Innovation comes in many areas, and compliance professionals need to be ready for it and embrace it. Join Tom Fox, the Voice of Compliance, as he visits with top innovative minds, thinkers, and creators in the award-winning Innovation in Compliance podcast. In this episode, host Tom Fox welcomes Jason Somrak, the Chief of Product and Strategy for Financial Crime and Compliance at Oracle.

Jason elaborates on his professional background and his decade-long journey at Oracle. He delves into the transformative role of AI in combating financial crimes, exploring how AI has evolved from predicting false positives to using behavioral models and generative AI to enhance investigation processes. Their discussion touches on AI's potential to shift from detection to prevention, the impact of real-time AML, and the significance of automating noise in compliance investigations. They also discuss the importance of regulatory relationships and the emerging challenges in risk management. The episode concludes with insights into the future skills needed in compliance roles and the critical role of corporate culture in implementing AI solutions.

Key highlights:

AI’s Role in Financial Crime Prevention
Proactive vs. Reactive Approaches
AI in Investigations and Triage
Emerging Challenges in Risk Management
Future of AI in Compliance
Skills for Next-Gen Compliance Officers

Resources:

Jason Somrak on LinkedIn

Oracle Financial Services

Tom Fox

AI in Financial Crime and Compliance: A Deep Dive with Oracle’s Jason Somrak