Interviews > ExtraMile Video series

So, that's very much around bringing the power where we have a lot of data across that whole lifecycle and enabling AI to access that data in ways that can bring a huge amount more value than those kind of specific point solutions. And I suppose, you know, that's really important to support that very much with the way we develop our AI solutions in Corlytics, which is very close working relationship and close collaboration between the data science teams, the technical teams, as well as the subject matter experts. So, the legal analysts, the compliance experts that we have in-house in Corlytics and that really kind of close working relationship is really important to enable really high quality, accurate and precise AI solutions.

And I suppose finally, what's key as well as having a really strong commitment to AI governance, that's incredibly important in the regulatory compliance area. And that's a core foundation of everything we do around AI at Corlytics.

Host: That's some strategy to rely on. Absolutely. Moving ahead, why do companies need RegTech solutions? What consequences can take place in case of non-compliance?

Oisín: Well, I mean, the regulatory landscape is highly complex these days. There's a huge amount of regulations across many different jurisdictions, across many different areas. So, the diversity and kind of scope of those regulations is huge.

So, you know, any company in any regulated industries would be looking at regulations around data privacy, around hiring, around and particularly in the financial space, a huge amount of regulation around AML and many aspects around the financial world. So, you know, that breadth and the complexity of regulations is enormous. Plus, the rate of change of those regulations, changes in what's expected around those regulations and to be compliant with those is changing all the time.

So, in order to manage and understand this huge amount of information and, you know, more importantly, how that information, those regulations apply to a specific company or to a specific client, that's a really difficult challenge and kind of traditional methods to do that, which are very much based on throwing more and more people at this highly complex area, you know, really doesn't cut it in today's world. So, applying technology solutions to this really is critical at this point.

Host: RegTech is actually an important aspect that companies often ignore, but which they should not actually.

Moving further, AI implementation brings more benefits and risks. How does compliance with the set guidelines help in the risk-free adoption of AI in business?

Oisín: So, I mean, there are well documented and well understood risks around the implementation and use of AI, along with the benefits, of course. And since AI is such a new field, it's still such an evolving field. You know, these risks are evolving, too, as the technology evolves itself.

You know, these kind of risks and how to address those change and the regulation and legislation around compliance, AI risks and around using and implementing AI in general, they work as really good sort of guidelines for thinking, understanding and acting on those risks for any organization that's implementing AI.

Host: Yeah. Compliance is truly crucial while adopting AI.

So next up, accuracy and precision are among the core principles of Corlytics. How do you accomplish these qualities while serving diverse clients? Can you share any case studies in this regard?

Oisín: Yeah. So, I mean, accuracy and precision is key within Corlytics. It's one of our core principles, but also in the regulatory compliance sector in general, you know, it's a really high risk space, high stakes space.

So, it's really important to deliver solutions that are accurate and precise. And, you know, the way we do that in terms of our AI systems at Corlytics is this really close collaboration that we have between the technical teams such as the data scientists and technical development teams that are developing the technical solutions, collaborating very closely with our subject matter experts, our in-house legal analysts and legal experts and compliance experts in the company.

So that brings that domain knowledge of the regulatory and compliance space to the data scientists and the developers of the AI systems. And we have, you know, very rigorous processes around how we evaluate, test the models we produce and that model assurance piece that sits on that.

Host: Yeah. It's absolutely amazing to know how Corlytics is prioritizing accuracy and precision.

So, approaching further, what stages does regulatory risk intelligence involve and what advantages does regulatory risk intelligence offer, especially to financial organizations?

Oisín: Yeah, so for regulatory risk intelligence, looking at the whole regulatory risk and compliance lifecycle is really key. There's many aspects of that. So, you know, you can think of this beginning maybe with the horizon scanning element.

So, this is around understanding changes and upcoming changes and trends in regulation and compliance. And these are coming from the regulators themselves in order to understand what's coming down the road. Then, secondly, there's the management of the regulations and understanding of which regulations actually apply to a business by the business, by the company to understand what's relevant to that company.

