Which kinds of knowledge workers are at high risk of job loss thanks to smart machines? Usually we don’t love getting that question, because the answer isn’t the simple one interviewers are seeking.
Many jobs include tasks that can and will be automated, but by the same token, almost all jobs have major elements that — for the foreseeable future — won’t be possible for computers to handle. Our advice therefore can’t boil down to a clear “avoid careers in a, b, and c” or “apply for jobs x, y, or z.” And yet, we have to admit that there are some knowledge-work jobs that will simply succumb to the rise of the robots. They are just too thoroughly composed of work that can be codified into standard steps and of decisions based on cleanly formatted data. A perfect example has just come up in the news. The headline as the Wall Street Journal writes it is this: “Financial Firms Turn to Artificial Intelligence to Handle Compliance Overload.”
Compliance, of course, refers to a company’s obligation to prove that it is following the rules spelled out by government regulators. In a financial services firm, that includes constant monitoring of possible money laundering, transactions subject to sanctions, or billing fraud, and preparedness for “know your customer” checks. All these are now being done, WSJ’s Ben DiPietro reports, by machines equipped with natural language processing systems.
But compliance with regulations isn’t only demanded of banks. Compliance professionals work in every kind of business – from health care companies challenged by legislation to food companies under a regulator’s watchful eye to airlines obliged to track anti-terrorism data. Job growth in the compliance category has far outpaced most fields in the past decade – but virtually all of its recordkeeping and communication is crying out for automation.
read source article at Harvard Business Review