GenAI Opportunities for the compliance and standards industry
Unlocking opportunities for increased efficiencies in the compliance and standards industry
Streamlining Compliance Assessments
Policy and Document Analysis
LLMs can be trained to understand and analyse compliance documents, standards manuals, and regulatory artefacts. They can automate the process of reviewing company policies, procedures, and practices against relevant standards, identifying gaps or areas of non-compliance quickly and systematically.
Automated Assessment using GenAI
LLMs can be designed to conduct preliminary assessments of an organisation's compliance with specific standards. By processing responses to standardised questionnaires, these models can identify potential areas of risk or non-compliance, and highlight them for a human to review.
Automated Reporting
Generative AI can automate the creation of compliance reports by collecting data from multiple sources, analysing it against compliance standards, and generating detailed reports that highlight compliance status, risks, and recommendations for improvement.
Trend Analysis
By analysing historical compliance data, LLMs can identify trends and patterns, offering predictive insights that help organisations anticipate compliance challenges and address them proactively.
Continuous Improvement and Benchmarking
Generative AI can compare an organisation’s compliance practices against industry standards or competitors, highlighting strengths and areas for improvement. It can also suggest best practices and innovative compliance strategies.
Regulatory Update Tracking
LLMs can be constantly updated with the latest regulatory changes and can interpret these changes for specific industry contexts, helping organisations stay abreast of compliance requirements.
Sendient Core and Sendient Insights has been architected to deliver many of these function, and both platforms deliver fully automated assessment, as well as human-in-the-loop assessments. It is possible to leverage Generative AI, to undertake almost any form of assessment. The key requirements are.
- A clear standard, or exemplar that defines what is required.
- A marking guide that is aligned to the standard
- A series of documents or artefacts that need to be assessed
The assessment and compliance industry will experience significant change over the next decade, with LLM’s delivering increased consistency, objectivity and efficiency.
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