Founded in 2023, Greenboard sees itself as the AI-native ‘system of action’ for SEC and FINRA compliance. The company is replacing the fragmented point solutions that compliance teams at private fund managers use for a range of regulatory challenges, and is used by over 500 FIs globally to reduce manual compliance headaches through its Greenboard Co layer.
Greenboard labels itself as the ‘system of action’, but what does this mean in practice?
According to Dave Feldman, co-founder and CEO of Greenboard, we’re in an era today where the way people are able to leverage computer systems is changing dramatically. Whilst doom-and-gloom abounds around job displacement, Feldman and Greenboard believe there hasn’t been as huge a step change of compliance team productivity through software, and Greenboard are aiming to change that.
He said, “We’re specifically aiming to change that with Greenboard Co, but more tangibly, we’ve taken what used to be fragmented tools using for running compliance programs, and we’ve effectively rebuilt all of those workflows from the ground up using AI-native infrastructure.”
Feldman also outlined other gains from the Greenboard platform, stating that compliance teams can do any analysis on their data they want to do across their entire compliance stack using LLMs.
“But I can also make iterations to the way that my compliance tooling works using language models, so I can effectively ‘vibe code’ compliance forms, or vibe code a risk assessment that’s built out completely in the platform,” he explained.
What Greenboard is aiming at is to be a ‘next-generation system of action’, and sees itself at the center of the broader trend of rethinking how teams interact with software.
The fine line for compliance
The power of AI agents is multiplying, and with this, the number of tasks provided for agents is increasing across financial institutions. This is posing a question to teams: which compliance tasks can agents automate, and which should they steer well clear from?
Feldman provided the example here of a recent speaking engagement alongside the head of examinations from the SEC’s Boston office. He detailed how the team will provide ‘unannounced exams’, where they show up in-person to ensure regulatory adherence.
“It’s never going to be acceptable to tell the SEC ‘don’t worry, we’ve automated our compliance program with AI’,” said Feldman. “Ultimately, compliance teams still need agency over the way their compliance programs work and are accountable for adhering to regulations and driving a culture of compliance at their company.”
This means that when it comes down to what should and should not be automated, Greenboard is laser focused on fully automating the tedious work that doesn’t require high levels of subjective assessment and enabling compliance teams to be more proactive and strategic with the work they do.
In terms of the low-value work that Feldman references here, he gives the example of manually reading through brokerage statements or. taking flags that are generated in a trade surveillance tool. “These things are activities that are not a high-value add for a person, and that’s the time we’re looking to give back to allow compliance teams to be more strategic.”
How humans stay in control
A chief discussion point right now with AI and its role in the workplace is the divide of responsibilities between human and machine.
Whilst AI extends its reach across workflows industry-wide, how can humans stay in control where it matters?
Here, Feldman breaks this into two points. He outlined the importance of having the human-in-the-loop and identifying areas where there is subjective judgment.
“An example I’ll give is email review. We’re able to go through and you can use AI to cut false positives and filter out things like marketing emails that would be otherwise flagged. However, you still have a human to do the subjective judgment on the cohort of emails that are potentially risky.”
The second part of this answer is about having good traceability and explainability for what the AI has done. He gave an example of a human – such as a CCO – can go and audit some of the automations and read through what happened, so they have full visibility into AI.
“It’s not just having AI operate as a black box, but having the ability to audit it, to customize it, to edit how it works. I think that’s important for keeping a human in the loop,” Feldman remarked.
The compliance challenge for prediction markets
An area of the financial industry that has seen rapid growth over the past few years has been prediction markets.
Linking it to compliance, why are prediction markets exposing gaps in existing compliance playbooks?
Prediction markets are a relatively new product, and regulation and regulatory for prediction markets will be forthcoming.
“There are several lawsuits just in the United States around who ultimately has jurisdiction,” explained Feldman. “There is some back and forth between the states and federal entities and I hear some of this is likely to even bubble up to the Supreme Court. So, regulatory framework is not yet set in stone.”
Despite this, something that hasn’t changed is compliance and risk teams’ obligations around mitigating conflict of interest and abusive MMPI. Feldman remarked that what is being seen with prediction markets is increased ability for bad actors to abuse material non-public information to personally financially benefit.
