Simplifying Compliance with AI
Simplifying Compliance with AI
Today, due to a huge data deluge that surrounds companies, it is becoming extremely challenging to process the data to maintain compliance as it consumes a lot of time, effort and cost. Often people lose interest in carrying out the same monotonous job of compiling data and creating reports for compliance. Besides, the rising costs of maintaining compliance have only added to their woes. Studies have pointed out that compliance spending accounts for more than $ 120-140 Bn annually. These challenges have made it overwhelming for companies to keep up with ongoing regulatory requirements. “In such a scenario, applying smart and flexible AI solutions to governance, risk and compliance processes can reduce up to 50 percent of costs and increase efficiency by up to 30 percent,” explains Dr. Hans-Peter Guellich, CEO of Dydon. Understanding this need, Guellich founded Dydon to provide a corporate-wide AI solution which combines NLP (Text Analytics), prediction, central data structuring (multiple taxonomies) and intuitive result presentation. “With our solution in place, clients can transfer the repetitive and sometimes boring compliance activities on to the AI-based solution that not only reduces compliance costs but also increases efficiency,” explains Guellich.
Dydon’s AI platform is easy to parameterize and can be quickly adopted by non-AI experts to their internal compliance requirements. At the onset, the client can use the system’s NLP to create a knowledge base without using codes. The client can then select the data sources to get constant data flow which will then be automatically analyzed by the platform. The platform boasts of the combined synergies of various tailored-to-fit AI and ML components for gathering, reading, understanding of externally available unstructured information and structuring through a single self-learning taxonomy. Aggregating the data ensures that compliance know-how remains within the client’s premises even in case experienced compliance team members have left. Using this data, Dydon’s platform generates measurable parameters to create informative predictions on how much the client is ready to be compliant with upcoming regulatory requirements. Guellich also vouches for Dydon’s proven predictive reasoning methodology that combines several soft computing methods to intelligently link and aggregate extracted external data with internal information. The result generated by Dydon’s platform is then presented through an easy to use and understand dashboard providing a unique insight as a medium for determining weaknesses and potentials of the organization.
Dydon’s revolutionary AI-based platform has assisted numerous clients across various verticals to overcome their challenges associated with compliance. One such client was a UK-based financial service corporation, which required constant monitoring of external threats and of its conduct risk efficiency by aggregating internal and external key parameters and presenting all results via intuitive dashboards. With Dydon, the company was able to use Twitter information for external threat analysis that identified the root cause as well. For the creation of the conduct risk efficiency radar a complete aggregation model for the UK compliance regime conduct risk was developed. Based on the model and the used indicators the respective sources (internal/external) of such indicators have been identified. This resulted in a time series analysis/aggregation of all indicators and the presentation of all results via easy to understand traffic light tabular graphs.
In keeping with its spirit of innovation, Dydon will continuously enhance the AI platform driven by market and client requirements. The company is constantly working towards the betterment of its AI and ML modules by regularly reviewing and enhancing them. Dydon is currently focused on expanding its area of expertise from compliance and risk to additional verticals such as asset management and legal contract monitoring in the near future.