Next we consider the crucial capabilities which a compliance function must have to implement an AI solution. Over the next several pieces, I will use the article Using AI to Enhance Business Operations by Monideepa Tarafdar, Cynthia M. Beath as an introduction into the how the corporate compliance function can use an Artificial Intelligence (AI) program to not only enhance the compliance function but also business operations.
Generating value from AI programs is not easy for compliance professionals as there can be multiple roadblocks to successful design and implementation. The problem is, many companies which desired to benefit from AI programs failed to do so have failed to develop the necessary organizational capabilities. The authors identified five capabilities that companies need to splice into their organization’s DNA to create an effective AI program, have adapted for the compliance function.
Three key takeaways:
- What is the power of an AI application?
- What are the foundations of AI application competence?
- What are some of the roadblocks to AI competence?