A priority for every bank is to ensure that it is not doing business with companies engaged in illicit activity, such as bribery, money laundering and fraud. Yet compliance and risk teams are facing two mounting challenges: increasing regulatory pressure and exponential data growth. As such, these teams need to deploy new tools to be more efficient in their tasks, such as know your customer, according to Sébastien Piednoir, recently appointed chief compliance officer at CACEIS, the asset servicing group of Crédit Agricole.
In his previous role as chief transformation officer, global compliance, at Crédit Agricole Corporate and Investment Bank (CACIB), Mr Piednoir worked on four projects using artificial intelligence (AI) to accelerate the ability to read information, such as annual reports, and monitor news, as well as transforming unstructured data into structured data. Across these projects, his main aims were to alleviate team pressure and boost productivity, while increasing the security level.
