Tips to Optimize Your Compliance AI Experience

Our Compliance AI program is designed to empower compliance officers working in banking, lending, and fintech markets. By harnessing the power of generative AI, our system accelerates and enhances the work of compliance teams by providing instant access to a vast corpus of federal, state, and other industry rules and regulations. Whether you need to ask questions about banking rules, develop internal policies, or create compliance training programs, our AI is here to help.  For example, the system can:

  • Answer detailed questions about rules or regulations
  • Provide compliance advice or interpretations when you encounter a compliance situation that is unfamiliar to you
  • Create internal policies and procedures “on the fly”
  • Develop compliance training programs for staff at all levels of complexity
  • Help institutions prepare for audits and evaluations
  • Help prepare senior management and the Board regarding their roles and compliance obligations with regulators
  • Draft emails to customers for compliance-related topics

How It Works

The Compliance AI program is built on a comprehensive database of regulatory information. When you ask a question or provide a task, the AI analyzes the request, searches the relevant regulations, and generates a response tailored to your needs. The system is designed to handle complex queries, but it performs best when provided with detailed and specific instructions.

Best Practices for Using Compliance AI

To get the most out of the Compliance AI program, follow these best practices:

  1. Be Specific: The more details you provide in your query, the better the AI can tailor its response. Specify the regulation, jurisdiction, and context.
  2. Use Clear and Concise Language: Avoid ambiguous terms or jargon that may confuse the AI. Clear, straightforward language leads to more accurate results.
  1. Provide Context: Include relevant context in your queries. For example, specify the industry or type of regulation you are referring to.
  1. Break Down Complex Requests: For complex tasks, break them down into smaller, more manageable parts. This helps the AI provide more accurate and useful responses.
  2. Leverage the AI for Automation: Utilize the AI to automate repetitive tasks, such as generating compliance reports or drafting policy documents. With the right prompts, you can significantly reduce manual workload.
  3. Experiment with Prompts: Don’t hesitate to try different ways of asking the same question. If the first answer isn’t perfect, adjust your prompt and try again.
  4. Ask Follow-Up Questions: If the initial response isn’t complete, ask follow-up questions to refine the answer further.

Example Prompts to Get Started

Here are some example prompts to help you get familiar with how to interact with the Compliance AI:

Asking About Regulations
  • Prompt: “What are the key requirements of the Dodd-Frank Act for financial institutions?”
  • Prompt: “Explain the compliance obligations under the Fair Lending Act for mortgage lenders.”
  • Prompt: “Generate a report on the compliance obligations for mortgage lenders under the Dodd-Frank Act.”
Creating Internal Policies and Responding to Ad Hoc Scenarios
  • Prompt: “Draft an internal policy for data privacy compliance in accordance with the Gramm-Leach-Bliley Act.”
  • Prompt: “Create a policy for anti-money laundering (AML) procedures based on the Bank Secrecy Act.”
  • Prompt:  “We accidentally sent out a letter of default to a large number of elderly customers in good standing, what should we do to rectify the situation and what CFPB rules apply to this mistake?”
  • Prompt:  “We are an FHA approved mortgage lender and we accidentally approved and funded a loan that did not qualify under the FHA program. What should we do to resolve this issue?”
Developing Compliance Training Programs
  • Prompt: “Design a training program for new employees on the basics of the Sarbanes-Oxley Act.”
  • Prompt: “Outline a training module for compliance officers on the latest Consumer Financial Protection Bureau (CFPB) regulations.”
  • Prompt: “Create a 5-question test on the Bank Secrecy Act, give 3 answers to each question and make 2 of the answers false.  At the end, provide the answer key.”
Automating Daily Tasks
  • Prompt: “Generate a checklist for quarterly compliance reviews for Federal Reserve member banks.”
  • Prompt: “Provide a template for a monthly compliance report for a fintech company.”
Audit/Exam Preparation
  • Prompt: “We have an upcoming CRA audit from the OCC, what should the management team do to prepare?”
  • Prompt: “What are the most common reasons why a bank would fail a Bank Secrecy Audit?”
  • Prompt: “What should we do to prepare for an upcoming FDIC risk assessment?  Provide guidance to the compliance team, senior management, and our board of directors in your answer.”

These prompts are just the beginning. As you become more comfortable with the system, you’ll discover even more ways to streamline your compliance work.

Need More Help?

If you have questions or need further assistance, our support team is here to help. Contact us by using the Beta Feedback Form..