This leading telecommunications company in Australia is uplifting its compliance maturity at speed and scale
The challenge
The company had introduced a program to improve its controls environment. Previously, its compliance capability had been heavily reliant on manual controls within siloed processes.
With the emergence of applied AI technologies, there was an opportunity to raise the level of compliance maturity at a speed and scale that was not possible previously. With KPMG Australia’s help, their goal was to raise the capabilities and confidence levels of the company’s board and executive leadership teams in their coverage of obligations and controls.
The opportunity
With an objective to accelerate the uplift of the company’s compliance performance, KPMG Australia used Generative AI to identify the company’s regulatory obligations, then drafted these obligations in plain language for the compliance professionals to review.
The team developed an AI model that incorporated best practices in regulatory risk and compliance, which included three phases:
- Planning and designing the target state
- Deploying and fine-tuning the model in new and existing obligation areas
- Scaling the AI solution across priority areas and controls within the company
The model was deployed across the prioritized telecom’s obligation areas to generate quantifiable scores, identify compliance gaps and track progress.
The outcome
Productivity improvements related to the capture of obligation statements, controls assurance, maintenance and testing were achieved within the compliance team. A significant reduction in non-compliance events, a decrease in penalties from compliance breaches and associated customer remediation costs are expected as a result are expected over time.
Other expected benefits include substantial decreases in external costs, including legal, professional services and consulting fees. The company has estimated that it will achieve a total net benefit of US$20.8m to US$38.8m over a span of three financial years once the solution is rolled out to all obligation areas as a result of these improved capabilities.
Meet the person behind the story
"Our AI-driven solution enables proactive risk and compliance management, deepens regulatory knowledge, and fortifies control environments, effectively minimizing risk. KPMG Compliance Tracking AI significantly slashes obligation and control process completion times from years to just weeks."
Levi Watters
Partner, KPMG Australia
We help clients harness the power and potential of AI. From strategy to implementation. Small steps to solving seemingly impenetrable problems. Underpinned by trust. Find out more by getting in touch with us below.
You can with AI. You can with KPMG.
