Following its integration of ChatGPT 4 into its compliance platform earlier this year, surveillance solutions vendor Steeleye has launched the Compliance CoPilot, an AI-driven compliance tool that harnesses the power of advanced Large Language Models (LLMs) to streamline the communication surveillance alert review process.
As regulatory bodies worldwide continue to impose fines on investment banks and managers for not adequately monitoring business communications across various platforms, the Compliance CoPilot is designed to empower surveillance teams to swiftly detect and address potential rule violations by prioritising risk-ranked alerts. It does this by automating the alert review process, sifting through vast amounts of communication data, and generating a Risk Score, a Suggested Resolution Category, and a Resolution Commentary for suspicious communications, whether emails, meetings, chats, attachments, or phone calls. The system also offers a rationale for its conclusions, thus providing compliance officers with documentary evidence, enhancing the clarity of the review process and significantly reducing the time compliance officers spend on it.
A unique feature of the Compliance CoPilot is its ability to learn and adapt based on user feedback. Whether users accept or modify the system’s recommendations, this feedback refines the system’s accuracy for subsequent alerts. With its AI-driven capabilities, the Compliance CoPilot also promises substantial cost savings by enhancing analyst efficiency and the overall scalability of compliance operations.
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 analyse communications in 12 languages, while the system returns the insights in English regardless of the languages being used.”
The Compliance CoPilot is designed to seamlessly integrate into existing workflows and can be embedded into a firm’s core systems.
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