PwC rolls out AI compliance tool to clients
The firm has touted the technology as a “game changer” for businesses to keep abreast of manual compliance and regulation.
PwC is rolling out a “game-changing” generative AI tool that promises to ease the burden of manual compliance tasks and make it easier for businesses to keep abreast of regulatory changes.
The big four firm said the tool, called Regulatory Pathfinder, could map an organisation’s compliance obligations and recommend specific actions in response to gaps identified.
Risk and regulatory lead partner Amrita Jebamoney said the new tool aimed to automate and accelerate manual compliance processes that cost the economy around $176 billion every year, or over 9 per cent of GDP.
“This is going to be a game changer for our clients,” she said.
“Like most Australian businesses, many of our clients have been using manual processes to navigate increasing regulatory requirements and change, which can be time consuming, create risk, and be expensive to resource and run.”
“We knew we could harness the power of GenAI to make this simpler, and faster, for our clients.”
Jebamoney said PwC’s tool also went a step further beyond mere compliance and gave clients “peace of mind”.
“[Regulatory Pathfinder] provides them with tailored actions, with detailed traceability to the underlying obligations, so they can confidently address their compliance gaps and prioritise their risk and compliance efforts.”
PwC said the tool’s key features included providing analysis of a business’s regulations, policies and controls to identify compliance gaps, and recommending tailored and targeted actions to take to meet compliance requirements.
Artificial intelligence lead Tom Pagram said the tool was the most recent product from the firm’s AI Centre of Excellence.
The department was launched in August with $11.4 million in investment committed over 12 months to fund the creation of over 30 jobs and accelerate AI adoption and strategy for the firm’s staff and clients.
“Regulatory Pathfinder was a really interesting project for our team,” Pagram said.
“It unlocks a completely new operating model for compliance teams by tracking regulatory obligations at a level of detail that was virtually impossible to achieve without AI augmentation.”
“We are seeing a lot of test and learn being deployed through our firm, which shows really useful and promising results. We then take the best of those to our clients, deploying quickly and across a range of industries.”
“Some of our GenAI programs solve smaller problems for clients, making their business more efficient, but some solve much bigger problems, and that’s one of the ways we can contribute to a client’s business model reinvention.”
Regulatory Pathfinder is just the latest in a flurry of AI technology launched by the big four.
It follows KPMG’s release of ChatGPT-powered tools KymChat and KymTax, and Deloitte's release of MyAssist and PairD.
EY has also deployed its own platform, EY.ai, allowing staff and clients to access AI-embedded versions of the firm’s products such as its internal chatbot EYQ.
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