Knowledge is power. But how do you create knowledge? You could have all the information in the world at your fingertips, but without context it’s just data points.
In the world of financial compliance, raw “information” equals thousands and thousands of pages of regulatory texts, the close examination of which presents an almost insurmountable challenge for risk and compliance teams. As the volume and velocity of regulatory change increase, the challenge only grows.
AscentAI provides a purpose-built solution for financial industry regulatory compliance that effectively:
- Automates identification of regulatory requirements that apply to your business
- Automates identification of your specific obligations under any new rule or rule change
- Enables seamless mapping to policies, procedures, and controls through integration with leading GRC tools
We leverage Natural Language Processing (NLP), Machine Learning (ML), Generative AI (GenAI), and human oversight to scan the regulatory universe in the context of your existing obligations and isolate the specific information that’s relevant to your business.
Keeping the focus on your regulatory universe
Manually examining countless pages of regulatory text to find your regulatory obligations is costly, time-consuming, and error-prone. However, the process of determining which of those obligations apply to your business is even more so.
That is why AscentAI automates these processes—and we’re the only ones in the industry who do.
We begin by working with you to closely examine your existing obligations to ensure accuracy, remove redundancies, and fill gaps. The resulting bulletproof obligations inventory becomes the contextual basis against which all new rules and rule changes are measured. It provides a central source of regulatory truth for the entire enterprise. Purpose-built AI continually examines new and amended rules in the context of your existing inventory, isolating relevant material in minutes and updating your inventory just as quickly.
Get context for managing regulatory risk
Once your inventory is complete, you can click into each obligation for a deeper level of granularity, such as the date that the obligation will be effective.
You can see any clarifications or exemptions from the obligation that your firm should consider and trace any obligation back to the rule from which it’s derived with just one click.
You can also see related obligations derived from the same rule.
To maximize efficiency and ensure that everyone within your organization knows what they need to know, you can assign the obligation to designated teammates, set deadlines to review and act on the obligation, and add any pertinent notes and files.
Just as importantly, you can easily tag the obligation to a theme or topic that best describes how it applies to your business. While AscentAI has a standard set of themes that includes topics such as Know Your Customer and Truth in Lending, you can create custom themes to align with your internal processes and workflows.
Automating the regulatory lifecycle eliminates costly and error-prone manual processes and frees risk and teams to spend more time implementing and executing the policies, procedures, and controls that actually keep your firm in compliance.
Interested in learning more? Contact us to request a demo or talk to our Sales team.
