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Achieving compliance standard analysis and speed with IBM watsonx.ai technology
Straker + IBM
Using typical IT solutions common across the industry, most audit companies and compliance departments struggle to keep up with the demand of updating compliance standard documentation. Along with adhering to new standards caused by rapidly changing businesses requirements, these organizations must also maintain the headcount that is required to meet these demands.
As an example, a globally recognized quality management audit can take up to 2 weeks, with 2–3 days of that time spent examining documentation. Days spent comparing the documentation against the compliance standard slows down the completion of the entire audit process.
Straker, a leading provider of AI-driven content automation, verification and translation services, began exploring new approaches that could be used to streamline the audit process.
As Straker assessed available solutions to improve competitiveness, they needed to ensure that the technology would help:
- Reduce audit duration
- Improve audit accuracy
- Create new routes to market, that is self-service processes
It was clear that a customized, AI-driven solution was the answer.
IBM and Straker have created an intelligent document understanding solution, powered by the IBM® watsonx.ai™ AI studio and the IBM Watson® Discovery platform, which have a deep, AI-driven understanding of certain compliance standard documentation. This understanding is integrated through a bespoke solution powered by watsonx.ai that automatically audits uploaded documentation. The areas that fail audits are identified and then returned to the uploader.
The software was built so auditors and people in compliance roles had a simple, yet thorough process with streamlined steps, including:
- Uploading documentation and selecting the given standard or compliance documentation
- Developing a checklist where keywords are extracted to search for compliance standard relevance
- Searching uploaded documentation for ideal accuracy
- Comparing the uploaded documents with the compliance standard using a large language model (LLM)
- Reporting noncompliant areas for further reporting or action
The AI-driven solution decreased the time to audit large collections, consisting of thousands of documents, to one-sixth of the previous time. It has also begun lowering the skill requirement of running audits, enabling less experienced auditors to perform their job responsibilities effectively, thereby improving productivity.
From a quality standpoint, this solution also helps drive improved audit outcomes by helping to ensure a consistently high standard of analysis.
Straker (link resides outside of ibm.com), founded in 1999 in New Zealand and listed on the Australian Securities Exchange (ASX) in 2018, is a leading provider of AI-driven content automation, verification and translation services. By acquiring global businesses and processing over a million translation jobs, Straker has combined AI with human expertise to serve global enterprises in more than 120 languages for over 2 decades.
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