Josh Ballard

The latest 1LoD Deep Dive event, Risk Data Across the Three Lines of Defence, provided the perfect platform for the Behavox team to share their insights on how AI can protect firms against risk and drive value.

The two-day event included interactive roundtable discussions on a range of topics, including AI and ML within Data Management. Fahreen Kurji, Behavox Head of Customer Success, joined the debate and likened the industry’s continued use of lexicon-based compliance monitoring solutions to “burying your head in the sand.” Fahreen added that the only way to identify risk across the numerous communication channels being used by employees today is to use AI to understand and identify the profile and behaviors of people who cause such issues.

The idea that firms are sitting on more data than ever before but are perhaps not using it to their advantage was a theme that ran through many of the roundtables and speakerships during the event.

Nabeel Ebrahim, Behavox Chief Revenue Officer, joined a debate on data analytics that tackled three key topics:

  • Should banks be leveraging more intelligent, data-led risk identification? 
  • How can banks utilize AI and data analytics to identify trends? 
  • What are the opportunities to leverage real-time data visualization tools?

The consensus of those in attendance was that while firms are sitting on a gold mine of communication data, they are failing to produce actionable insights that protect against risk and create value as they do not have the foundational elements in place.

“You can’t go straight to artificial intelligence,” Ebrahim explained. “It has to be an evolutionary process and you have to map it out, which is one of the milestones we need to understand as an industry to be able to move toward automated risk detection.

“The industry right now is really obsessed with trying to solve sci-fi projects. Sure, we’d love to do that, but before we get to Nirvana, firms first need to learn how to walk, crawl and, finally, run. It’s a whole evolutionary process and you can’t just skip to the end.”

Before attempting to apply AI to communication data, Ebrahim suggests asking three key questions:

  • Do we have all of our communication data in one place? 
  • Do we have the correct tools to analyze that data? 
  • How do we actually escalate and collaborate to: 
    • Resolve the risks identified 
    • Take advantage of the insights generated

These three steps are aligned with the three key tenets of Behavox. Our solutions allow firms to aggregate global communications across 150+ data types and multiple languages. They then analyze this data to identify true positives in risk categories such as market abuse, insider trading, and collusion. And finally, the insights generated enable firms to take the appropriate action to escalate and address instances of non-compliant behavior.

Discover how Behavox Compliance helps firms to generate valuable insights from internal communications like email, instant messaging, social media, and voice that help to identify risk quickly and accurately – before it’s too late.