- Designed to mitigate rapidly rising costs of financial crime and AML activities
- AI solution targets the 30-50% of workflow such as email that is outside core CLM systems
- Using proven AI technology to deliver up to 75% effort saving on email management alone
Lysis Group, a leader in business change management services and a provider of innovative CLM managed services through Lysis Operations, launches a new AI-driven, Off-Grid Workflow solution for regulated firms. It has been designed to combat the rapidly rising costs of CLM and anti-money laundering (AML) activities. Research indicates between 30% – 50% of the total cost of client on-boarding and refresh sits outside core CLM systems in email and other tools – i.e.“off-grid workflow”. OGW uses proven AI technology to manage the off-grid workflow, demonstrating up to a 75% effort saving for overall management of all activities outside core systems.
Drawing on many years of practical experience in this field and of implementing AI on top of the Lysis CLM Managed Service platform, the expert Lysis team using the OGW service, now provides firms with an initial AI configuration, pre-trained to deal with typical off-grid AML scenarios. The AI can then learn in the context of each firm’s operating environment and develop into a fully bespoke solution owned and run by the user. This modern, AI-driven approach is proven to enable clients to transform the customer experience, stay compliant, reduce costs, and increase profitability. The AI-driven off-grid workflow is offered as a bespoke managed service, configured to suit each firm’s requirements or as an addition to Lysis’ existing CLM Managed Service.
Jon Sweet, founder and CEO of Lysis, commented. “The explosion in financial regulation and the rigour with which it is enforced in many jurisdictions means the burden in terms of rising costs and the associated management overhead is becoming untenable. We believe the proven OGW platform will transform the efficiency with which financial firms approach their CLM and AML obligations. Both are critical business requirements and are under intense regulatory scrutiny. With AI at the heart of the offering, clients can now deliver a premium, highly efficient, and fully compliant service at a significantly lower cost than previously possible.”
“AI is the future, and business needs AI today. Particularly for repetitive, error-prone tasks which require high levels of costly, time-consuming human intervention. Based on previous experience, we have seen up to 75% effort reductions in managing off-grid workflow. We are excited about the possibilities it can deliver. Working in close collaboration with our partners, we are delighted to be at the forefront of driving this important new technology into the mix, supporting clients to achieve their business transformation goals confidently.” Jon concluded.