Deloitte and Signal AI Digitise Tax Regulation Monitoring with Artificial Intelligence
- 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 Deloitte-trained and Signal AI-built platform surfaces hyper-relevant regulator updates, news and market changes in real-time.
- The platform is the result of a collaboration between Deloitte UK and Signal AI, an award-winning AI start-up, which aims to transform the way developments in tax regulation are managed.
Deloitte Global have announced that Deloitte firms are now offering clients an artificial intelligence (AI) platform. The platform can monitor, measure, and analyse changes in tax regulation in real-time to give Deloitte clients the edge in monitoring and responding to regulatory updates across the world.
The AI platform is the result of a collaboration between Deloitte firms and Signal AI’s proprietary AI technology was trained by Deloitte tax experts to understand key regulatory changes in over 100 jurisdictions from over 100 regulators, tax authorities, and government bodies.
“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. “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 organisations now and into the future. Signal’s AI technology is a perfect example of this as it offers organisations 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.
The artificial intelligence is able to recognise abstract concepts such as ‘indirect tax’, SAF-T or Digital Services Tax regardless of local terminology, and automatically updates users of changes through real-time email alerts and reports.
The deal also marks Signal AI’s expansion beyond their PR-tech market focus into the US$70Bn Regtech market as the company continues to grow. Signal AI has tripled revenues for three years running, has recently launched in the US and APAC, and has doubled its number of employees in just the last 12 months.
“Working with Deloitte has been a fantastic way to prove the value in our technology and stress-test artificial intelligence in industry,” says David Benigson, CEO, Signal AI. “Signal AI’s goal is to provide senior leaders with as much clarity and transparency about what’s happening outside of their organisation as they have inside it, and this product developed with Deloitte is a fantastic example of how Signal AI is changing decision-making.”
Press release first published by Deloitte.
About Signal AI
Signal AI is an AI-powered business intelligence and media monitoring company that aggregates, analyses, and provides business leaders with insights into digital, print and broadcast media, news, and regulatory data. Signal’s cutting edge machine learning enables businesses to track their competitive landscape, changes to regulation, and monitor their reputation—empowering them to make smarter, faster business decisions. Please see www.signal-ai.com/request-a-demo to learn more.
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