Altery Transforms Compliance with AI, Reducing Due Diligence Time
By implementing Vivox AI, Altery has transformed its compliance workflow, slashing due diligence times and improving accuracy. This case study reveals how explainable AI is reshaping the landscape of regulatory compliance.
Key Facts
- Altery reduced due diligence time from 4-6 hours to minutes, enhancing operational efficiency.
- Fewer false positives indicate improved risk management, allowing focus on critical compliance issues.
- Integration of AI with human oversight strengthens governance, crucial for regulatory compliance.
- Vivox AI's API access to 155 countries enhances Altery's global compliance capabilities significantly.
- Analysts' feedback in AI training reveals a strategic shift towards collaborative technology in compliance.
Summary
Summary
Altery, a payments firm, faced challenges with lengthy due diligence investigations and increasing onboarding volumes. By implementing Vivox AI's platform, they reduced investigation times from hours to minutes, decreased false positives, and managed rising workloads without increasing staff.
Background
Altery operates in the payments industry and was experiencing a significant manual workload in their compliance team. Before deploying AI, their analysts spent four to six hours on complex investigations, consulting multiple sources to understand corporate structures. The onboarding requests were increasing, but the team size remained constant, leading to a capacity issue.
Challenge
The primary challenge was the lengthy duration of due diligence investigations, which hindered the team's ability to manage rising onboarding requests effectively. This was a common bottleneck faced by compliance functions in the payments sector.
Solution
Altery integrated Vivox AI's platform into their existing workflow through an API. This platform converts complex ownership structures into clear, readable maps, providing analysts with full visibility of ownership frameworks. Analysts were actively involved in shaping the system by providing feedback and participating in training the AI agents.
Results
Altery cut due diligence investigation times from hours to minutes. They also experienced fewer false positives and more targeted escalations, allowing the compliance team to concentrate on significant risks. The implementation enabled Altery to absorb rising onboarding volumes without adding compliance staff.
Key Insights
The deployment of AI in compliance can enhance efficiency while maintaining the essential role of human judgment. Collaboration between compliance analysts and AI developers can lead to more effective tools that reflect real-world investigative experiences.
Customer Testimonial
“We’ve transitioned from hours to minutes and we spend far less time now digging for answers.” — Bisi Giwa, Group Fraud and Financial Crime Officer, Altery.
Entities Mentioned
Companies
Technologies
People
Key Concepts
Definitions
- due diligence
- The investigation or audit of a potential investment or product to confirm all facts, such as reviewing financial records.
- explainable AI
- AI systems that provide clear and understandable outputs, allowing users to comprehend the reasoning behind decisions.
- API
- Application Programming Interface, a set of rules that allows different software entities to communicate with each other.
- false positives
- Instances where a system incorrectly identifies a condition or event as present when it is not.
- onboarding
- The process of integrating a new client or customer into a company's systems and processes.
Use Cases
- →Reducing due diligence investigation time
- →Improving compliance workflows
- →Enhancing visibility of ownership structures
- →Training AI agents with real investigation feedback
- →Integrating AI into existing compliance systems
Frequently Asked Questions
How does Altery use AI in compliance?
Altery employs explainable AI to streamline due diligence processes, reducing investigation times significantly. This technology helps analysts focus on critical risks while maintaining oversight.
What are the benefits of using Vivox AI's platform?
Vivox AI's platform provides clear maps of complex ownership structures, reduces false positives, and allows for more targeted escalations. This enhances the efficiency of compliance teams.
What role do compliance analysts play in AI integration?
Compliance analysts actively participate in shaping the AI systems by providing feedback and insights. They also help train the AI agents to ensure the tools meet real-world investigation needs.
Is AI replacing human judgement in compliance?
No, AI is seen as a support tool rather than a replacement for human judgement. Analysts still review outputs and make final decisions based on their expertise.
What challenges did Altery face before adopting AI?
Before adopting AI, Altery's compliance team struggled with a heavy manual workload and increasing onboarding requests, leading to capacity issues. The integration of AI has alleviated these challenges.