Compliance units have the function of ensuring that all processes are in line with relevant laws and regulations. Non-compliance may generate unnecessary costs (e.g. administrative fines) and lead to reputational losses and customers' exodus. In certain circumstances, it may also have adverse effects on the management board and its members, as lack of compliance may result in personal liability. It is why having effective and swift units that can react to any wrongdoing is essential.
Control and supervision of business units and their activity are one of the main goals of compliance functions.
In case of a potential threat, such units should be able to act to eliminate risk. But how a compliance function can have effective oversight on the whole business, especially if it is highly decentralized? It seems it is almost impossible.
Imagine a company with thousands of sellers or relationship managers solely responsible for selling products or providing services. All of them respect a set of specific rules and procedures. This set will cover the do and don't of Customer Service, grand rules for communications and give examples of use cases.
Data from phone and mail communications in customer service are stored and archived for legal and regulatory purposes (e.g. support or deny potential claims). Compliance officers review these conversations regularly to find possible gaps or inconsistencies with relevant policies or procedures. These reviews are a massive task prone to human errors.
But is there a way to automate this process?
Yes. With Docmatic's natural language processing techniques, compliance officers may be able to train models with a set of key phrases, words or whole sentences suggesting that specific undesirable behaviour took place. Instead of going through the entire documents, the compliance officers will receive an alert every time the model encounter said vital phrase or keyword and link this alert to a particular part of the text that requires attention.