1 November 2023, London/New York: SteelEye, the firm behind the first fully integrated surveillance solution, has launched its Compliance CoPilot, a tool that uses the capabilities of advanced Large Language Models (LLMs) to greatly accelerate the Communication Surveillance Alert Review process.
With global regulators continuing to fine investment banks and investment managers for failing to monitor employee business communications on certain platforms, SteelEye’s Compliance CoPilot will allow surveillance teams to identify risk-ranked alerts and rapidly act on such rule breaches.
Compliance CoPilot automates the alert review process, analyzing a vast amount of communications data more efficiently than humans can. Once flagged as suspicious, the email, meeting, attachment, chat, or phone communication is assessed. It offers a Risk Score, Suggested Resolution Category, and Resolution Commentary. In all instances, the rationale for its conclusions is given to provide critical evidence to compliance users. As a result, the time spent on both understanding and reviewing the alerts is significantly reduced for compliance officers.
Compliance CoPilot learns from the feedback provided by compliance users. Users of the platform can either accept the recommendations or revise them. By virtue of this feedback, the system’s accuracy is continuously tuned and improved for future alerts. According to SteelEye’s Annual Compliance Health Check Report 2023, 76% of firms say compliance costs have increased in the last year. By automating more aspects of compliance, this new end-to-end, AI-enabled assistant can result in significant cost savings by boosting analyst efficiency, and the overall scalability of the compliance function.
Matt Smith, Chief Executive Officer and Co-Founder of SteelEye commented, ”Whereas AI alone is inherently deterministic and lacks explicability, the SteelEye Compliance CoPilot is the perfect assistant and sidekick for busy surveillance teams, assuring regulators that human decision-making remains at the heart of compliance.”
Smith added:“Given the multilingual nature of communications across regulated entities, the demand for the platform to be able to assess multiple languages has been addressed. As such, we have developed the capability to analyze communications in 12 languages, while the system returns the insights in English regardless of the languages being used.”
The CoPilot can be integrated into a firm’s pre-existing workflow and embedded in its core systems. For more information on the Compliance CoPilot, please see here.
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