI use cases
Strategic options

Development and assessment of build-and-buy solution options (including potential request-for-information from possible suppliers ) accelerated by Synpulse AI in Compliance Market Radar
Target operating model

Definition of the target governance, including integration into the bank’s risk management programmes (based on comprehensive model, data, cyber, and third-party risk assessment and defined mitigation measures)
Sustainable implementation

Ensuring audit-proof and sustainable development and implementation, including amendment of policies and procedures, controls, roles and responsibilities, training, as well as the sourcing, development, and rollout of the AI solution
Continuous improvement

Embedding the solution into the bank’s risk management programmes - we support continuous improvement through regular reviews, assessments and amendments