For businesses trying to negotiate complex rules, the use of artificial intelligence to automate the tracking of regulatory compliance is a significant advancement. Automation of enforcement and monitoring is achieved by leveraging state-of-the-art technology like machine learning and natural language processing. By using artificial intelligence technologies, businesses may swiftly determine whether rules apply to their operations and look into how those constraints effect their operations. These systems can entirely adapt to laws that are always changing, make sure you are following the rules, and lessen the possibility that anything goes wrong. Artificial intelligence has the potential to help identify compliance issues and promptly address them, eliminating the need for you to worry about paying a fee. Additionally, by automating time-consuming tasks like filing papers and creating reports, it frees up your team to focus on more important tasks. The use of artificial intelligence for compliance tracking offers businesses a scalable, economical, and efficient approach to managing regulatory difficulties in the ever-changing corporate environment.
Author(s) Details:
Tushar Khinvasara
Medical Device and Pharmaceutical Manufacturing, USA.
Abhishek Shankar
Indian Institute of Technology, Madras Founder Mybabybridge, Limerine Software Pvt. Ltd., India.
Connor Wong
Sage Hill School, USA.
Recent Global Research Developments in AI for Automated Regulatory Compliance Tracking
Harnessing AI for Future-Proofing Regulatory Compliance: This article discusses how AI can transform regulatory compliance by processing large volumes of data swiftly and accurately. It emphasizes the importance of AI in monitoring global regulatory developments and providing real-time insights [1] .
AI in 2024: Monitoring New Regulation and Staying in Compliance: This article outlines key issues in AI regulation, including the EU’s AI Act, and discusses how companies can stay compliant with existing and upcoming regulations [2] .
AI Watch: Global Regulatory Tracker: This resource from the OECD provides a live database of AI strategies, policies, and initiatives that countries and other stakeholders can share and update, enabling the comparison of their key elements [3] .
A Better Approach to AI for Regulatory Compliance: This paper explores the challenges and solutions in building effective AI systems for regulatory compliance, highlighting the need for reliable and adaptable AI models [4] .
References
- Harnessing AI For Future-Proofing Regulatory Compliance
https://www.forbes.com/sites/forbestechcouncil/2024/01/25/harnessing-ai-for-future-proofing-regulatory-compliance/ - AI in 2024: Monitoring New Regulation and Staying in Compliance With Existing Laws
https://www.skadden.com/insights/publications/2023/12/2024-insights/other-regulatory-developments/ai-in-2024?ref=aiexec.whitegloveai.com - AI Watch: Global regulatory tracker – OECD
https://www.whitecase.com/insight-our-thinking/ai-watch-global-regulatory-tracker-oecd - A Better Approach to AI for Regulatory Compliance
https://inmoment.com/wp-content/uploads/2022/02/TL-01859-NA-02-A-Better-Approach-to-AI-for-Regulatory-Compliance.pdf