Artificial Intelligence Awards 2019

Wealth & Finance International - 2019 Artificial Intelligence Awards 7 APR2w2 Following the global financial crisis of 2008, regulators around the world have been searching for ways to ensure that nothing like it ever happens again. Of course, this has meant infinitely more regulations for companies working in industries such as financial services. Based in London, Waymark is a firm specialising in the development and provision of regulatory technology (Reg-Tech) and supervisory technology (Sup-Tech) software services. Founded in 2016 by Mark Holmes, the firm began as his answer to keeping up with the vast amounts of regulatory changes and meeting the various requirements. New artificial intelligence technology such as natural language processing (NLP) enables software to take over manual monitoring processes, which are not swift enough to keep up regulatory developments happening every single day. By leveraging new developments in NLP technology, Waymark aggregates global regulatory changes, before analysing and sorting them to determine whether or not they are applicable to clients. Following in-depth analysis, any relevant information will then be relayed to the appropriate teams where action can be taken. With AI technology, like NLP, helping companies manage the daily influx of regulatory change, it is more rapid than ever before. Waymark is a provider of exciting new services, having positioned itself as an expert on how best to leverage new AI, NLP, and machine learning technologies to help deal with the sheer number of regulatory changes. Consuming, analysing, and dispersing such vast amounts of regulatory text is no mean feat. Offering tailored regulatory information that allows senior management to take swift and decisive action, Waymark’s use of object and image-based identification methods against textual documentation is unique to other AI users in the sector. Waymark’s innovative new service includes 5 main pillars: Scan, Sort, Simplify, Surface and Share. The platform aggregates information from over 400 regulatory sources and 30 Law Firms. It then sorts this into themes and topic areas as well as extracting the obligations (the Regulations are seldom easy to comply with, but they are present for the benefit of those who must abide by them. They form a complex minefield of lengthy documents plagued with technical terminology. One of the biggest challenges highly-regulated industries face today is understanding clearly what is needed of them, and that’s where Waymark Tech can help. As we profile the company, discover what has made it into the Best NLP Reg-Tech Firm of 2019. Best NLP Regtech Firm 2019 actions). The platform then surfaces any additional insight, looking at cross references, similarity and differences and lastly provides a way for this information to be easily shared and tracked across teams within the firm. In order to do this properly, the team at Waymark have cultivated a reputation of remaining trustworthy to clients, delivering a service that is entirely reliable without error or breaks. With regulatory changes coming all the time, the firm also has to remain agile, fast-moving, and able to stay abreast of industry developments every single day. A key service that the team at Waymark have to be able to deliver is the translation of technical jargon into a language that every client can understand, helping them trust the technology. Whilst financial institutions may begrudge the wealth of new rules they are constantly faced with, regulations are for everyone’s benefit. Well- designed regulations can lead to great economic benefit, including maintained confidence in the financial system, enhanced protection and stability in those systems, and proper fortification for Waymark Tech Nov19292 consumers against fraud and money laundering. However, the negatives cannot be ignored. Misinterpreted regulations can conflict with one another, causing increased internal spend, operational burden, and confusion. That’s where Waymark comes in, helping to both simplify and clarify the implementation of regulations to ensure a brighter future for highly-regulated industries. Ultimately, Waymark is offering a solution to the exhaustive amount of man hours that go into searching through regulatory documentation that is not always relevant. As compliance costs increase and budgets remain static, this innovative firm is helping clients to work smarter in achieving more despite the regulations that keep coming their way. Company: Waymark Tech Contact: Mark Holmes Website: www.waymark.tech