Welcome to another exciting edition of Wired for compliance! Today, we delve into the transformative world of artificial intelligence (AI) and its impact on compliance. AI refers to computer systems or machines that mimic human intelligence or perform tasks. These systems can learn from data, recognize patterns, and make decisions with minimal human intervention.

According to a report by PwC, “AI could contribute up to $15.7 trillion to the global economy in 2030,” so compliance teams will need to navigate a complex and demanding regulatory landscape.^[1] They must proactively understand and implement frameworks to manage AI risks, including ethical considerations, cybersecurity, and privacy. Integration of AI can enhance customer experiences and improve productivity. Still, it also introduces challenges that require employee training, continuous monitoring, and adopting advanced technologies to adhere to regulatory requirements and mitigate risks.