AI Enhanced Workflow for Regulatory Compliance Document Processing

Regulatory Compliance Document Processing

1. Document Collection

1.1 Identify Required Documents

Determine the specific regulatory compliance documents needed, such as financial statements, risk assessments, and audit reports.

1.2 Source Documents

Gather documents from internal databases, external regulatory bodies, and third-party vendors.

2. Document Digitization

2.1 Scanning Physical Documents

Utilize Optical Character Recognition (OCR) technology to convert physical documents into digital formats.

2.2 AI Tool Implementation

Employ AI-driven OCR tools such as ABBYY FlexiCapture or Adobe Acrobat Pro DC to enhance accuracy in digitization.

3. Document Analysis

3.1 Initial Review

Conduct a preliminary review of the documents to ensure completeness and relevance.

3.2 AI Summarization

Implement AI summarization tools such as OpenAI’s GPT-3 or Google’s BERT to extract key information and summarize lengthy documents.

4. Compliance Assessment

4.1 Regulatory Mapping

Map the summarized content against relevant regulatory requirements using AI-driven compliance tools like ComplyAdvantage or Riskified.

4.2 Risk Analysis

Utilize AI models to analyze risks associated with non-compliance and identify potential gaps in documentation.

5. Reporting

5.1 Generate Compliance Reports

Automate the generation of compliance reports using AI tools like Tableau or Power BI to visualize findings and compliance status.

5.2 Review and Approval

Facilitate a review process involving compliance officers and stakeholders to approve the final report.

6. Document Storage and Retrieval

6.1 Secure Storage Solutions

Implement secure document management systems such as DocuWare or M-Files for storing compliance documents.

6.2 AI-Driven Search Functionality

Incorporate AI-powered search tools to enable efficient retrieval of documents based on keywords and compliance criteria.

7. Continuous Monitoring

7.1 Regulatory Updates

Use AI tools to monitor changes in regulations and assess their impact on existing documents and compliance status.

7.2 Ongoing Training

Provide ongoing training for staff on the use of AI tools and updates in regulatory compliance requirements.