Navigating the path to GenAI for enterprise compliance
Abstract
Generative artificial intelligence (GenAI) represents a paradigm shift in today’s reality, influencing every major area of the enterprise function. Organisations in every sector look for ways to capitalise on the operational and functional efficiencies that the tool enables. Compliance represents one of the more challenging yet vital functions in enterprises, often pressured with ever-evolving regulatory requirements across industries; the complexity, resource intensity and the high cost of failure emphasise the high risk of the function. Artificial intelligence offers the opportunity to automate, standardise and streamline the organisation’s compliance areas, such as data governance, risk detection and response, policy management, continued monitoring and reporting, compliance and risk assessment. This paper provides a highlevel guideline for evaluating the enterprise compliance function for GenAI implementation while addressing its regulatory requirements and implementation challenges. It summarises key areas of AI implementation in compliance with an example of GenAI implementation at StrategyBRIX. This paper covers best practices for implementing GenAI, including data readiness assessment, organisational fit test, data privacy, security and scalability, challenges and regulatory requirements and maintenance of an AI programme. This paper concludes with practical next steps and further considerations for a GenAI enterprise adoption. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Jas Randhawa is the Managing Partner of StrategyBRIX in the San Francisco office with over 20 years of financial services and technology experience. Before StrategyBRIX, Jas was the Head of Financial Crimes and Compliance at leading FinTechs, including Stripe and Airwallex. Jas built and led PwC’s Financial Crimes (FinTech) practice across the US West Coast. Jas has served as the engagement partner for several large-scale, high-profile regulatory projects to assist global financial services firms in remedying deficiencies with their compliance programmes. In these roles, Jas worked with senior compliance officers, operations executives and technology leaders to implement regulatory-mandated solutions — resulting in lifting enforcement action for clients. Jas also managed HSBC’s remediation when it entered a Deferred Prosecution Agreement. In this role, he was seconded to the bank and led the compliance technology transformation programme globally.
Jon Lo is a Managing Director at StrategyBRIX with over 15 years of experience in financial services and compliance. Jon has deep experience working on anti-money laundering (AML) and compliance initiatives, including developing policies and procedures, data quality assessments, AML risks and red flags coverage assessments, conducting model validations, managing remediation programmes, defining AML requirements, AML system implementations and threshold tuning and optimisation. Most notably, Jon has led multiple high-profile regulatory initiatives at large institutions aimed at remediating deficiencies in their compliance programmes. He has helped several clients navigate regulatory enforcement action to a satisfactory resolution. Prior to his current role, Jon was at PwC and, most recently, was a Managing Director at Matrix-IFS, where he led their AML Advisory practice.
Will Hayk Karapetyan Will Karapetyan is a Consulting Manager at StrategyBRIX, with extensive experience in regulatory technology, governance, risk, and compliance (GRC), data and AI solutions. With over seven years of experience as a technology solutions lead, he has been developing and implementing systems and processes to enhance operations, security and compliance functions across various sectors. Will has previously worked as a Senior Consultant at Deloitte in AI Controls and Business Algorithms within Risk Advisory. In addition to his consulting experience, Will has pursued entrepreneurial ventures in marketing technology operations, technology consulting and implementation. He is a graduate of the BCIT BITMAN Artificial Intelligence Management programme and holds a Certified AML FinTech Compliance Associate (CAFCA) and ServiceNow Certified System Administrator (CSA) accreditations.
