AI Enhances Compliance for Financial Institutions - Lawsnote Shares Successful Experience at Hong Kong Pan Asian Regulatory Summit 2024
HONG KONG, March 28, 2024 /PRNewswire/ -- The prestigious annual ALB Pan Asian Regulatory and Anti-Corruption Compliance Summit 2024, co-hosted by Thomson Reuters and Asian Legal Business, took place in Hong Kong. This year marked a special moment as Barry Kuo, the founder and CEO of Lawsnote, a leading legal technology company from Taiwan, took the stage as a distinguished speaker for the first time. Barry Kuo seized the opportunity to share Lawsnote's remarkable achievements in supporting financial institutions to streamline compliance workflows. His presentation also delved into strategies for leveraging AI to facilitate the automation of compliance processes.
Streamlined Compliance Workflows with AI
As a leader in legal technology in Taiwan, Lawsnote is committed to its core value of "making law more efficient." Through incorporating cutting-edge technology, the company aims to optimize workflows and improve efficiency in the legal sector. Among its notable accomplishments is the development of a legal data search system, also known as the "Google of Taiwan's legal industry." Furthermore, Lawsnote not only offers a range of products and solutions such as automated contract review and legal document automation but also introduces an AI-driven enterprise regulatory compliance system tailored to the requirements of financial institutions.
During the sharing, Barry Kuo also shed light on the regulatory hurdles encountered by financial service providers in Taiwan. These include monitoring approximately 5,000 regulations and half a million articles, besides numerous internal regulations. With around a hundred daily updates on external regulations, compliance officers face the responsibility of gathering, comparing them to internal regulations, and implementing corresponding amendments in accordance with the Standard Operating Procedures (SOPs). The complex and repetitive nature of this task underscores the importance of AI technology in alleviating the burden on compliance personnel and saving significant costs.
With the assistance of AI, Lawsnote has facilitated the streamlining of compliance workflows for 60% of Taiwanese financial institutions to adapt to regulatory changes. Upon detecting regulatory changes, the AI system evaluates their impact on the internal policies and sends suggestions to compliance officers for potential modifications to internal regulations. Once reviewed and confirmed by the officers, these adjustments are executed, automating mundane tasks. Consequently, compliance officers can concentrate more on tasks demanding expertise beyond AI capabilities.
The Age of AI Application in Regulation and Compliance has Begun
Throughout the conference, participants demonstrated a strong interest in the accuracy of AI and its future advancements. Barry Kuo candidly admitted that AI's accuracy cannot be assured entirely. The application of AI is not envisioned to replace all existing workflows or particular roles; rather, it should be seen as complementary technology to refine various aspects of work. Regardless of whether it's human professionals or AI technology, challenges with accuracy persist. When AI's accuracy increases by 2 to 3 times compared to its current state, it will yield significant improvement to reduce risks in current workflows.
Last but not least, Barry Kuo stated that Lawsnote's AI model can be applied across different languages and industries. Going forward, Lawsnote is enthusiastic about using its self-developed AI model to free compliance officers from monotonous and repetitive tasks, allowing them to invest their time in more valuable endeavors.
SOURCE Lawsnote
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