And, you know, this is different for every company operating in different jurisdictions with different functions. And then in order to understand those obligations and requirements from those regulations and then being able to link and map those actually into the controls and policies that the company has internally in order to comply with these and to manage these regulatory requirements. And it's really that whole end to end, that whole compliance lifecycle from that horizon scanning aspect right the way through into the internal policies and controls of the company.

And, you know, AI plays a key role across that whole lifecycle. And it's really important to using regulatory compliance and regulatory intelligence solutions. It really enables companies to look at this, not from a reactive perspective where they're reacting to changes that they mightn't see coming or reacting to changes in focus from regulators and so on, but become much more proactive in order to plan in advance to understand, you know, the changes that might be occurring and to be on top of those and have those linked into their own policies and controls and how they manage.

Host: Yeah, absolutely. It's great to learn how regulatory risk intelligence benefits financial institutions.

So, moving ahead, Corlytics became the first dedicated tech firm to achieve ISO 42001 certification for its commitment to ethical and secure AI initiatives.

How will this breakthrough empower the company to mitigate risks and sustain resilience across AI lifecycles?

Oisín: We are very proud to achieve this certification. The ISO 42001 certification AI management systems, you know, AI governance and management, responsible management of AI systems and governance of AI systems has always been key to us in Corlytics. And to achieve this ISO certification is a really important step for us in being able to demonstrate and provide trust to our clients and customers.

And they can trust us in, you know, what we say around our AI governance and to understand the high levels of that we can deliver that. It's really important. ISO 42001 is a really good, strong framework for AI governance.

It's based on best practice. It's really broad. It covers many different aspects of the development and use of AI technology.

You know, we're really delighted to have achieved this accreditation. We have that governance in place at Corlytics.

Host: Great insights on Corlytics' AI initiatives.

Next up, give us an overview of AI governance. How does it enhance transparency, accountability and risk management while ensuring compliance with the best benchmarks, set benchmarks?

Oisín: So, AI governance, I mean, it's really about understanding and addressing and managing ethical aspects, risks and the management of AI, whether you're a developer of AI systems or a user of AI in your organization. What's really important about it is because AI is such a new emerging field, there's a space that being able to have a strong governance methodology in place is incredibly important. AI is not like some other technologies or areas that have been, you know, in place for many, many years.

So, there's still a lot of evolving aspects around how risk and other aspects of AI governance are managed and be able to have a really strong governance framework is really key, particularly in the regulatory compliance domain.

Host: Yeah, absolutely. AI implementation seriously requires governance while maintaining transparency and accountability.

So, moving ahead with AI transforming tech and other industries, how do you think this technology will redefine business strategies and the society at large in upcoming decades?

Can you share any use cases in this regard?

Oisín: So, I mean, I think we're already seeing transformative capabilities of AI from the regulatory compliance space. You know, I think there's been a huge amount of innovations over the last number of years in this space. And, you know, we're going to see more and more as AI becomes more broadly adopted as the technology matures even further.

I think, though, that's going to be very much balanced and need to be balanced against the kind of ethical, responsible and trustworthy aspects of working with AI tools. You know, I'm sure we're all aware of a lot of the kind of negative press maybe around some of the applications of AI where it hasn't upheld such high. I think with the emerging nature of AI technology, we've often seen in the news examples of where that technology maybe has had a negative side effects as well.

So, I think it's really important to have that strong governance around the technology to enable it provide these benefits and improvements.

Host: Yeah, the potential of AI is truly beyond contemplation. And in RegTech, it has a crucial role to play. So that's a wrap.

Thank you, Oisín, for joining us and sharing your wisdom in today's discussion. It was an absolute pleasure to understand how AI and RegTech solutions can transform the business sector globally from none other than an expert. Thank you so much.

Oisín: Thank you very much. It was great talking to you.

Host: Thank you, everyone, for tuning in to ExtraMile by SecureITWorld. Stay tuned for more insightful discussions with experts for exclusive insights on compliance, cybersecurity, tech trends. Until then, keep exploring and learning.