PwC Australia launches a GenAI-powered solution to help businesses through complex compliance and regulatory requirements

Wednesday, 27 November 2024

PwC Australia has today launched a new AI-powered solution that streamlines compliance, and makes it faster, easier, and more accurate for Australian businesses that are navigating complex compliance and rapid regulatory change.

Research estimates that regulatory change costs the Australian economy $176 billion each year in terms of lost economic output, which is equivalent to 9.2% of GDP1.

PwC Australia’s Risk and Regulatory Lead Partner, Amrita Jebamoney, said now, more than ever, businesses in Australia are struggling to keep up with the complexity and pace of regulatory change.

“Like most Australian businesses, many of our clients have been using manual processes to navigate increasing regulatory requirements and change, which can be time consuming, create risk, and be expensive to resource and run.

“We knew we could harness the power of GenAI to make this simpler, and faster, for our clients. But we wanted our solution to go a step further and provide value to our clients that truly gives them peace of mind around this aspect of their business - and this is what we have done.

“Regulatory Pathfinder uses GenAI to map an organisation’s compliance and regulatory landscape, which helps to automate, accelerate and streamline manual processes. Importantly, it also provides them with tailored actions, with detailed traceability to the underlying obligations, so they can confidently address their compliance gaps and prioritise their risk and compliance efforts. This is going to be a game changer for our clients,” said Ms Jebamoney.

PwC Australia’s Artificial Intelligence Leader, Tom Pagram, said that Regulatory Pathfinder is the most recent output from the firm’s AI Centre of Excellence, which is seeing multiple GenAI solutions and tools be deployed both within the firm, and for clients.

"Regulatory Pathfinder was a really interesting project for our team. It unlocks a completely new operating model for compliance teams by tracking regulatory obligations at a level of detail that was virtually impossible to achieve without AI augmentation,” said Mr Pagram.

“We are seeing a lot of test and learn being deployed through our firm, which shows really useful and promising results. We then take the best of those to our clients, deploying quickly and across a range of industries.

“Some of our GenAI programs solve smaller problems for clients, making their business more efficient, but some solve much bigger problems, and that’s one of the ways we can contribute to a client’s business model reinvention.

Key features

1. Analyses and maps an organisation's regulations, policies and controls, identifying compliance gaps.
2. Provides PwC industry specific specialist oversight, bringing rigour and scrutiny, helping to enhance accuracy, relevance and adherence to responsible AI.
3. Identifies and recommends tailored, targeted actions for an organisation to take in order to meet their compliance requirements and reduce the risk of non-compliance.

Learn more about Regulatory Pathfinder here.