Regulatory Compliance Assistant
Train the Regulatory Compliance Assistant to resolve entire classes of alerts
You’ve resolved this type of alert time and time again, but to your frustration there isn’t a way to impose this best practice on your transaction monitoring system. They only take five or ten minutes to resolve and document, but they add up. Over the course of a year, how much of your analysts’ time is spent on these easily resolved alerts? Our Regulatory Compliance Assistant (RCA) can be trained by your senior experienced analysts how to dispose of these alerts.
Instead of manually resolving every individual investigation, determine the best way and then apply that solution to an entire class of similar cases that require similar lines of reasoning. Over time “teach” the system how to dispose of entire classes of alerts.
Audit and Quality Assurance
The RCA seamlessly communicates with your case management system, databases and other sources of information to streamline the investigation process. Because the assistant consistently applies best practices while creating an audit trail of all decision-making and conclusions, the cost of satisfying an audit is reduced. With RCA it is easier to validate the QA process because it reviews all decisions, not just samples. You can be confident during a review by regulators and internal auditors.
Communicate with RCA using simple dialogInstead of drop down menus, choice boxes and other clunky interface elements that get in the way, users can interact with the RCA in a conversational manner, using a chat window or email client. The assistant analyzes requests from an analyst against regulations, policies, and decision rules contained in the RKB and the assistant responds with a message and/or an action. Because it explains its decision process in detail, the RCA is an ideal resource for training new compliance analysts.
Key Advantages- Increase ROI by significantly reducing the alert pool and the hours spent by skilled analysts on routine items.
- Automatically document decision-making for audit trail.
- Ensure consistent application of rules and procedures across analysts.
- Performs alert triage, analytical support, audit and quality assurance steps.
- Empowers business users
- Works in cooperation with your existing transaction monitoring system.
- Communicates with users through natural language text dialog system.
The RCA is a software agent that completes tasks on behalf of the compliance analyst user. Most of the time these tasks involve pulling together data and information from multiple databases, document repositories, case management systems and other systems providing complementary services.
The agent is able to chain together and complete complex tasks on behalf of the user because it operates within a cutting edge enterprise IT environment that is both service-oriented (where independent services can communicate with each other) and semantically-enabled (services interoperate automatically and unambiguously).
Since RCA accesses the repositories of regulatory knowledge and best practices included in the Regulatory Knowledge Base, the agent is able to interrogate the different databases and repositories like an expert, knowledgably collecting and evaluating bits of data against the relevant rules and policies.
The agent responds to a request with a shorter or longer text message (sent via chat message or email) that includes analytical results and references to underlying regulations, policies, procedures and data sources.
The agent can take actions when instructed to do so.
Learn more about the Regulatory Compliance Assistant.