As artificial intelligence makes advances in all industries, one company has announced a flagship AI-driven product that will help financial firms with compliance protocols.
Surge Ventures, a Menlo Park, California-based fintech company, Thursday announced the launch of its inaugural venture, RegVerse, which focuses on advancing regulatory technology, or regtech.
Along with it, the company announced a new tool — Avery — that will provide advisors with a transformative regulatory compliance experience.
Sid Yenamandra, co-founder of Surge Ventures and CEO of RegVerse, said Avery joins an industry that’s already tech-dominated.
“What we’re doing with Avery is we’re taking advantage of this new software refresh cycle that we’re all in with and actually starting to build a new era of compliance tech,” Yenamandra said. “It pays to have solutions out there that are looking at ways of de-risking an organization’s risk posture, particularly around compliance risk.”
To ensure firms are complying with regulations, Avery will refer to more than 100 state and federal regulatory sources that tailor regulation management to each firm’s requirements. It will also help firms save time as it assesses compliance gaps and ensures rigorous adherence to regulations through meticulous mapping of their requirements.
The platform will also simplify intricate regulations, automatically identifying and summarizing pertinent guidelines.
“Avery’s automation optimizes resource allocation by automating manual tasks, identifying relevant regulations, and analyzing events for optimal task allocation,” RegVerse said in a statement.
Advisors who choose to use Avery will get dynamic alerts that provide instant updates, allowing their team to make educated decisions and uphold compliance.
For those with concerns about firewalls or cybersecurity, Yenamandra said that’s not an issue.
“This entire program is built without access to ChatGPT or any public generative AI program,” he said. “We built our own, which runs in our environment. If you’re a large enterprise and you want to use the technology, you could train it with your own data set, and it would be running within your environment without there being any outside involvement or data going outside of your firewall. It would all be within the firewall in the organization.”
Yenamandra added that Avery is one of the few compliance programs out there – and that it already has early adopters who have embraced the technology.
“There’s a lot of talk around AI and the perils of AI, and we’re going to go through the education curve, but I think we’re starting on the right side,” Yenamandra said. “We’re super excited about being a company that’s leveraging new technology to be able to help firms de-risk their organization.”