Stakeholders have said that the integration of artificial intelligence (AI) into compliance processes was not merely a choice but a strategic necessity eliciting collective action.
They argued that the evolution of AI in the compliance landscape has been marked by advancements in rule-based systems, machine learning, natural language processing, predictive analytics, explainable AI and automation technologies.
The collective progress, they said, has significantly contributed to the prerequisite for enhanced effectiveness of compliance ecosystems, empowering organisations to navigate complex regulatory landscapes with increased efficiency and accuracy.
General Manager and Executive of the Internal Audit and Forensic Services Division at MTN Nigeria, Ibe Kalu, spoke on ‘The Role of AI in Enabling an Effective Compliance Ecosystem’, at the seventh yearly induction ceremony of the Compliance Institute, Nigeria (CIN).
He said harnessing the power of AI to navigate the complexities of compliance would not only enhance organisational resilience but also contribute to a global, cultural and business environment built on trust, accountability and ethical conduct.
As compliance officers, he said it was important that they constantly reflect and ruminate on how they could deliberately drive collective action by pooling individual roles, strengths and expertise as stakeholders.
According to him, “That way, we participate in the design, support and building the right global, national and regional policies, templates, frameworks, monitoring points and guidelines around the concepts and applications of AI.
“This will not only enable sustained and consistent growth as Nigeria transitions into a global economy, but it will also project us as a key nation-state influencer, a pacesetter, co-creator and architect with the rest of the advanced world in defining the right ethical, compliance and risk-based deployment and advancement of AI on the world stage,” he said.
Noting that the evolution of AI has played a pivotal role in transforming the landscape of compliance ecosystems design and application, Kalu added that its impact translates into greater transparency, reduced regulatory burdens, minimised risks and ultimately, the fortification of public trust.
CIN President, Pattison Boleigha, said with a present membership of 4,156, the institute targets to have over 8,000 members by the end of 2024.
He said seven years after starting operations, the institute has started seeing an increasing rate of companies embedding compliance practices in their businesses.
According to him, the right tone for compliance in the country is gradually building momentum.
“Compliance should be part of all organisations’ operations and needs to be entrenched in all staff and compliance officers through training and awareness creation.
“We will continue our drive for more membership by extending to all sectors including NBA, insurance, oil sector, pension, microfinance, bureau de change, tax administration and the capital market,”
The CIN chief charged the newly inducted members to henceforth, stand tall in integrity, impeccable in character, professional in service, alert to global trends and uphold high ethical and professional standards.
