Steele Compliance Solutions on June 25 announced its acquisition of TransparINT, a technology company harnessing artificial intelligence (AI) to provide the next generation of compliance tools.
TransparINT’s negative news monitoring application uses machine learning and natural language processing (NLP) to filter vast quantities of unstructured data from millions of sources to identify risk potential efficiently. This acquisition creates a unprecedented combination of software technology and human + artificial intelligence, all designed to deliver an industry-leading set of compliance and risk mitigation tools.
TransparINT’s proprietary AI engine harnesses over five million sources to compile risk records on over 43 million entities and individuals across 120 countries. As the most comprehensive risk profile database in the industry, TransparINT enables compliance officers to far more accurately and efficiently make risk decisions than those relying on conventional data searches or databases.
“As the role of compliance officers continues to expand, they are increasingly looking to technology as a means of effectively managing the expanding regulatory requirements they face globally,” said Steele CEO Eric Lochner. “Steele sees the combined role of technology, human intelligence, and employee training as the future of enhanced compliance.”