Law firm buyer’s guide to compliance tools

Key takeaways

When looking at a new compliance solution for your process, there are a couple of key elements that play into a buyer’s mindset. First and foremost is resource constraint. It’s looking at the existing technology stack and it’s ensuring that there’s a way to bring together all of those different elements.

Xapien is designed for initial due diligence, providing a comprehensive report based on open-source internet data. The goal is to eliminate manual effort for researchers, offering a meaningful starting point without replacing them. Xapien aids in onboarding processes, AML checks, and risk assessments, bringing together structured data and open-source information for a real-time snapshot.

In client due diligence, analysts face pressure to gather accurate information through human interaction. Choosing tools like Xapien requires evaluating whether they enhance data access or simply add another step. The key is aggregating information for a unified view of the client, covering sanctions, watch lists, PEPs, and adverse media.

No single tool fits all requirements; some excel in enhanced due diligence, while others provide structured data for specific client profiles.

The challenge lies in consolidating information into one place. Some firms attempt to build their data warehouses, while others rely on manual processes. AI expedites the process, allowing analysts to work faster and make more informed decisions, managing both client selection and associated risks strategically.

Reliability is a concern with AI tools. To address this, structured information in a Xapien report is referenceable, directly linking back to the source. Xapien’s insights capability ensures hallucination removal through an overlay on generative AI, providing confidence in the presented information.

The generative AI summarises what it’s found in a digestible format, facilitating quick decision-making while allowing users to delve into the underlying details if necessary. Want to learn more about Xapien and how we do it? Book a call with us here.