Robotic process automation combined with AI can help automate compliance and free up executives to focus on high-risk issues.
Companies intent on driving efficiencies in compliance management have increasingly turned to robotic process automation (RPA), which helps deliver operational and cost efficiency, while improving quality by reducing human errors. But using RPA alone has its limitations.
It mimics human behavior, but it cannot learn from mistakes or evolve with changing business environments. As a result, technology-savvy organizations are gradually looking to enhance their automation efforts with artificial intelligence (AI) tools, such as machine learning and natural language processing (NLP). By 2022, 80% of RPA-centric automation implementations will derive their value from complementary technologies, according to Gartner. Gartner predicts organizations that combine AI and RPA technologies with redesigned processes will cut nearly a third of their operational costs by 2024.1
Together, these technologies pose a great opportunity for adoption in a wide range of areas in the compliance function, which we explore in detail below. The results are increased efficiency and better quality that bring relief amid new regulations, conflicting laws across jurisdictions, hefty penalties for noncompliance, and pressures to incorporate more data than ever in compliance monitoring.