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Can LLMs Do the Heavy Lifting When it Comes to Compliance?

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The rapid evolution of technology has made regulatory compliance a daunting challenge. Firms must not only stay current with changing technologies but also navigate increasingly complex requirements. At the forefront of this field is Priya V. Misra, a pioneer in leveraging large language models (LLMs) to simplify compliance processes.
We recently spoke with Misra about his latest venture, the current regulatory environment, the landscape of LLMs, and advice for utilizing GenAI tools.
Tell us about EKAI and the problem you are trying to solve.
Priya V. Misra: EKAI is the first AI compliance ‘co-worker’ for risk and finance professionals. Newer regulations are more complex and require more frequent reporting. Traditional compliance platforms can’t keep up with these new reporting requirements. Our proprietary AI software, as a private SaaS platform, easily addresses these new compliance needs. EKAI supports the development of compliance plans and helps Chief Compliance Officers and managers digitally manage their compliance activities, preparing for regulatory engagements and submissions. We currently focus on new regulations like Operational Resilience, Consumer Duty, and ESG.
EKAI offers a natural language chat interface for ease of use. As the nature of data has evolved, compliance professionals in financial services need enhanced systems and tools to support their business and meet regulatory requirements cost-effectively. We tested our model with the UK’s Financial Conduct Authority in their sandbox and found regulatory alignment for a tool like ours to help the industry meet compliance requirements.
Banks and fintechs have always faced regulatory challenges. Why have concerns around regulation been heightened in the past few months?
Misra: Recent months have seen a shift towards new kinds of regulations, moving from ‘what’ to ‘how.’ Organizations now need to show evidence of how they meet compliance, not just state their approach. The regulatory focus is increasingly on consumer protection, with the UK’s Consumer Duty regulation likely to inspire similar regulations in Europe. This shift impacts costs, as firms must handle multiple, sometimes competing, regulatory priorities while maintaining business operations in a competitive talent market. Tools like EKAI give compliance professionals better oversight on their performance against compliance requirements across multiple programs.
How have you seen the conversation around GenAI and LLMs evolve in the financial services industry in the last year-and-a-half?
Misra: The conversation around GenAI and LLMs in financial services has evolved positively. Initial hesitations have given way to wider adoption, with tools like ChatGPT paving the way for productivity enhancements through business intelligence software like EKAI, which sits at the intersection of compliance. EKAI has pioneered the use of Small Language Models (SLMs) for AI in corporate settings. SLMs reduce the risks of AI implementation and allow for progressive feature deployment. They are also eco-friendly, requiring less GPU usage and quicker training times.
Apart from EKAI’s application of GenAI, what is the most powerful application of GenAI for financial services you have seen?
Misra: One of the most impactful GenAI applications in financial services is customer support. GenAI excels at using company-specific information to answer customer queries and can intelligently switch to a human counterpart for sensitive issues.
How do LLMs compare to traditional methods of regulatory compliance and risk assessment in terms of efficiency and accuracy?
Misra: Traditional methods work well for traditional regulations, which involve structured data and numbers. LLMs and GenAI are crucial for future compliance as they can handle unstructured data such as documents, messages, and transcripts. This capability provides a robust foundation for building and using compliance platforms.
What advice would you offer firms avoiding GenAI tools due to regulatory and compliance concerns?
Misra: GenAI and LLMs will eventually impact every industry. I advise firms to selectively embrace these technologies because they are inevitable. The upcoming GenAI Act in Europe will introduce benchmarks and controls that will promote wider and more confident adoption across industries. This transformation will enhance skillsets and create efficiency gains that future generations will benefit from.
Source: finovate.com
The post Can LLMs Do the Heavy Lifting When it Comes to Compliance? appeared first on HIPTHER Alerts.

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To get greater BRICS cooperation off to good start

