September 01, 2022

Collector Magazine Quotes Jonathan Pompan on the Use of Artificial Intelligence to Enhance Compliance Efforts

2 min

Jonathan Pompan was quoted in the September/October 2022 issue of Collector Magazine on the use of artificial intelligence (AI) to not only improve collection processes and boost efficiencies, but to enhance compliance efforts as well.

"The next step in the evolution of legal and regulatory compliance and risk management is becoming more efficient at executing on it in synchronization with the business," said Pompan. "Artificial intelligence and machine learning can play a significant role in that."

According to the article, many compliance problems stem from human mistakes, like a collection agent accidentally calling a consumer more than seven times within seven consecutive calendar days or misstating critical information. AI can help guard against human error by automating call flow, detecting anomalies, and monitoring agents' conversations to ensure they are providing required information.

"The perception has been that it's easier and more efficient to continue to do things the way they've always been done," Pompan said. "In this legal and regulatory climate, there's good reason to consider evolving risk and compliance management to include at least some components of the use of AI and machine learning and other automated processes to help enhance and augment what's being done as well as to address gaps."

It's critical to continuously monitor and test any automated tools. "There is a risk that those tools, if left unmonitored, will result in the creation of their own gaps," Pompan said. "That provides a false sense of compliance." It's important to establish performance metrics to ensure expectations are being met.

Click here to access the article.