At Ascent, we use cutting-edge AI technologies to de-complicate financial regulation, making it easier for companies everywhere to comply.
We’ve built our company around tackling one of the most intractable challenges in regulatory compliance: regulatory change management. To take this on, we’ve created revolutionary automation technology that represents a radical leap forward for how companies can track regulatory updates, reconcile changes, and identify obligations.
The challenges of regulatory change management are complex — and they require a comprehensive solution.
Other regulatory change management tools have tried to tackle these challenges by taking a top-down approach to automation. Acting much like a search engine, their software skims through regulatory documents in search of key phrases or specified search terms that might be related to a company’s business requirements.
But the complexity of both regulatory documents and a company’s compliance needs overwhelms the capabilities of these search-based solutions. Too often, these tools create more work instead of less by generating a massive list of search results that may only have a tangential relationship to business needs. Ultimately, this means compliance personnel must still put in a substantial amount of manual work to sift through the results and determine what information is actually relevant.
At Ascent, we’ve approached the problem from a different angle.
Meet RegulationAI™, the world’s first bottom-up compliance automation technology.
RegulationAI™ — the digital brain that powers Ascent’s entire platform — is a true innovation in regulatory technology. Much as an investment portfolio manager might take a bottom-up approach to analyzing individual stocks — researching a company at a granular level to gain a comprehensive understanding of its worth — our bottom-up automation technology decomposes regulatory text to a word-by-word level. Our platform is then able to extract obligations from within those regulatory texts and rapidly determine whether those obligations apply to a business.
Because RegulationAI™ completes this process from the bottom up, the obligations extracted are rich with metadata — key information retained from the regulatory source document, like regulator, published date, etc., — powerfully expanding what our customers can do on our platform. When reviewing obligations, customers are able to easily click through to an obligation’s source document, see a side-by-side comparison of rule changes, and even create and assign tasks directly from an obligation.
Because we decompose regulatory texts down to a sentence-by-sentence level, it makes it possible to create links between documents, rule sets, and obligations, which in turn allows us to dynamically update a company’s obligations so that teams can easily keep up with the fast pace of regulatory change.
How RegulationAI™ works
We use two primary forms of technology to power our digital brain:
- Natural language processing (NLP) is the combination of computer science and linguistics to help computers understand human language. Ascent ingests millions of lines of text from regulations and then uses NLP to understand and organize that data.
- Machine learning (ML) is about creating models that are designed to learn on their own. Because we are constantly feeding our models more data, which are additionally trained by in-house compliance experts, they continually adapt and become smarter and smarter over time.
Together, these technologies allow us to decompose regulatory texts down to a line-by-line level.
As a first step, NLP technologies take the dense texts of regulatory documents and, in essence, “translates” them into machine-readable language. Trained ML models then “read” that text, extracting the rules and regulations from within. Then ML models determine whether those obligations apply to a customer’s business based on what type of financial institution it is, where it operates, what products/services it offers, and a number of other attributes. The result is a dynamic and unique list of obligations specific to that customer
Creating Automation We Can Trust
Our customers cannot afford to miss even a single obligation, so neither can our AI. In order to be able to clear this crucial bar, we use a number of controls during our automation process — including a knowledge risk framework, probabilistic predictions, and, during the most critical steps, human domain expert review.
Each of these controls acts like a lever we can adjust to calibrate the right mix of accuracy and efficiency. Compared to manual efforts alone, which only have one lever to pull — manpower — this method allows us to create a significantly less risky result for our customers at a fraction of the cost and time.
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That’s the power of automation.
Great technology augments your team. With Ascent, Risk and Compliance teams can focus on the high-value activities that matter most — like creating and implementing controls, working across the lines of business, and developing a scalable compliance strategy — without the constant worry of accidentally missing an important update or keeping records that will stand up to regulator scrutiny.
With the digital brain of RegulationAI™ at its core, Ascent provides regulatory knowledge tailored to your company, all within a flexible yet powerful platform that lets you manage your obligations from start to finish.
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Modern challenges require modern tools. Interested in seeing how Ascent can help you automate horizon scanning, change management, and obligations management?