RegTech platform Model Office has launched a new version of its AI chatbot incorporating generative AI features and development to support advice and wealth management firms’ governance, risk, and compliance (GRC) challenges.
.The chat bot incorporates Open AI ChatGPT and is trained across cyber secure resources built by Model Office including the FCA handbook and other regulatory directives and resources, to ensure the bot can translate user queries, scrutinise the FCA handbook, client data and internet to deliver relevant compliance information, data reports and guidance in real time.
Key features MO 2.0 offers:
• Generative AI to deliver full guidance across the FCA handbook including the Consumer Duty, ICO regulations and relevant government directives available 24/7
• Tailored conversational responses including relevant URL resources based on user queries
• Scrutiny across relevant regdata to deliver streamlined regulatory reports
• Signposting professional services that can help with more granular GRC advice and guidance
• Digital training focused data that can highlight knowledge gaps and support ongoing staff training and competence needs
• A tailored version that can be adapted for networks and support services internally and externally for their member firms
MO 2.0 is available on Model Office classic and enterprise platforms and also will be made available to Model Office investment, mortgage and protection network and compliance support service institutional clients.
Chris Davies Model Office founder and Director says: “MO 2.0 represents a new era for compliance support. Our team have worked hard to embrace the generative AI opportunity in building an intuitive and resource centred chatbot that enables firms to gain 24/7 compliance guidance and support on key compliance challenges they face. MO 2.0 covers all key regulatory directives providing a third line of defence and valuable resource focused information, regulatory reports and data scrutiny, providing evidence based practice, which is imperative now with a data led FCA who are more assertive, intrusive, and pro-active.”.