Summary : Automated compliance reporting solutions using AI and natural language processing (NLP) technologies.
Project Type : Student Only | Prototyping
Client : Data Analytics firm based in Singapore, South East Asia
Talent Source : IIT Kanpur, IIT Kharagpur
Project Scope : Automated compliance reporting, based AI/ML data modeling, Natural Language Processing (NLP)
Challenge
A leading compliance firm in Singapore was looking to automate compliance reporting such as Know Your Customer (KYC ) data to improve efficiency, accuracy and timeliness. If done manually, this process is time-consuming, labor-intensive, and prone to errors due to the vast amount of data involved and the need for constant updates from global sources.
Solution
A team of students from IIT Kharagpur and IIT Kanpur collaborated to develop prototype versions of AI-powered compliance automation solutions. Leveraging natural language processing (NLP) and machine learning algorithms, they designed systems capable of parsing large volumes of sample textual data from diverse sources to extract relevant information at individual and group levels. These systems were trained to identify specific population cohorts, assess regulatory compliance, and generate comprehensive reports automatically. Additionally, the teams integrated real-time data monitoring capabilities to keep the compliance database up-to-date with the latest information.
Impact
Enhanced Efficiency
Automation of compliance reporting promises to significantly reduce the time and effort required to generate reports, enabling faster decision-making and regulatory compliance.
Improved Accuracy
AI and NLP algorithms ensure consistent and accurate identification of data and regulatory compliance status, minimizing errors associated with manual data processing.
Cost Savings
By automating repetitive tasks, the client can reduce operational costs associated with manual compliance reporting, allowing resources to be allocated more effectively.
Scalability
The AI-powered compliance solution is scalable and adaptable to different regulatory requirements and jurisdictions, enabling the client to expand its services globally and cater to diverse client needs.