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A report from People’s Daily: The 16th BRICS Summit will be held in Kazan, Russia, from Oct. 22 to 24. This upcoming summit is the first to be held after the BRICS expansion, playing a prominent role in getting the greater BRICS cooperation off to a good start. It is also important for BRICS countries to unite the Global South and play a greater role in international affairs. Chinese President Xi Jinping will attend the 16th BRICS Summit.
“More than 30 nations have formally applied to join BRICS.” With its rising global influence, the BRICS cooperation mechanism has become a focus of media around the world. The increasing number of developing countries applying to join the BRICS family fully demonstrates the vitality and appeal of the BRICS cooperation mechanism.
Since its inception, BRICS countries have consistently acted on the BRICS spirit of openness, inclusiveness, and win-win cooperation, and taken BRICS cooperation to new heights. They have upheld fairness and justice in international affairs, stood up for what is right on major international and regional issues, and enhanced the voice and influence of emerging markets and developing countries. Faced with the current complex international situation, the Global South countries increasingly rely on the BRICS.
Under the suggestion of China, the BRICS expansion process was initiated during the 14th BRICS Summit held in Beijing in 2022. At the 15th BRICS Summit held in Johannesburg, South Africa in 2023, the BRICS achieved a historic expansion. Earlier this year, Egypt, the United Arab Emirates, Iran, and Ethiopia officially became members of the BRICS family.
The new round of expansion has further enhanced the global representation and influence of the BRICS mechanism, making it a more important force in shaping the international landscape.
Last November, leaders of BRICS countries joined the Extraordinary Joint Meeting of BRICS Leaders and Leaders of Invited BRICS Members on the Situation in the Middle East with Particular Reference to Gaza, to coordinate positions and actions on the Palestinian-Israeli conflict.
This year, the 14th BRICS Trade Ministers Meeting and the 14th Meeting of the BRICS high-ranking officials responsible for the security matters and national security advisors were held successively to build more consensus for cooperation, safeguard peace and stability, and seek common development and revitalization.
On multilateral platforms such as the United Nations (UN) and the G20, the BRICS countries have jointly defended the rights and interests of emerging markets and developing countries.
The world today is experiencing disorder, slowing growth, uneven development, and a loss of focus in governance. In the face of increasingly complex and challenging international situations, the greater BRICS cooperation bears greater responsibilities and higher expectations.
The greater BRICS cooperation will continue to promote common security and strive for lasting peace. The BRICS countries will support each other on issues concerning their respective core interests, and enhance coordination on major international and regional issues.
China and Brazil have jointly released the six-point consensus on the common understandings on the political settlement of the Ukraine crisis, which has received positive responses from more than 110 countries.
On the Palestinian question, the BRICS countries emphasize the need to push for the early realization of a comprehensive and lasting ceasefire in Gaza, support Palestine’s full UN membership, and implement the two-state solution.
The greater BRICS cooperation will focus on development as a priority and remove hindrance to development. The membership expansion has contributed to a wider-ranging, broader, and higher-quality cooperation among BRICS countries. By revitalizing the cooperation outcomes and unlocking new cooperation potential, the countries are committed to leveraging the opportunities brought by technological revolution and industrial transformation to nurture new drivers for high-quality development and create new landmark achievements in areas such as finance, artificial intelligence, energy, and minerals.
The greater BRICS cooperation will follow true multilateralism and improve global governance. The BRICS expansion has further increased the representation of the BRICS family on the global stage, which will expand the topics of global governance joined by BRICS countries and improve their governance capabilities. The upcoming BRICS summit has once again focused on multilateralism, demonstrating the confidence and determination of BRICS countries in upholding multilateral cooperation.
Currently, the Global South accounts for over 40 percent of the world economy, profoundly reshaping the global economic landscape. As the leading members of the Global South, the BRICS countries are working for greater solidarity and cooperation among countries of the Global South. Together, they have stayed true to the fundamental aspiration of upholding the common interests of the Global South and pushing for a more balanced and effective global governance.
At a new starting point, the strategic significance and political effects of the greater BRICS should be fully leveraged to make BRICS a new type of multilateral cooperation mechanism based on emerging markets and developing countries, and open and inclusive to the world.
China has been a consistent advocate of and contributor to BRICS cooperation. As Chinese President Xi Jinping pointed out, BRICS countries gather not in a closed club or an exclusive circle, but a big family of mutual support and a partnership for win-win cooperation. They need to uphold openness and inclusiveness and pool collective wisdom and strength, which meets the realistic needs of BRICS development and serves the common interests of all BRICS countries.
Building on a solid foundation, the greater BRICS cooperation is bound to embrace a bright future. Moving forward, China stands ready to strengthen strategic partnerships with all BRICS partners, get the greater BRICS cooperation off to a good start, and build a community with a shared future for mankind, so as to make greater contributions to the development and progress of human society.
SOURCE People’s Daily
The post To get greater BRICS cooperation off to good start appeared first on HIPTHER Alerts.

