Transforming Compliance and Regulatory Audits with Large Language Models and RPA in the Fintech Sector

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@article{1702714,
      author = {Santhosh Vijayabaskar},
      title = {Transforming Compliance and Regulatory Audits with Large Language Models and RPA in the Fintech Sector},
      journal = {Iconic Research And Engineering Journals},
      year = {2021},
      volume = {4},
      number = {11},
      pages = {273-283},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1702714.pdf},
      abstract = {Regulatory technological (RegTech) has emerged as a driving force in this context, providing advanced technological solutions to speed regulatory processes, increase transparency, and minimise risk. RegTech is a disruptive technology that uses blockchain, artificial intelligence (AI), machine learning (ML), and big data analytics to change the way financial institutions handle risk and compliance. This assessment examines RegTech solutions as they currently exist, examining their impact on the financial industry and emphasising the significant innovations driving this transformation. We look at how RegTech is affecting risk management practices and compliance protocols, enabling businesses to navigate the complex regulatory landscape with greater agility and effectiveness. The review study delves at the challenges and limitations that RegTech faces, such as the need for regulatory consistency, issues with integration, and worries about data protection.
Prospective directions for RegTech research and development are covered in the study's future section. We look at cutting-edge advancements in AI and ML, the importance of international cooperation and ethical AI practices, and the convergence of RegTech and Supervisory Technology (SupTech). We aim to provide a comprehensive understanding of how RegTech is resolving current regulatory challenges and establishing the foundation for a more robust and compliant financial sector by addressing these subjects. RegTech's disruptive potential is illustrated in this investigation, which underscores the significance of sustaining compliance, fostering trust, and fostering constant growth within the financial arena.},
      keywords = {Regulatory Audits, SupTech, Compliance, Financial Sector},
      month = {May},
  }