Four steps for AI compliance
Whether humans are monitoring compliance or technology is being utilised to supplement human effort the process is effectively the same.
Access
Your documents are all centralised on your practice management system (PMS) but many conversations are face-to-face and not recorded. This creates a gap to be filled with a secure audio recording.
Identify
If conversations are recorded, the automated AI workflows. can separate annual reviews from other conversations and determine whether it’s a substantive conversation. The AI does this by identifying key topics that should form part of the review, highlighting conversations with missing areas, such as ‘attitude to risk’.
Once the review is complete the AI can extract the documents and determine whether the right document types are present to evidence a full annual review, which saves humans manually reviewing every customer annually.
Assess
Annual review conversations can be AI scored on the same day that they’re conducted, enabling rectification activity before the new advice is approved.
Missing details inside the expected documentation can be assessed with a scorecard, providing 100% oversight without additional staff.
Improve
Individual cases can be referred back to the responsible adviser and paraplanner to rectify before it becomes a problem.
Clear performance reporting enables boards and the FCA to feel confident that there is a monitoring process in place and that it’s being satisfactorily deployed.
Download our wealth management use case
Recordsure AI can give access to your all important interactions, identify the important part of these interactions, apply a framework to assess your level of compliance and extract insights to drive improvements.
