AI in 3 years
I was privileged to be on a call with a global software firm and some 3rd parties from the L&D sector, principally US based. Inevitably the conversation turned to Artificial Intelligence and the pace of adoption.
It was interesting to see how some sectors, like the legal sector, (who are hardly known for their speed of change) has dived into the world of AI. You would be hard pressed to find a big US legal firm NOT deploying AI in their business. Particularly in the areas of contract checking and research.
Roles that were previously conducted by very bored junior lawyers, inevitably making mistakes. The AI now does this work in a fraction of the time and cost and the junior lawyers are used to deal with the marginal cases that genuinely require human judgements.
When we were looking at the use of AI in L&D the consensus was that any firm that was regulated would be using AI as part of their governance and controls framework within 3 years.
To some this may sound far-fetched, but our experience confirms this. In 2017 less than a quarter of our stakeholders were compliance specialists in regulated firms now at least 75% (if not more) of all new clients joining our herd have a compliance sponsor. Specifically looking to deploy our AI horizontally through the business, to strengthen particularly the first line of defence.
If you are a regulated firm looking for low-cost, efficient, secure and unobtrusive improvement to your governance controls you should be exploring AI. Specifically AI that provides absolute visibility of knowledge and competency of your employees. An otherwise opaque area and probably your biggest genuine risk.