The evolving compliance policies have become more intricate, as most industries struggle to establish a stringent framework. They must maintain structured documentation that reflects the latest operational guidelines, policies, employee protocols, and risk management plans. Any minimal errors can risk professionals experiencing legal or regulatory action, financial repercussions, and growth threats.
Organizations increasingly trust AI writers to keep pace with evolving standards and minimize risks. These tools assist professionals in creating a compliance draft and updating the content. The article details how these tools can help and how you can choose the best AI tool for regulatory drafting.
Evolving Compliance Landscape
The compliance space has significantly transformed, as new regulations roll out for different industries every year. The new risks, technologies, and priorities add to its complexity. Alongside financial services, healthcare, technology, education, and energy sectors are witnessing a similar trend. They are struggling to implement a robust compliance program.
The result: organizations with a high non-compliance face severe financial repercussions. IBM reports a global average data breach cost of $4.88 million, a 10% increase over the last year. The significant increase highlights the organizational failure to adhere to regular standards, highlighting the importance of compliance programs.
However, manually drafting policy documents needs proper resources and legal pressure. Under such pressure, the risks of repeated revisions are high. AI-assisted solutions can streamline documentation by using standardized language and maintaining document integrity.
AI Writing Tools and Regulatory Drafting
The AI writing tools are designed to assist with structured content creation. This is especially helpful for regulatory drafting as it simplifies complex content and ensures clarity and compliance.
- Simplifying Complex Jargon: You might struggle with using complex jargon when framing regulatory content. AI tools can spot such terms and suggest simple alternatives that general audiences can easily understand.
- Maintaining Consistency: The AI-based writing tools ensure that similar terms and phrases are used consistently across the document. This avoids confusion and allows people to grasp the content easily.
- Detecting Missing Compliance Information: Another great thing an AI tool does is identify gaps in your content. The algorithms analyze your documents more deeply and include any missing information, like regulatory requirements.
- Detecting Risks: The analysis of your document also yields certain language or phrases that indicate potential compliance issues. Based on the results, the AI tool fixes the problems and saves you thousands in penalties.
- Create Standardized Templates: Unlike manual documentation, you can expect consistency in AI-generated templates of terms of service documents, consent forms, and others. These templates are per the latest regulations and make your compliance process more efficient.
AI writing tools like Eskritor are trained using thousands of case laws and regulatory frameworks to better understand domain-specific writing nuances. They suggest structural changes and identify regulatory inconsistencies during the drafting process. These tools help increase accuracy and productivity.
According to Thomson Reuters, legal professionals spend 40-60% of their time drafting documents. AI-powered drafting tools provide them with various starting points based on their preferences and work histories. As a result, the average time a person spends on a first draft is almost half.
What Features to Look for in AI Tools?
As the demand for AI writing tools is rising, the market is saturated with various options. Selecting the right tool for compliance drafting can be overwhelming, so here are the key features you must look for:
- Template Library: The AI tool must provide access to templates for risk assessment reports, employee handbooks, data privacy policies, and whistleblower protection guidelines. This ensures consistency in document creation and helps organizations comply with the latest regulations.
- Handling Complex Issues: You must consider the ability of the tool to handle complex issues like compliance drafting and regulatory research. The tool must also sync with the legal database for real-time regulation updates.
- Transcription Integration: The ability of the tool to transcribe the meetings and create formal documentation can be handy.
- Role-based Access: Collaboration features are also necessary when looking for a good AI tool for compliance drafting. This way, you can work with your team to make changes to the first draft and ensure it complies with the existing regulations.
While AI streamlines the document drafting process and minimizes workloads, human oversight is critical. Before dissemination, the final drafts must pass through risk, legal, and compliance departments.
Understand that a minor document error can put your organization at regulatory risk. An incorrect citation, an outdated reference, and a misplaced clause can undermine the credibility of your document. Therefore, it is crucial to view the AI writing tool as your drafting assistant, not a replacement for expert reviews.
Conclusion
With the emergence of quality AI tools, organizations increasingly adopt them for compliance drafting. Tools like Eskritor can reduce the workload and maintain accuracy in your drafts. When combined with human intervention, an AI-generated compliance draft can accelerate regulatory readiness, strengthen internal governance, and free up valuable time and resources for high-value strategic work.
