SteelEye, which claims to be the first and only integrated surveillance solution, has integrated ChatGPT into its compliance platform.
This move is part of a case study to evaluate the AI tool’s applicability in market surveillance. SteelEye said the results are promising and show ChatGPT can be beneficial for surveillance investigations when complemented correctly and used with care.
Generative AI technology can be used to support decision-making, empowering teams to analyse data with greater speed and more efficiently allow them to identify potential risks.
As part of the case study, SteelEye has implemented it in its UAT environment. This allows the technology to analyse specific communication records, including voice calls, chats, meetings, and emails against a number of key questions.
It then responds with a summary of content, motives, intentions, and regulatory or compliance issues. Once that is outlined, the technology analyses the entities included in the conversation, as well as sentiment, tone, and tonal shifts.
Finally, it suggests what a compliance officer should do next and offers proposed correspondence.
The ChatGPT tool can be used as a starting point for a surveillance investigation and to standardise workflow processes to boost the throughput and consistency of cases. It is also helpful when analysing communications in foreign languages.
SteelEye chief product officer and co-founder Matt Storey said, “This functionality can be extremely helpful to a compliance professional. For example, let’s take a long voice call or chat conversation that has triggered a surveillance alert.
“With the ChatGPT integration, a content and motive summary is returned in seconds, along with a timestamp for any shifts in tone. The system also flags any potential regulatory or compliance issues arising from the conversation. This can help a surveillance analyst more easily understand what has been said and quickly take action against serious compliance violations.”
FinTech Global recently spoke to players in the RegTech sector about the importance of generative AI in compliance.
Aveni COO Jamie Hunter believes the sector needs to get to grips with the technology as soon as possible. Hunter said, “The RegTech industry is one of those that must get to grips with this quickly. We have seen Google emerge with its ‘Bard’ platform sooner than it might have done, in a direct response to ChatGPT – the AI platform which has amassed a staggering 100 million users in two months.
“AI is different to the binary technology solutions which either work or don’t. AI is constantly evolving and learning with new information being surfaced in different ways and the human element of supporting and developing this is vital.”
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