PwC Australia has unveiled Regulatory Pathfinder, an AI-powered compliance solution designed to streamline business compliance.
The GenAI-powered solution is designed to simplify and enhance the accuracy of adhering to complex regulatory requirements for Australian businesses.
The tool aims to assist companies in managing the rapid pace of regulatory changes more efficiently.
Regulatory Pathfinder provides tools for analysing and mapping an organisation’s regulations, policies, and controls to identify compliance gaps.
It also offers industry-specific oversight from PwC specialists, ensuring thorough scrutiny and adherence to responsible AI principles.
In addition, the solution suggests customised actions for organisations to meet compliance obligations and mitigate the risk of non-compliance.
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By GlobalDataPwC Australia risk and regulatory lead partner Amrita Jebamoney said: “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.”
PwC Australia AI leader Tom Pagram said that the Regulatory Pathfinder is the latest product from the firm’s AI Centre of Excellence, which is introducing various GenAI solutions and tools for both internal use and client services.
“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.
“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.”
Earlier in November 2024, PwC opened its first Google Cloud AI Experience Zone at its US Acceleration Centre in Bengaluru, India.
