Smarsh, the leader in communications data and intelligence, has unveiled its latest product, the Smarsh AI Assistant for Professional Archive.
According to Finextra, this innovative tool is designed to democratize access to advanced compliance AI, providing a crucial advantage for both small and mid-sized firms.
The new product aims to address the significant challenge of time-consuming manual reviews in compliance processes. By integrating AI, Smarsh seeks to streamline these tasks, making them more efficient and less prone to error, thus leveling the playing field in regulatory compliance across the financial industry.
Smarsh has established itself as a pivotal player in RegTech, leveraging over a decade of AI innovation and strategic partnerships with giants like OpenAI and AWS. This backdrop of continuous advancement in AI technology underscores Smarsh’s commitment to transforming the regulatory landscape for financial communications.
The Smarsh AI Assistant enhances the compliance capabilities of firms of all sizes. Acting as an automated compliance review partner, it rapidly assesses and flags potential risks within communications. The AI Assistant uses a Scenario catalog to interpret archived messages, providing a risk-scoring assessment that allows reviewers to respond swiftly and confidently.
In addition to speeding up message review processes – what used to take over 12 hours now can be completed in minutes – the AI Assistant also enhances the accuracy of compliance checks. It reduces false positives by intelligently identifying and reviewing standard disclaimers and newsletters, thus fine-tuning the compliance workflow.
The product includes several groundbreaking features such as enhanced audio intelligence, which supports translations and transcriptions of archived audio files in over 90 languages. This capability is integrated into the PA AI Assistant, facilitating easier content review and compliance oversight.
Smarsh AI Assistant will be initially available to select Professional Archive customers in March 2025, with a broader rollout expected later in the year. It is specifically designed for wealth management, private equity, insurance sectors, and governmental agencies, ensuring that these organizations can access top-tier AI compliance solutions without compromising on performance or security.
Sheldon Cummings, President, Corporate Business at Smarsh, emphasized the transformative impact of the new AI Assistant, “With Smarsh AI Assistant, we’re unleashing the full power of AI for any Professional Archive customer—no matter their size or budget. By equipping our customers with a leading-edge compliance assistant that streamlines and automates communications review, we’re enabling them to work smarter, reduce risk, and protect both their organization and their bottom line like never before.”
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