London-based Ripjar, renowned for monitoring and investigating threats and criminal activities, has introduced Compliance CoPilot, an AI-powered assistant designed to assist compliance teams in identifying and managing counter-party risk. Built by former members of the UK’s Government Communications Headquarters, Compliance CoPilot includes capabilities such as alert disposition, triage, evidence assessment and identity validation. This AI-powered tool is poised to revolutionise risk monitoring processes, particularly within highly regulated industries like banking.
The Compliance CoPilot, part of Ripjar's AI Risk Profiles solutions, makes use of powerful generative AI. Large language models (LLMs) have increasingly become an essential tool in various sectors aimed at improving efficiency and reducing time spent on manual tasks. Compliance Copilot, acting as a virtual user, will form the newest team member in compliance teams, capable of handling alerts and assessments, thus facilitating more efficient analysis of data sets. It will help speed up decisions and recommendations, cutting through bias and providing an audit trail for further analysis by regulators or human users.
The incorporation of Compliance CoPilot under the RiskGPT suite, Ripjar’s line of AI-powered solutions for enhanced risk detection and threat analysis, is truly noteworthy. RiskGPT is specifically designed to manage risk profiles including those linked to politically exposed persons, sanctioned individuals and potential criminals involved in money laundering or financing terrorism. This tool can be deployed as a first line of defence, allowing more data to be screened without increasing workload. Usage of the tool enables more effective working and reduces false positives by over 50%.
Ripjar's Compliance Copilot maximises the potentials of machine learning and AI technologies through the use of Ripjar's dedicated generative AI model, RiskGPT. This model is keenly developed to meet the needs of screening professionals and has been rigorously tested and validated for this purpose. Furthermore, the tool is flexible and can be applied in varying environments to screen even more data and undergo new kinds of quality assurance and validation processes.
The announcement of Compliance Copilot follows the launch of Ripjar's AI Summaries tool, which summarises adverse media risk into a succinct, digestible format. The technologies are geared towards the goal of screening processes across multiple industries, pointing to the advent of more groundbreaking innovations from Ripjar throughout 2024.
Jeremy Annis, CEO and Co-Founder at Ripjar, underscored the game-changing reach of AI technology. "Generative AI is transformational and is having a lasting impact on the ways we work today. In the compliance sector it has become an indispensable tool in risk identification and is aiding teams across verticals in the fight against financial crime," said Annis. However, he cautioned that the technology should be implemented carefully due to the inherent risks associated with new models.
In conclusion, the Compliance Copilot from Ripjar is touted to be a trusted solution aimed at helping analysts surmount growing costs and time constraints while also bolstering the support for analysts in identifying potential threat actors faster and more efficiently than ever before.