A survey by the Compliance Institute, the professional body for compliance specialists, reveals that 37% of organizations in Ireland’s financial services sector have already integrated AI tools into their core work processes to some extent.
However, the poll, which involved 175 compliance professionals, also found that 60% have not yet adopted AI technology, and a mere 3% believe their organization will not be using it in the foreseeable future.
In a significant regulatory development, the EU Parliament passed the AI Act in March 2024, setting out regulations for the use of artificial intelligence within the EU. Non-compliance with this Act could lead to substantial fines, ranging from €7.5 million to €35 million, depending on the infringement’s severity and the size of the company involved.
A notable 87% of respondents anticipate that compliance with the AI Act will be considered part of their duties as compliance professionals. Despite this expectation, 93% of those surveyed admit to having little or no knowledge of the AI Act’s specifics, given its recent approval.
Michael Kavanagh, CEO of the Compliance Institute, commented on the findings: “The results demonstrate that AI is gradually making its way into financial service organizations, and we expect this trend to gain momentum. It’s crucial now for professionals to develop their skills concerning AI and the requirements of the new Act.”
Source: businessplus.ie
