As a Head of Risk or Compliance, selecting an AI-powered financial crime prevention solution is crucial for ensuring compliance and enhancing efficiency but there is so much to think about.
Key considerations include meeting regulatory standards and being able to review documented compliance evidence. It’s also important to understand how AI software improves performance metrics such as reducing false positives and enhancing detection rates.
That’s not all! It also makes sense to evaluate operational risk management (fail-safes, business continuity plans for outages, etc.) and how the solution will impact your team from reducing and automating basic tasks to necessary training. There are also wider thoughts to consider – how does this align with digital transformation goals? Does it offer integration capabilities with your current system? What about deployment timelines and would it be possible without causing too much upheaval?
Considering all the above, and many we haven’t spoken about (vendor assessment, cost structuring, etc.), it is easy to see how assessing AI can be overwhelming. Thankfully, it doesn’t have to be.
Download our AI checklist PDF to guide your decision-making, and ensure compliance, efficiency, and strategic positioning for future success.