Feldman added, “We have got clients who are perhaps considering an IPO in the near future, and clients who are large private funds and huge funds that encounter information that is not in the public domain. There’s just so much you can trade on.
How has Greenboard met this challenge? Whilst it’s not a one size fits all approach. Greenboard allows users to connect their Kalshi accounts and Polymarket accounts, and you’re able to require that employees disclose this information.
“We don’t think it’s appropriate for all of our clients at this time, but you certainly have the ability to start surveilling that information where it’s appropriate for your compliance program to mitigate real risk,” quipped Feldman.
What should organisations be monitoring as prediction markets continue their fast ascent into the mainstream?
On this point, Feldman stresses this is where Greenboard differs from other vendors who have something to sell.
He said, “Firms that have real risk around employees abusing prediction markets should consider having employees connect their prediction market accounts and disclose their activities similar to have they disclose personal financial accounts. You can do this through the Greenboard technology.”
How is this achieved? Firms can hook up a Kalshi or Polymarket account the same way they’d connect a brokerage account through a log-in.
“The technology is here now,” said Feldman. “We’re not trying to say that every firm should adopt this – it really depends on a risk profile. What we do see, however, is a larger share of our firms know that the tech to monitor these prediction markets is available.”
With a prompt, users of Greenboard can now build a new attestation module for their employees, where they can ask them if they are using prediction markets and what types of things they are trading. Based on the answers and risks to the firm, Greenboard is seeing firms adopt surveillance tools for prediction markets through the company.
How compliance became a chore
The idea that compliance has become a chore is an idea with growing weight in the financial industry. However, the rise of new technology solutions is bringing the opportunity to remove this.
In the view of Feldman, the ethos around compliance has largely been one where employees grumble about doing their compliance work due to it taking away from their day-to-day. Additionally, he argues that compliance officers are often not the most popular individuals at firms, and the role is generally looked on as a ‘tax’.
So, what can remove this view of compliance? The Greenboard co-founder suggests that when compliance technology gets dramatically better, when employees can iterate on content in real-time or connect an eComms channel, or employees can be up and running and compliant on messaging tools like WeChat or WhatsApp will be a key change factor.
“Better technology really can lead to a stronger culture of compliance throughout finance, and we see enabling that as our role in partnering with compliance practitioners,” explained Feldman.
On top of that, Feldman gave the example of being an investor at an RIA – and how even getting answers to basic compliance questions can be challenging. Greenboard aims to plug this gap.
He detailed, “Let’s say you’re trying to find out your gift policy, and you have to search from your policies or talk to your compliance team, or if you giving 20 gifts for the holidays to a bunch of clients. Needing to manually upload those all one-by-one, those historically have been annoying, tedious tasks that whilst not too hard, are tough and frustrating when you’re building a culture of compliance.
“So having the tools like Greenboard Go that we’re focused on to streamline those super day-to-day tasks that your IARs would be doing is really helpful for building that culture.”
Where AI delivers gains
One of the central tenet’s of AI’s rise has been its ability to increasingly drive gains across a wide range of sectors. In the RegTech space, the beneficial role it can play around the sector is become more and more evident – especially in compliance.
Feldman detailed the broadness of compliance and regulation and then promoted the benefits of the Greenboard platform. “That’s a real benefit of having a unified AI-native platform – being able to give five minutes back in a thousand different ways.”
The Greenboard CEO also discussed it from a risk-based perspective. In areas that are extremely sensitive for compliance teams, a big discussion point can center around where firms want to invest a meaningful amount of effort and compliance. These teams, quipped Feldman, can also get dramatically more leverage through AI.
The future for the compliance function
What will the compliance function of tomorrow look like, when AI is responsible for handling the repetitive work?
Feldman believes fundamentally that the compliance function is going to be able to be ‘dramatically’ less reactive and more proactive, as well as being less about manually sifting through data.
“It’s going to be much more about partnering with business teams, understanding risk, understanding what makes every firm work, how each company really makes money and finally being a more embedded partner to the rest of the business as opposed to the siloed approach compliance teams have today,” concluded Feldman.
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