Pioneering Innovation in Complaiance with AI Integration | The Financial Technologist

In the ever-changing landscape of financial regulations and compliance, staying ahead of the curve is essential for RegTech providers. As a result, SteelEye has reiterated its commitment to innovation over the past year. For example, the company integrated an advanced Large Language Model (LLM) into its suite of solutions. In addition, SteelEye recently launched the Compliance CoPilot, a groundbreaking tool designed to revolutionise compliance processes.

In this article, SteelEye’s Chief Technology Officer and Co-Founder, David Haines, discusses how SteelEye strives to create a space for continuous innovation.

David Haines:

"Since my co-founders and I started SteelEye in 2017, it has been our mission to create an innovative solution in the compliance and RegTech space. The motivation behind this commitment has always been and always will be, for the benefit of our valued clients. In 2023, when artificial intelligence has been at its most exciting, SteelEye has made sure to utilise all it has to offer. For example, earlier this year we integrated a Large Language Model (LLM) into our surveillance solution and, just this month, we launched a brand new feature: SteelEye’s Compliance CoPilot. By doing so, we believe that SteelEye has paved the way for more efficient, adaptable, and cost-effective compliance processes."

Let’s delve deeper into SteelEye’s innovative solution through the use of AI and LLMs:

SteelEye’s Compliance CoPilot 

SteelEye recently launched the Compliance CoPilot, which demonstrates our forward- thinking vision to leverage AI in order to create tools that are not just compliance solutions, but also valuable partners for compliance officers. 

Here's how we believe SteelEye’s Compliance CoPilot is changing the game:

Optimising Communications Surveillance

Compliance officers often face the challenge of sifting through vast amounts of data to detect potential compliance violations. SteelEye’s Compliance CoPilot employs AI to intelligently prioritise and categorise communications, allowing compliance officers to focus their attention on high-risk areas. This streamlining of surveillance processes increases efficiency and reduces the risk of oversight.

Adaptability

Regulations are constantly evolving. SteelEye’s Compliance CoPilot, as well as the wider SteelEye solution, is designed to adapt seamlessly to changes in regulatory requirements. This adaptability ensures that compliance officers always have access to the most up-to-date tools and insights, enabling them to maintain compliance with confidence.

Cost Efficiencies

By automating routine tasks and providing actionable insights, SteelEye’s Compliance CoPilot significantly reduces the manual workload of compliance officers. This allows organisations to allocate their human resources more effectively, improving overall cost efficiency.

Improved Decision-Making

SteelEye’s Compliance CoPilot is not just a surveillance tool, it's an intelligent assistant that helps compliance officers make informed decisions. It provides valuable context, highlights potential risks, and offers suggestions for mitigating compliance issues, ultimately contributing to better decision-making and risk management.

The Power of Large Language Integration

SteelEye's integration of a Large Language Model into its integrated surveillance solution marked a significant milestone in the industry earlier this year, as we were the first RegTech vendor to do so. This innovative integration enables businesses to harness the capabilities of AI to enhance their compliance efforts. 

Here's how SteelEye’s integration of am LLM is making a difference to our clients:

Enhanced Communications Surveillance

With the volume of communications within financial organisations increasing exponentially, monitoring and analysing this data manually is a daunting and time-consuming task. An LLM's Natural Language Processing (NLP) capabilities empower compliance officers by automating the surveillance of communications, including emails, chat messages, and voice recordings. This not only improves efficiency but also ensures a more comprehensive and accurate review process.

Adherence to Regulatory Requirements

Regulatory compliance is paramount in the financial industry. An LLM assists in the identification of potential regulatory breaches by analysing communications data against a backdrop of ever-changing regulations. Its adaptability allows it to stay up-to-date with the latest compliance requirements, providing businesses with real-time insights and alerts.

Streamlined Processes

Traditional compliance processes are not only time-consuming but also resource intensive. By automating a significant portion of surveillance and compliance tasks, an LLM helps organisations cut costs while maintaining or even improving the quality of their compliance efforts.

At SteelEye, we will continue to push the boundaries of what is possible in the world of regulatory technology which will be made feasible by the brilliant team we have in the UK, US, India, and Portugal. You can have a great idea, but without the right people to help you, it is extremely difficult to be successful. The SteelEye team's passion for innovation, as well as the collaborative spirit of each and every individual, are at the heart of SteelEye's ability to thrive. The relentless pursuit of excellence, resilience in the face of challenges, and shared dedication to SteelEye’s mission have been instrumental in shaping the company’s position in the industry. In the world of technological solutions, it is the dedication and expertise of the team that truly makes a difference, and it is because of this team that we will be able to continue to innovate for years to come.

By David Haines, CTO, CISO & Co-Founder at SteelEye. Article from Harrington Starr's The Financial Technologist Magazine, The Top 1% Workplace Awards 2023.

Read more articles like this in The Financial Technologist Magazine. Download your free copy here.