Corporate Counsel and Law.com recently interviewed Compliance.ai’s Co-Founder and CEO, Kayvan Alikhani, to discuss how Compliance.ai’s Contributor Edition program brings together Law Students and AI to help compliance teams tackle the overwhelming volume of regulatory changes by state and federal agencies.
Below are some of the key takeaways from their discussion:
- “The tool’s concept involves taking a general counsel in one bank from a siloed approach to compliance, based on one set of decisions, to an expert, crowdsourced approach.”
- Compliance.ai’s modern approach to regulatory change management reduces the amount of time spent monitoring individual agency updates and industry newsletters, which lessens the operational costs associated with identifying the documents that are consequential to the organization, and then it automates the workflow of analyzing and responding to the changes in a timely manner, across the entire team.
- “It didn’t take much study to realize most companies were under resourced for the task.”
- Over the past 2 years, Compliance.ai has spoken with and interviewed over 500 compliance professionals in the financial services industry, some of which is shared in the “Day in the Life of a Compliance Officer” blog series. The result was that an overwhelming majority of institutions are still using a manual approach to identify and respond to the growing volume of regulatory changes at the local, state, and federal-level. With a manual approach, the only way to address this is by adding more headcount, which is obviously resource intensive.
- “Compliance.ai joins groups of organizations on the internet using artificial intelligence to classify, rate, and rank the changes on a common platform.”
- Compliance.ai’s Expert-in-the-Loop methodology uses its network of Advisors, Compliance Professionals, Attorneys, Law Professors, and Law Students, to help contribute to the classification and accuracy of the financial regulatory content its AI is automatically extracting, rating, and ranking from newly published regulatory documents.
- “Do they work for free?
- Compliance.ai’s Contributors do the work for free at first, but also get free access to the full Pro Edition platform when they sign up with their .edu email address. They also benefit from being able to work remotely and at their own pace – which is a major advantage for students currently enrolled in school. In addition, there are rewards to Contributors which includes professional recommendations on LinkedIn and Amazon Gift Cards. Some students that show exceptional quality and have an interest in the Financial Sector are hired as part-time consultants.
Read the full article at Corporate Counsel.
Thank you to Sue Reisinger at Corporate Counsel and Law.com for the featured article.
If you are a law student, law professor or legal professional, learn more about becoming a Compliance.ai Contributor.