| | DECEMBER 20188CIOReviewCOMPLIANCE TECHNOLOGY ­ THE HOLY GRAILThe pace of innovation in technologies relevant to regulatory compliance is profound, yielding many new ways to better address compliance problems. However, perhaps our ambition should be higher. Perhaps we are within reach of the holy grail with compliance technology: instead of compliance processes that are additive to, or sit on top of, necessary business processes, let's find ways to fulfill compliance requirements that are integrated with, that simplify or even improve, underlying business processes.More than ever before this holy grail is now achievable. New technologies, artificial intelligence, and accelerating innovation in financial services business models are creating opportunities to converge business and compliance processes. Before going further, it is worth noting that the technology opportunity for compliance - even without the benefits of integrating with the business-side - is immense. To pick just one compliance topic, anti-money laundering (AML), the estimated global spend is $8 billion and growing at 12 percent per year.So let's consider a couple of examples of possible integration with underlying business processes. For the first example we will stay with AML. A standard AML requirement is to verify the identity of customers. Sounds simple, but for financial institutions in most countries this remains a paper-intensive exercise, typically photocopying and submitting identity cards. These compliance processes are a source of delay, mistakes By Bob Walsh, Deputy Chief Compliance Officer & Chief Financial Crime Officer, AXA Group
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