Over 300 Deloitte clients are now being offered an artificial intelligence platform to transform the way they monitor and assess changes to tax law and regulation.
The AI platform actively monitors over 100 regulatory sources in over 100 jurisdictions, together with information from news and other media sources around the world to help users monitor the changes in tax law, which is estimated to involve 300 million pages of regulation published by 2020. The platform is the result of a collaboration between Deloitte and Signal A.I., an AI start-up using proprietary AI technology, which aims to transform the way developments in tax regulation are managed. The platform can monitor, measure, and analyze changes in tax regulation in real-time to give clients the edge in monitoring and responding to regulatory updates across the world. “Tax professionals are being asked to do more with fewer resources - to stay ahead of more risks, draw insights from more data, track more regulations across more jurisdictions. To address these challenges, they are transforming how they operate and manage processes by implementing new technologies, such as AI, robotic process automation and natural language processing,” says Conrad Young, Deloitte Global Tax & Legal, chief digital officer.
Mr Young says, “These technologies create the opportunity to amplify what tax professionals do well, to reduce labor-intensive tasks, and to enable departments to add greater value to their organizations now and into the future. Signal’s AI technology is a perfect example of this as it offers organizations an invaluable tool to keep pace with a constantly evolving regulatory landscape.” Through this collaboration, Deloitte will create curated feeds of high-value information for clients around the world, while offering them direct access to the AI platform. This will enable clients to stay informed of changes proposed and enacted in law and regulation. The new solution extends a user’s perspective across industries and companies regarding risks and opportunities relating to their tax position.