Cognitive View is a Regtech platform and has two key components
1. Regulatory life cycle Management
2. Compliance Automation
Cognitive View offers a comprehensive library of regulations including the Australian Securities and Investments Commission regulated AFSL.
It delivers a single source for regulatory content, coupled with a comprehensive control framework, that allows users to highlight obligations pertinent to their organization and map each obligation to specific process or control points. The platform has pre-built machine learning libraries for Australian regulations, which means it understand the required Clauses.
It also allows customers to define their own internal obligations which means a single place to manage internal and regulator driven obligations. For example, an internal obligation can be what a call centre agent must or must not say while selling a life insurance product over the phone. This prevents misconduct and helps in winning back the consumer trust.
The platform provides regulatory lifecycle management function. This allows customers not only to identify the change in those regulations but also to understand it’s impact at various control points including Call centre, Chatbot logs, Support ticketing system. This reduces the risk and also the time and cost in change management.
We use cognitive natural language processing (NLP) analysis and deep learning to automate any potential obligations breaches or incidents.
In a call centre scenario, the technology converts speech to text and analyzes call centre transcripts for already mapped internal and regulatory driven obligations. The auto discovery function produces scorecard and risk metrics that allows the business to proactively assess and manage the risk for compliance breaches. The onus is on the businesses how they report the breaches to regulators. It also provides customer sentiment and agent behaviour analytics. This saves a huge cost in forensic analysis.
For example, Insurance companies who sell direct insurance products like life and funeral insurance over the phone. They can use the platform not only to have a single place to define all their obligations, but also to proactively manage the risk. This replaces the need for call centre supervisors who manually listen to the calls for quality, compliance and coaching. This is not only a huge cost saving, but also improves agent retention and customer experience.
Compliance is an outcome, not a goal. The goal is to keep promises – Cognitive View allows organizations to keep their promises and meet obligations proactively.