One of the biggest problems for financial advisers tackling MiFID II is building a deep understanding of the legislation, so that compliance routes can be effectively plotted. AI can help with this because all the primary and secondary legislation for MiFID II take the form of structured documents.
This means that computers can be trained to parse and analyze every word and every phrase. With background knowledge of the business, this AI can then provide compliance officers with only the most relevant information – or restructure it in a way that is easier for them to understand. For example, it is possible for AI to digest Mifid II, present only the articles within the legislation that apply to a given company, order them by deadline on implementation, and present step-by-step guidance on ensuring compliance.
This use of AI technology transcends merely helping us with the implementation of articles on a case-by-case basis, and instead provides managers with a bird’s-eye-view of the legislation, making the implementation process quicker, more manageable and a great deal more successful.