Blog Article

COMPLY US Virtual Customer Summit Keynote Sessions: Valuable Insights about AI in Compliance and New SEC Rules

May 01, 2024

The COMPLY US Virtual Customer Summit is here! The conference brought together experts and our customers from across the country, all in the name of regulatory compliance education. Sessions ranged from AI to the SEC’s proposed and adopted rules to enhance your firm’s compliance program.

Now that the morning sessions are complete, we’re sharing some of the top takeaways we heard from our industry-leading speakers this morning.

The COMPLY US Virtual Customer Summit is here! The one-day event brought together experts and our customers from across the country, all in the name of regulatory compliance education. Sessions ranged from how firms can effectively employ artificial intelligence (AI) to the impact of the SEC’s proposed and adopted rules.

Now that the morning sessions are complete, we’re sharing some of the top takeaways we heard from our industry-leading speakers this morning.

Top takeaways from the morning of the COMPLY US Virtual Customer Summit

Attendees have already gained some incredibly valuable insight, and we have more in store for them! These are some of the top takeaways from today’s sessions:

1. AI in compliance is booming, but governance matters.

While AI use in compliance is still early (53% investigating), experts see huge potential. AI has personal and corporate use cases. However, keynote speaker and information management expert Seth Earley said, “You’ll get a bigger bang for your buck if you use it for corporate productivity.” Focus on corporate tasks for maximum impact and establish clear governance to manage risks and ensure alignment with business goals.

2. AI for knowledge management.

Large Language Models (LLMs) can revolutionize how companies access and utilize internal knowledge. Imagine AI assistants that quickly surface relevant documents, summarize complex data, and identify internal subject matter experts – all within an existing knowledge base. This has the potential to streamline workflows and empower compliance teams.

3. Buckle up for new SEC rules. Is outsourcing and AI next?

During a session about the SEC’s proposed and adopted rules, COMPLY Chief Regulatory Officer John Gebauer said, “There are some more rules coming down the pipe. If I had to predict what’s going to happen, I would say the outsourcing rule for advisers is going to happen soon,” and “then possibly the predictive analytics or the AI rule.” Gabeauer also commented on the SEC’s concerns about off-channel communications.

In his joint session with Gebauer, Sylvester Marbey, Chief Compliance Officer at Vontobel Asset Management, Inc. added that “anything ESG is a topic of interest.”

Industry experts predict the outsourcing rule for investment advisers and the much-anticipated rule on predictive analytics or AI in compliance are likely to be the next ones finalized. This reinforces the need for compliance teams to stay informed and proactive in adapting to the changing regulatory landscape.

4. Proactive Approach to SEC Rules is Crucial.

Marbey said, “For the first time in the Commission’s history, the exam priorities were released the October before the calendar year. Historically, they’re released the spring of the same year.”

The earlier release of examination priorities and the potential for new rules on outsourcing and AI highlight the importance of staying ahead of the evolving regulatory landscape.

Complying with COMPLY

The COMPLY US Virtual Customer Summit offered valuable insights on leveraging AI for compliance and navigating new SEC rules. But how can you translate this knowledge into actionable steps for your firm?

That’s where we can help!

COMPLY offers tailored consulting and technology services designed to empower your firm. Our team of experts can help you identify and address compliance risks associated with AI adoption, navigate the intricacies of the new SEC marketing rule, and proactively prepare for upcoming regulations like outsourcing and AI rules. By leveraging COMPLY’s tools and solutions, you can ensure a thorough compliance program that safeguards your clients’ and investors’ interests while meeting the evolving regulatory standards.

Are you ready to take a proactive approach to compliance? Let’s talk!