Case Study: Automation of Structure and Compliance Checks on Asset and Wealth Management Documents

Client: Leading Financial Firm

Consulting Company: VerticalServe

Implementation Period: 6 months

Technologies Used: Business Ontologies, NLP, Data Classification Models, Google BERT, MLOps Pipelines

Background: A leading financial firm was facing challenges in manually validating the structure and compliance of asset and wealth management documents, such as prospectuses and fact sheets. This process was time-consuming, error-prone, and costly, resulting in delays and potential regulatory risks. The firm approached VerticalServe to develop an automated solution to streamline the document structure and compliance checks using advanced technologies such as business ontologies, NLP, and Machine Learning (ML).

Objective: To design and implement an automated solution to enhance the efficiency, accuracy, and compliance of asset and wealth management document checks by leveraging business ontologies, NLP, ML, and Google BERT.

Solution: VerticalServe developed a comprehensive solution with the following components:

1. Business Ontologies: The solution utilized business ontologies to define the structure and relationships between various document elements, such as sections, clauses, and data points, providing a framework for automated document checks.
2. Data Classification Models: Using Google BERT, an advanced NLP model, VerticalServe created data classification models to automatically categorize and analyze the content of asset and wealth management documents, ensuring proper structure and compliance.
3. NLP and Entity Extraction: The solution employed NLP techniques to extract relevant entities, such as investment products, risk factors, and disclosures, from the unstructured text of the documents, enabling targeted compliance checks.
4. MLOps Pipelines: VerticalServe implemented MLOps pipelines to automate the training, deployment, and monitoring of the data classification and entity extraction models, ensuring continuous model optimization and performance improvement.
5. Compliance Dashboard and Alerts: A user-friendly compliance dashboard was developed to display real-time results of the document checks, with automated alerts sent to compliance officers when potential violations or structural issues were detected.
6. Integration with Existing Systems: The automated solution was seamlessly integrated with the firm’s existing document management and compliance systems to streamline the entire review and approval process.

Results:

• Enhanced Efficiency: The automated solution reduced the time required for document checks by 75%, allowing the firm to process more documents in less time and allocate resources to higher-value tasks.
• Improved Accuracy: The use of advanced NLP and ML techniques resulted in an 85% reduction in errors, ensuring more accurate and consistent document checks.
• Reduced Compliance Risk: The automated solution enabled the firm to conduct more comprehensive and consistent compliance checks, reducing the risk of regulatory penalties and reputational damage.
• Continuous Improvement: The MLOps pipelines allowed for continuous model optimization and performance improvement based on user feedback and evolving regulatory requirements.
• Scalable Solution: The cloud-based architecture and modular design of the solution facilitated easy scaling and adaptation to accommodate changing business needs and additional document types.

The automated solution developed by VerticalServe significantly improved the efficiency, accuracy, and compliance of asset and wealth management document checks, reducing the firm’s operational risks and costs. The firm has since expanded the solution to other document types and regulatory areas, further enhancing its overall compliance management capabilities.

About:

VerticalServe Inc — Niche Cloud, Data & AI/ML Premier Consulting Company, Partnered with Google Cloud, Confluent, AWS, Azure…50+ Customers and many success stories..

Website: http://www.VerticalServe.com

Contact: contact@verticalserve.com

Successful Case Studies: http://verticalserve.com/success-stories.html

InsightLake Solutions: Our pre built solutions — http://www.InsightLake.com