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SDEC 2024: Team Kaohsiung Presenting New City AI Governance

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Kaohsiung City Deputy Mayor Charles Lin led a delegation of smart transportation, smart healthcare, and Asia New Bay Area startup representatives to the 2024 Selangor Smart City and Digital Economy Convention (SDEC) in Malaysia. Deputy Mayor Lin also delivered a speech at the SDEC conference, introducing the development of the semiconductor industry and the achievements of Kaohsiung Smart City.
Delegation presented a diverse group of companies:
Chunghwa Telecom exhibited two key technologies: the Cellular Vehicle Probe (CVP) Big Data system for traffic analysis and a 5G Vehicle-to-Everything (V2X) Technology for light rail intersection safety. The CVP system offers real-time traffic monitoring and analysis, while the V2X technology enhances safety through dynamic monitoring and rapid warning transmission.
Advmeds presented their “Kaohsiung Health 4.0”, introducing generative care engine technology across medical facilities, communities, and senior fitness clubs. This system achieves digitalized health management through chatbots and is developing AI digital avatars to upgrade customer service functions.
iAMBITION showcased comprehensive solutions for medical and care institutions, featuring their “iSAFE system platform.” This platform utilizes contactless 3D sensors, smart IoT, and AI image recognition for anomaly detection, environmental monitoring, and health risk assessment in healthcare settings.
LTPA introduced its “Smart Cognitive Training Program,” combining AIoT technology to digitalize non-pharmaceutical treatments. The program offers AI remote training equipment for seniors, focusing on dementia prevention and muscle strength enhancement.
Hitspectra Intelligent Technology demonstrated their application of Hyperspectral Imaging in Early Medical Diagnosis. This technology assists doctors in quickly identifying affected areas with unclear early symptoms, particularly skin diseases. Their focus includes biomedical optical detection and semiconductor thin film optical inspection.
Meta Intelligence presented one-stop digital innovation solutions spanning AI, IoT, and Digital Twins. Their expertise covers AI-powered building management, AI-generated fashion model photos, VR and AI smart sports training tools, and VR foreign language practice with AI characters. These participants demonstrated Kaohsiung’s diverse capabilities in AI and 5G applications, spanning smart transportation, smart healthcare, and metaverse solutions for smart cities.
During the visit, Kaohsiung companies engaged in business matchmaking sessions with Malaysian enterprises, expanding their presence in the Southeast Asian market. Selangor State EXCO YB Ng Sze Han expressed hopes for deeper collaboration following the “Smart City Strategic Partnership Alliance” MoU signed in March last year. The visit marked a significant milestone in Taiwan–Malaysia smart technology cooperation, highlighting both cities’ commitment to innovation and sustainable urban development.
SOURCE Kaohsiung City Government
The post SDEC 2024: Team Kaohsiung Presenting New City AI Governance appeared first on HIPTHER Alerts.

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Happiest Minds positioned as a ‘Major Contender’ in Everest Group’s Cybersecurity PEAK Matrix® Assessment – North America 2024

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Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital . Born Agile’, Mindful IT Company, today announced that it has been positioned as a ‘Major Contender’ in the latest market evaluation report, Cybersecurity Services PEAK Matrix® Assessment 2024 – North America by Everest Group.
Ram Mohan C, CEO of Infrastructure Management & Security Services (IMSS), Happiest Minds, said, “Our approach to cybersecurity is strategic and holistic, integrating advanced services to address the full spectrum of threats across diverse IT environments. We have invested significantly in cybersecurity solutions, including AI-driven threat detection, Zero Trust architecture, Secure Access Service Edge (SASE), Gen AI security, quantum security, and advanced Security Operations Center (SOC) capabilities. At Happiest Minds, we continuously adapt to industry trends, embedding cybersecurity into every facet of our service delivery, innovation, and technology adoption, ensuring our customers are prepared to tackle the evolving challenges of today’s digital economy.”
Priya Kanduri, CTO of Infrastructure Management & Security Services (IMSS) and Head of Security Services, Happiest Minds, said, “This recognition highlights our strategic vision and unwavering commitment to delivering cutting-edge cybersecurity services to our customers. We have strengthened our talent pool and leveraged automation to address industry-wide skill gaps, ensuring robust and scalable security operations. Our relentless drive towards excellence in addressing the most pressing security challenges empowers us to deliver exceptional value to our customers. This accolade reinforces our perseverance in driving innovation in the cybersecurity landscape.”
The post Happiest Minds positioned as a ‘Major Contender’ in Everest Group’s Cybersecurity PEAK Matrix® Assessment – North America 2024 appeared first on HIPTHER Alerts.

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