As a recent Toronto transplant, I sought to gain insight on the role technology plays in various aspects of the Canadian financial market.

So, I went on a discovery journey to better educate myself in the realm of Artificial Intelligence (AI). Over the past few months, I spoke with numerous financial professionals; while, immersing myself with workshops and seminars about AI in the era of Digital Transformation. Through these endeavours, a connecting theme became apparent: the mixed emotions regarding redefined roles within the financial arena.

Consider the the big picture responsibilities of trade surveillance, regulatory compliance or anti-money laundering; can the necessary cerebral functions of each role be programmed and left solely to the devices of AI?

Examining this in terms of compliance and risk abatement, our roles are primarily based on the interpretation of data, making sound ethical judgement calls and implementing an outcome resulting in a practical resolution.

While AI is multi-layered and has varying degrees of intelligence, bear in mind, AI must be programmed (by humans) to imitate cognitive functions of the human brain. The beauty of digital transformation is that it can enhance the way we achieve success within our roles; by using algorithms to complete specific tasks. Ultimately, these programs free us of repetitive assignments; thus, making these duties automated with better veracity and predictability.

Given the realignment of tasks leading to increased idle time, redefining roles naturally becomes the next step. Yes, innovative technology paired with changing occupational functions can be distressing, but with transition comes new opportunities. This opens the door for us to evolve by finding new ways to add value and achieve job enrichment.

We can attain this by incorporating the following:

• Delve deeper into our areas of expertise allowing more informed purposeful conversations and creative solutions.
• Collaborate with developers to streamline processes ensuring systems are functioning appropriately.
• Position ourselves as resources in topics such as cryptocurrency, biometrics, privacy or cybersecurity.

Yes, we certainly need technology to capture and refine the necessary data to execute our professions efficiently and effectively. However, realistically there are many key cognitive elements of compliance roles which simply cannot be replicated or replaced by technology. While I am excited to see what the future holds since AI and Digital Transformation are growing exponentially, just remember, the human mind is often imitated but never entirely duplicated.

Stay tuned for more articles regarding the current financial climate and the impact on compliance.

Article by: Delecia Graham (CAUFP Member)

Delecia Graham is a compliance professional with extensive experience in securities and international financial markets. She has a passion for learning and helping others achieve success.