- “According to PwC, 20% of business executives surveyed plan to incorporate AI throughout their companies in 2019.
- According to a survey by Duff & Phelps, compliance costs in the financial sector are on pace to double by 2022 – a staggering amount considering the current spend for compliance and regulatory obligations is already $270+ billion per year.
- According to the 2018 Compliance Pulse Report, 64% of respondents feel they do not have enough time to manage all their compliance needs, while 1 in 3 respondents say the most pressing issue in compliance is staying up-to-date on regulatory changes.
- Studies show that 31% of institutions identify data quality issues as a key barrier hindering their organizations’ progress and effective delivery for compliance.
- Meanwhile, analysts spend 90% of their time on data collection and organization, and only 10% on data analysis.”
https://www.finextra.com/blogposting/17167/4-trends-to-watch-in-regulatory-ai