Financial Services Provider
Case Study
Mitigating Risk and Ensuring Compliance
The Challenge
Financial Services providers are subject to various regulations. For example:
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Product Disclosure (PDS)
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Conduct and Disclosure
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Responsible Lending
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Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)
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Privacy: Privacy Act and the Australian Privacy Principles
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Prudential Standards
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Manual Compliance Processes: Compliance officers spend countless hours manually reviewing documents for compliance checks, increasing the risk of human error and delaying responses to regulatory inquiries.
Data Silos: Information relevant to compliance is scattered across different repositories, making it difficult to get a holistic view of a client's risk profile.
Limit of search: Proactively identifying risks or potential red flags is difficult if not impossible using traditional “search”.
How Alfresco +Aware Solves These Challenges
Alfresco +Aware scans all client documents in various repositories and using LLMs, identifies and encodes the semantic/linguistic meaning of the documents and its taxonomy.
Compliance Checks: risky or faulty documents can be identified based on semantic search (rather than traditional (tokenised) search). Risky or faulty documents are flagged for staff to review and action - significantly speeds up compliance checks and reduces staff effort and time.
Unified Risk Profile: Alfresco +Aware consolidates information from different repositories to create a unified risk profile for each grouping of semantically similar document(s) or cases. This allows compliance officers to quickly assess a case’s overall risk exposure and identify potential red flags.
Audit Readiness: semantically similar documents are grouped or clustered making it easy to generate reports for regulatory audits. This demonstrates compliance efforts and reduces the time and resources spent on audit preparation.
Confidentiality & Security: By using on-premise LLMs, Alfresco +Aware ensures that sensitive data remains within a safe information domain or network infrastructure, maintaining confidentiality and complying with data protection regulations.
Tangible Benefits
Reduced Compliance Costs: Automation of compliance checks significantly reduces the need for manual labor, saving staff time and resources.
Improved Risk Mitigation: Early risk detection enables your organisation to take proactive measures to mitigate potential compliance issues, reducing the risk of financial penalties and reputational damage.
Enhanced Regulatory Compliance: Alfresco +Aware can help your organisation to demonstrate a strong commitment to regulatory compliance, building trust with regulators and clients.
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