Regulatory Intelligence Compliance Solutions Inc. (RICS), a leading SaaS provider of SEC/FINRA compliance software platforms, has officially secured a utility patent from the United States Patent and Trademark Office (USPTO) for its proprietary Artificial Intelligence-powered compliance audit technology called Global Artificial Intelligence Auditor™ (GAIA).
In case you weren’t aware, GAIA™ makes it possible, at launch, for companies across all industries to leverage technology custom-made for meeting regulatory requirements with greater efficiency and lower costs. More on the same would reveal how, taking a departure from traditional alternatives infamous for being time-consuming and resource-intensive, GAIA™ arrives on the scene bearing an ability to autonomously schedule and execute compliance audits, while simultaneously tracking and resolving compliance issues.
As for the patent, it covers any AI managed review, exam, assessment or audit which can be based on external legal or regulatory requirements, internal rules or policies, and/or industry-specific standards and frameworks.
“RICS is the first and only organization to develop and license technology in which AI itself performs a comprehensive audit, setting the industry benchmark as the original and exclusive provider of AI-driven audit execution solutions. Our goal is to provide companies across multiple industries with a transformative audit technology that not only ensures regulatory compliance, but also maximizes efficiency, reduces costs, and creates a sustainable competitive advantage by supporting employees to focus on core competencies, not repetitive, mundane tasks,” said Paula Bosco, COO, Senior Advisor and Board Director at RICS.
Talk about the given technology on a slightly deeper level, we begin from its promise to provide fully automated AI auditing. This translates to how compliance audits are conducted from end-to-end with or without human intervention, thus freeing up valuable resources.
Next up, we have advanced AI decision-making coming into play, markedly reaching that reality on the back of data analysis, human reasoning, decision-making, and responsive interactions.
Another detail worth a mention is rooted in the availability of proactive compliance monitoring. In essence, the relevant technology can be expected to independently detect potential violations, track remediation efforts, and ensure that corrective actions are completed.
Beyond this, there is the potential for significant time and cost savings. We get to say so because GAIA™ streamlines the audit process, and at the same time, empowers organizations to complete audits in less time, as well as at a lower cost compared to traditional audit practices.
Rounding up highlights would be an avenue to access cross-industry applications. Basically, one can deploy and license GAIA across any companies, across any sector, and across any industry to achieve compliance with external regulatory mandates, internal governance policies, and/or industry-specific standards, all while improving operational efficiency.
Founded in 2008, Regulatory Intelligence Compliance Solutions Inc. has risen up the ranks by helping banks and broker-dealer firms navigate the complex regulatory landscape with innovative SaaS compliance platforms. The company’s excellence in what it does can also be understood once you consider it currently serves 11 sectors, 26 industry distinct industry groups, and 74 industries.
“At RICS, we are committed to leveraging cutting-edge technology to redefine compliance auditing by making it faster, more cost-effective, and less resource-intensive,” said Donna Sardanopoli, President and CEO of RICS. “Our patent grant for this revolutionary technology solidifies our leadership in AI-driven compliance solutions, offering businesses a scalable, efficient, and intelligent approach to regulatory adherence. RICS is aggressively seeking further and expanded protection through additional filings and looks forward to sharing the results as they become available.”
