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JetThoughts Dev for JetThoughts

Posted on • Edited on • Originally published at jetthoughts.com

Compliance and Audit

Compliance and Audit

Around 4 million people in the US and Europe work in compliance and audit. Compliance costs are going up. Regulations keep expanding. Traditional compliance tasks need reading dense rules, checking internal policy, sampling work, and making reports. Auditors often look through lots of data to find problems. These manual workflows need automation.

The Rise of Compliance Costs

Compliance costs are on the rise. This is due to many new rules. These rules cover everything from data privacy to financial reporting. Businesses must follow these rules. This takes a lot of time and effort. It also costs a lot of money.

Traditional Compliance Work

Compliance work has always been manual. People read long documents. They check policies. They look at samples of work. They write many reports. Auditors spend hours sifting through data. They look for issues. This work is slow. It takes a lot of time.

How AI Helps Compliance

Large Language Models (LLMs) are good at this work. They can read many documents. These include rules, policies, and financial statements. They can find problems. This saves human review time. These tools will automate much of the testing auditors do by hand.

Key Takeaways

  • Spotting data anomalies.
  • Finding incomplete records.
  • Highlighting conflicting policies.

Instead of checking a few documents, a good model can look at everything. It can do this all at once. It can continuously audit every company. This makes compliance faster and more accurate.

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