In a Proof of Concept (PoC), Wolters Kluwer and PwC applied Artificial Intelligence (AI) and Machine Learning (ML) techniques to regulatory reporting, with promising results. The PoC showed that AI can be used to automate large parts of regulatory reporting and serve as an independent validation mechanism of the end-to-end process for financial institutions across all jurisdictions.
The PoC found that it is possible to build predictive models with high accuracy and flexibility that complement human judgement and oversight, making it likely that production reporting mechanisms will incorporate AI and ML in the near future.
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