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Vol. 5 No. 1 (2024)
2024 Edition

Articles

Comparative Analysis of AI-Driven Compliance Frameworks in Healthcare, Finance, and Telecommunications Sectors

Published 2024-11-20

  • Raj Sonani
    • ,
  • Prayas Lohalekar

Raj Sonani
Independent Researcher

Prayas Lohalekar
Independent Researcher

Abstract

Artificial Intelligence has become a transformative force in many sectors, especially in ensuring compliance with sector-specific regulations. This paper offers a comprehensive comparative analysis of AI applications in compliance across three key sectors: healthcare, financial services, and telecommunications. It discusses the unique challenges each sector faces, examines the benefits AI brings to compliance with efforts, and discusses the potential risks and ethical considerations. The findings highlight the critical role AI plays in improving the efficiency of compliance and point to some best practices in implementing them. Moreover, the paper delves into technological advancements that have allowed AI to meet the requirements for complex compliance efficiently. Analysis of real case studies leads this research to show that AI has the potential to revolutionize the process of compliance, ultimately helping to reduce operational risks and enhance organizational performance. Comparative analysis identifies both common trends and sector-specific differences, providing valuable insights to stakeholders looking to implement AI-driven compliance solutions. The implications of this research extend beyond the specific sectors analyzed, offering a general framework for leveraging AI in compliance across different sectors. This research aims to address the gap between technological innovation and regulatory requirements, creating more depth in understanding how AI plays out with compliance in today's dynamic business environment.

Keywords

Artificial Intelligence, Compliance, Healthcare, Financial Services, Telecommunications, Regulatory Compliance, Sector-Specific Compliance, Machine Learning

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Author Biography

Raj Sonani

Raj Sonani is a Senior AI Product Manager at LexisNexis, where he leads the development and enhancement of advanced AI-driven tools for corporate, securities, investment, accounting, consulting, and compliance professionals. Leveraging his expertise in AI and Machine Learning, he oversees products that streamline SEC filing analysis, enabling clients to navigate complex regulatory landscapes efficiently. Focusing on generative AI, Raj leads cross-functional teams to improve time-to-insight and enhance decision-making processes for business professionals. His research interest lies in AI/ML, regulatory compliance, privacy, law, and legal operations driving efficiency for businesses and enabling government enforcement. He leverages product management frameworks to ensure features align with user needs and business objectives, driving impactful outcomes. His industry experience and research interests extend across heavily regulated sectors like finance, healthcare, technology, and data privacy. He continually seeks ways to refine processes, boost efficiency, and uphold regulatory compliance.

Prayas Lohalekar

Prayas Lohalekar is a Director at PricewaterhouseCoopers (PwC) with over 12 years of experience in enterprise IT, specializing in designing and implementing advanced technological solutions that enhance operational efficiency, security, and innovation. His expertise spans continuous integration/continuous deployment (CI/CD), automation, cloud computing, and generative AI. His research interests include advanced cybersecurity techniques, machine learning applications in IT infrastructure, generative AI, and cloud computing. He is recognized for his contributions to IT innovation and leadership and focuses on advancing research and fostering innovation in enterprise IT.

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