Digital solutions for regulatory compliance through data

Expected Impact: The objective is to deliver three to four projects that demonstrate the streamlining of regulatory reporting through automated and trusted sharing of compliance data. Each project will address the governance, technical, legal, and processing aspects of the solution. Objective: Specific Objective 2 of the Digital Europe Programme aims to reinforce the EU’s core Artificial Intelligence (AI) capacities as a crucial driver for the digital transformation of the public and private sectors. The vision is to make Europe an AI continent, thriving on the development, integration and adoption of AI. As one of the financial instruments of the upcoming Apply AI Strategy, SO2 will support the development of world class AI models in the EU and foster the integration of AI technologies into EU’s most strategic sectors, including healthcare, energy and research. It will stimulate new industrial uses of AI and improve the delivery of various public services. In addition, it will support the deployment of new digital solutions for regulatory compliance through data. The objective is to reduce the administrative burden of enterprises by applying advanced digital technologies to automatise the reporting process. Objectives This objective will support projects testing digital solutions for transmitting information relevant for compliance with EU legislation (e.g. regulations on environmental issues) and automate the compliance process for a number of pilot use cases. These projects will target regulatory reporting requirements, from aggregate data (e.g., company balance sheets) to detailed data (e.g., transactions, events, and product registrations). The aim is to leverage advanced technologies, including data capturing technologies, automatic transmission, analysis, cloud storage, and encryption, to ensure data security, confidentiality, and regulatory compliance. The strong focus should be given to privacy-preserving technologies to ensure trust between the reporting entity and regulatory authorities, safeguarding data confidentiality while enabling secure and efficient compliance processes. Additionally, the projects will identify burdensome administrative challenges in the selected sectors that could be addressed by automated data-driven solutions, while close collaboration with reporting entities will be essential to enable direct communication with regulatory agencies for automated updates and ensure compliance with evolving regulations. The approach will prioritize access controls and audit trails to enhance transparency and reduce the risk of non-comp…