SteelEye launches Compliance CoPilot
According to the SteelEye’s Annual Compliance Health Check Report 2023, a striking 76% of firms acknowledged a surge in compliance costs over the past year. The Compliance CoPilot, by automating myriad aspects of compliance, stands as a promising solution to pare down these costs, enhance analyst efficiency, and bolster the overall scalability of the compliance function.
SteelEye, a leading firm in integrated surveillance solutions, has unveiled its novel Compliance CoPilot tool aimed at propelling the efficacy of compliance officers in managing alerts.
Launched on 1st November 2023, the Compliance CoPilot harnesses the prowess of advanced Large Language Models (LLMs) to expedite the Communication Surveillance Alert Review process significantly.
Compliance CoPilot presents insights in English irrespective of the original language
The recent trend of global regulators imposing fines on investment entities for inadequate monitoring of employee business communications has underscored the need for robust surveillance mechanisms. SteelEye’s Compliance CoPilot rises to the occasion by empowering surveillance teams to pinpoint and swiftly respond to risk-ranked alerts pertaining to rule violations.
At the heart of Compliance CoPilot is its ability to automate the alert review process, sifting through a colossal amount of communications data with a level of efficiency that outpaces human capabilities. Upon detecting suspicious activity in emails, meetings, attachments, chats, or phone communications, the tool conducts an assessment and provides a Risk Score, Suggested Resolution Category, and Resolution Commentary. This automation is poised to curtail the time compliance officers devote to understanding and reviewing alerts.
Moreover, the Compliance CoPilot is designed to evolve through feedback from compliance users. Users have the leeway to either accept or amend the recommendations, which in turn refines the system’s accuracy for future alerts. According to the SteelEye’s Annual Compliance Health Check Report 2023, a striking 76% of firms acknowledged a surge in compliance costs over the past year. The Compliance CoPilot, by automating myriad aspects of compliance, stands as a promising solution to pare down these costs, enhance analyst efficiency, and bolster the overall scalability of the compliance function.
Matt Smith, the Chief Executive Officer and Co-Founder of SteelEye, lauded the Compliance CoPilot as an ideal aide for bustling surveillance teams, assuring regulators of the central role of human decision-making in compliance matters. Smith emphasized the multilingual capability of the platform as a crucial advantage, meeting the demand for multilingual communication assessment across regulated entities. The system can now analyze communications in 12 languages, presenting insights in English irrespective of the original language.
The Compliance CoPilot is crafted for seamless integration into firms’ existing workflows and core systems, reflecting SteelEye’s commitment to furnishing financial firms with comprehensive, data-driven tools and insights from a singular platform. This new AI-enabled assistant is not merely a step but a leap towards transforming supervision into super vision in the compliance landscape.
Established in 2017, SteelEye is a vanguard in offering fully integrated trade and communications surveillance solutions. With a presence in the UK, North America, Portugal, and India, the firm is dedicated to equipping financial entities with state-of-the-art algorithms and intelligent alerts for proactive detection of market manipulation and compliance breaches.