Organisations are preparing for a world dominated by artificial intelligence and new technological advances. In this context, compliance departments are being severely challenged to adapt and guarantee regulatory compliance in a highly technological and dynamic environment that is already real. In fact, 45% of compliance officers in Spain affirm that the use of AI-based tools already has an impact on their work, according to the latest study carried out by EQS Group.
And the world in which we live is characterised by two essential and indisputable features: the era of globalization and the digital age. International transactions and interpersonal relationships are developed to a large extent through the Internet, with much more ease with each passing year, many more advantages to make ourselves and our personal brand present in different countries, but facing problems that are not trivial.
“Data flows in these cases are essential for the development of activities. With all that this implies, risks arise when obtaining information from people who, if not treated in accordance with current legislation, can violate the fundamental right of our privacy,” explains María José Palazón, criminal lawyer and professor at EALDE Business School, which points out that “the new technologies that are now presented to us as the paradigm of our current era, the great solution to many of our problems and a very useful way to facilitate our work, do not cease to actually contain a set of elements of the digital revolution that also threaten the security of our companies and our data, especially when we do not have real and full knowledge of what they imply.”
Artificial intelligence (AI), blockchain and the Internet of Things (IoT), among others, present us with a challenge that we must necessarily try to overcome in the best possible way, especially to protect the rights of citizens. In this sense, Rosa Borjas, professor in the Risk Management area of EALDE Business School, adds that “data protection must be added to the protection based on records of data blocks (blockchain technology), especially when the records of Data is already vulnerable due to the use of intelligent algorithms. Therefore, it will be necessary to go hand in hand, seeking to harmonise these technologies in order to improve the quality and security of personal data records.”
If we ask ourselves how companies can adapt to this new environment that must combine both disciplines, the answer must start from the necessary and prior observation and knowledge of reality. Rosa Borjas maintains that “disciplines will have to be standardised from the use of big data (availability of a large number of records), the learning and modelling of these records with machine learning, complemented by decision making with the assistance of intelligent algorithms.”
Legislation and technology must go hand in hand
For his part, Juan Pablo Rodríguez, professor of the Master in Compliance, Fraud and Money Laundering at EALDE Business School, highlights that “it is important to keep in mind that in the environment in which we are living, called Revolution 4.0. Talking about data protection and initial intelligence requires that legislation be in tune with the challenges of technology.” This expert points out that, of course, this is going to be very complex, because the world of technology always moves much faster than legislation: “This requires that the standard be made based on these technical concepts and, of course “, with the help and good guidance of experts in artificial intelligence and data protection.”
In this sense, Gonzalo Vila, an expert in anti-money laundering and also a professor at the business school, highlights that “some of the challenges that compliance officers face will be related to the constant change that requires continuous adaptation and a deep understanding of “the regulations of data protection risks, of the different realities that companies face.” María José Palazón adds that “having specialists in compliance and data protection, who are updated and up to date with the risks that these new technologies pose for rights and business development, is nothing more than a requirement imposed on us by the future”, as uncertain as it is promising, for our professional performance together with the field of said technologies.”
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