As swamped compliance teams struggle to keep up with the rapid influx of regulatory documents and enforcement actions, AI-powered software that scans, synthesizes, and provides recommendations can improve productivity and reduce errors.
Compliance.ai monitors sources of new regulation, uses machine learning to highlight the changes that are relevant to a given financial institution, and automatically routes documents to the right internal experts.
“It’s about simplifying the workflow,” CEO Asif Alam told Insights Distilled. “We can be the ‘network orchestrator’ within these large organizations, allowing the office of the Chief Compliance Officer to easily connect the dots in their organization.”
A study the firm conducted with 10 compliance teams showed that its software reduced the volume of documents that needed manual processing from an average of 25,537 down to 585, which it estimates would save compliance teams an average of 87 days of work every 6 months.
Compliance.ai targets mid-size banks, large asset-management firms, and insurance companies, and just raised $6 million.