Descartes Systems Group released Descartes Visual Compliance AI Assist, the latest advancement in denied party screening that uses new artificial intelligence (AI) capabilities to help trade compliance teams automatically reduce the effort required to review and clear false positives.
“While it makes sense to cast a wide net with screening, false positives are a costly drag on time, accuracy and compliance performance,” says Brian Hodgson, general manager, trade compliance at Descartes. “AI Assist significantly reduces low-quality false positives while managing the risk of true hits. With compliance, AI needs to be ‘risk-aware,’ meaning it needs to deliver the tremendous value of AI without increasing the risk of violations. With AI Assist, for some customers, the combination of automation in collaboration with human oversight has helped reduce false positives to just fractions of a percent, even with large screening volumes. This is a significant gain in productivity for compliance resources who can be overburdened with irrelevant alerts.”
Key takeaways:
· Descartes Visual Compliance is a cloud-based solution for export, financial and trade compliance, including restricted and denied party screening. The solution includes comprehensive watch list and regulatory content from the United States as well as the EU, APAC and EMEA regions.
· Descartes Visual Compliance helps companies of all sizes in diverse industries, such as aerospace, financial services, retail, manufacturing, education, transportation and defense, better navigate foreign trade compliance by streamlining workflows, mitigating business risk and enhancing overall compliance.
- Enhanced screening accuracy automatically identifies and filters low-risk screening results based on statistical analysis and machine learning algorithms. Streamline risk assessment with data-driven insights to support more informed decision-making and optimize the use of compliance resources.
- Use adjustable AI settings to tailor the solution’s responsiveness to align with specific regulatory requirements, geographical or departmental needs or internal adjudication practices. This flexibility allows organizations to customize the review of results below defined thresholds and ensure full oversight of flagged entries on a continual basis as they change and grow.
- Demonstrate due diligence with consolidated and accessible screening results that are supported by centralized, audit-ready reports and a comprehensive audit trail. With complete visibility and traceability of screening results, companies are better able to meet both internal and external audit requirements.
“With the increase in global trade regulations and the substantial volume of information that flows through international commerce, having effective screening without overloading trade compliance resources with false positives is essential,” says Ken Wood, EVP, product management at Descartes. “To help businesses with this persistent challenge, our AI innovations accelerate the review and adjudication of screening results with intelligent filtering, flexible control and human-centered quality assurance, which enhances compliance levels while reducing labor effort.”
