CBA runs AI Over 230,000 Words Of ASIC Regulation
SYDNEY: The Commonwealth Bank has completed trials of an artificial intelligence tool first piloted in the UK that aims to help the bank deal with complex financial regulations and how best to meet them.
The bank last week detailed the Australian proof-of-concept in a response to a Senate inquiry into fintech and regtech. “We conducted a recent proof of concept … to understand how we could digitise our end-to-end regulatory change detection and management processes,” CBA said.
“The project, completed in partnership with CBA’s risk platform provider IBM, involved over 230,000 words of regulation interpreted and converted into a series of bite-size, actionable tasks appropriate for the bank, using artificial intelligence and natural language processing.”
The Australian Securities and Investments Commission participated as an observer in the project