Introducing New AI-Powered Compliance Controls and Risk Meter
March 23, 2017
There’s little doubt that we are now in the machine learning age. From Amazon’s shopping recommendations based on your past purchases, to Google Maps predicting how long it will take you to get from point A to point B, predictive technology is at work in our lives every day.
Our team is always looking at ways to improve our technology solutions by using artificial intelligence and predictive data. We believe that, in many cases, machines can do a better and more efficient job on the front lines of compliance, so human supervisors can focus on the highest-risk violations.
Today, I am thrilled to announce the next generation of Hearsay’s compliance platform with the new Risk Meter and AI-powered compliance controls for better coverage and defense against digital risk. Our team has worked closely with supervision and compliance professionals to build leading edge solutions that truly make their jobs easier.
New functionality in our latest compliance solution includes:
Hearsay processes nearly 100 million interactions every year across more than 150,000 advisors, agents and loan officers around the world. This wealth of data allows us to train our machine learning systems to recognize activities that are likely to cause compliance issues, so we can surface the highest-risk violations. Our new Risk Meter uses machine learning to prioritize highest-risk offenses to supervision teams.
The Risk Meter shows alerts as high, medium or low risk based on alert data from millions of digital interactions. Supervisors can efficiently parse through hundreds of compliance items in our Universal Supervision Dashboard and quickly identify high-risk items with the Risk Meter. This is a simple way to catch the highest-risk offenses early to ensure advisors meet industry and company regulations.
Intelligent Alert System
Our data science team built the Risk Meter’s algorithms using regulatory requirements for both industry and company-specific policies. But is your existing supervision catching items that truly pose the highest risk to your firm? The Intelligent Alert system catches digital violations based on more than just a firm’s lexicon (prohibited words) – it uses artificial intelligence to catch violations based on the validity of historic alert data. In this way, the entire Hearsay compliance platform gets smarter and more accurate over time.
Some activity is so clearly against policy that a supervision professional doesn’t need to review it to know it should be deleted or reverted. Hearsay’s auto-remediation functionality allows teams to automatically correct posts or content when they are a clear violation of policy. This functionality gives compliance teams more control of how their firms are being represented in public forums. It also saves them the time it might have taken to review activity and work with the offending advisor.
For example, if an advisor posts natively to Facebook against company policy, Hearsay will remediate (e.g., delete) the post immediately. This functionality also allows supervisors to revert profile changes back to the most recent approved state if an agent makes an edit that requires pre-approval.
Flexible sampling is an additional way of providing a “compliance checkpoint” as supervisors continuously monitor advisors’ activity across channels. It gives supervisors a method for reviewing a percentage of content based on type (including text, photos and links). According to a recent Hearsay survey, 34 percent of our customers are currently using a version of sampling to ensure their teams are meeting compliance requirements. New sampling functionality lets teams create custom rules on when and how they sample advisors’ digital activity. With fine grained controls like sampling images posted to social media at various frequencies rather than link posts, compliance teams can configure exactly how they want to supervise digital communication.
We’re already started rolling out our new compliance platform and Risk Meter to customers and have received incredibly positive feedback. With our new solution, supervision teams can now focus on high-risk compliance items, while machines efficiently and programmatically defend companies against digital risk.
For more information, check out our press release. Interested in a demo? Contact your Hearsay customer success team!
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