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Application of AI in RegTech

Regulatory and compliance issues are some of the most important, complex and resource-consuming problems to solve for any organization, especially for startups with limited resources. Over decades of development, regulatory requirements and documentation have grown into a matter of special expertise and skills to decode. Globally, ~$80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion in the next five years .

According to ANZ, National Australia Bank has estimated that the cost of regulatory compliance has risen from $A86 million annually in 2012 to $A177 million in 2013 and $A265 million in 2014. Westpac was reported to spending $A300 million on compliance last year.

With legacy systems in place, the costs are not expected to go down over time. Some recent estimates suggest that over 300 million pages of regulatory documents will be published by 2020 and over 600 legislative initiatives need to be cataloged by a medium-sized sell-side institution in order to have a holistic view of their rulebook.

But while compliance certainly looks very expensive, non-compliance blows even a bigger hole in the budget of any company. In fact, financial institutions in the US alone have been reported to have paid over

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