Aspida Insights

Artificial Intelligence: for good or for evil?

Jezaia van der Watt, Technical Associate

A quick disclaimer – AI is able to transform every industry, the industry you work in, and the job you have is no exception.

What this article will focus on, is why AI won’t be replacing people. AI may take certain jobs (or better put certain tasks!), but for the most part, it will never be able to properly replace any person, for it has a weakness that for people, is a strength that is about to become even more valuable than it already is.

AIs weaknesses are normally irrelevant for 3 reasons that I have identified:
  • AI can do many things people cannot do;
  • AI can do many things better than people can; and
  • AI can, without downtime, do the repetitive, mundane tasks that people do not enjoy, or even dislike.

These strengths often lead us to dismiss AI’s deeper weaknesses – This needs to stop. The more AI develops, the more worried people are becoming that
it may someday replace them. This is not the case if employers (and employees) understand the truth of AI’s weaknesses, and can, beyond a person’s qualifications and experience, seek what the most relevant things are to base their decision on.

Problem Solving (General Problem Solving), Communication skills, Categorisation skills, Creativity, and other skills that require a process which experts have identified as the underlying process for almost all forms of intelligence / intelligent behaviours. It is called “Relevance Realisation” – It is simply the ability to realise what is relevant, and also the ability to ignore what is irrelevant. These “relevance realisation” based skills will become more valuable for people to attain if they want to work in an increasingly AI supported world.

An AI’s incapability to realise what is relevant, has been named “The Frame Problem”, which you can read more about in Daniel C. Dennett’s thought experiment named “Cognitive Wheels: The Frame Problem of AI”. AI cannot overcome this weakness no matter how large its data set is, no matter how powerful it becomes.

People will need to change the way they perceive AI. Think of AI as being a tool, that you will use in order to do your job better, and not as a non-human worker that will replace you. AI is meant to increase the efficiency and productivity of people – it is there to empower people to do more with less, AI is not meant to entirely replace what people do at work.

So how are we applying AI at Aspida?

When it comes to automating any aspect of compliance, how the technology itself is built has serious implications for your business. Within our GRC platform, Resolver by Aspida, we are now utilising AI in order to tackle one of the most intractable challenges in compliance: mining mountains of regulatory information to get to the insights that matter — in other words, the actual actions our clients need to take (or refrain from taking) in order to stay compliant with the law in your jurisdiction. Our approach ensures that you truly have what you need to eliminate regulatory gaps, avoid fines and ultimately be more competitive.

Malta

A brief guide to Sustainable Finance Disclosure Regulation (SFDR) ‘Reporting and Compliance’

Aspida’s SFDR compliance guide helps financial market participants and advisors meet disclosure requirements and reduce the risk of greenwashing.

Read More »

Amendments to Proceeds of Crime Law – Consultation

Carrie Tullier Compliance Associate The GFSC released, on 28th March 2023, a consultation on proposed amendments to Schedule 3 of the Criminal Justice (Proceeds of …

Read More »
Malta

FIAU issues Comprehensive Guide on Transaction Monitoring Obligations

The local Anti-Financial Crime regulatory body has recently issued a Guidance Note concerning the onerous obligation of Transaction Monitoring – including practical steps & recommendations which subject persons (SPs) should consider when implementing effective AML/CFT measures.

Read More »

Self-Assurance Help Sheet – CMP

Rob Jones, Head of Regulatory Services at Aspida Group Following a series of educational sessions the Guernsey Financial Services Commission (“the Commission”) has circulated a …

Read More »

Your partner in protecting and growing your business

Subscribe to receive our latest news, views and event information

Scroll to Top