Using AI for a Smarter Approach to Conflicts Clearance
During this period of remote working, distance learning, and video conferencing, we’ve all been relying more heavily on technology than ever before. Whereas a video meeting with the colleagues you typically see every day would have seemed like an anomaly just months ago, online meetings and even virtual happy hours have become part of our daily schedules.
With this increased reliance on technology to aid our day-to-day work and communications, we are also realizing greater opportunities to leverage the tools at our disposal, enabling us to work smarter and more efficiently. With technology, we can now achieve even more than before, in the seemingly fewer hours we have in our day.
Accelerating Human Effort
Having partnered with professional services firms for more than 20 years, Intapp has witnessed the evolution of the risk management function. As a result, we’ve developed risk solutions used by more than 400 clients. Intapp Conflicts has long revolutionized the way law firms search for and clear conflicts; and now we are offering the latest innovation in risk management: AI-assisted conflicts clearance.
AI-assisted clearance, available only with Intapp Conflicts, accelerates human effort while mitigating risk. It leverages machine learning to organize conflicts search results into contextual groups for more intuitive and efficient review. These search results are categorized as “issue,” “no issue,” “uncertain,” or “excluded” based on your firm’s policies — and groupings become more accurate with use, as the program adapts to the logic your team applies during reviews.
Decreasing Review Time by 60%
As the most recent Intapp law firm staffing survey showed, the role of a dedicated conflicts searcher has evolved into the more skilled conflicts-analyst role; yet these analysts are still spending too much valuable time on highly repetitive tasks. AI-assisted clearance is now reducing the volume of potential conflicts requiring manual review by up to 60%.
Amasis Saba, Head of Business Acceptance and Deputy Money Laundering Reporting Officer at Bryan Cave Leighton Paisner, believes that AI-assisted conflicts clearance can reduce the business-critical gap between conflict submission and clearance. “BCLP is looking to improve turnaround speeds in a scalable way that simply adding more people doesn’t offer,” says Saba. “We see AI-assisted clearance to be a logical inevitability, considering the ever-increasing volume and complexity of data that need to be considered as part of client and matter intake. We’re looking forward to seeing what AI-assisted conflicts clearance can do for us.”
The video below offers more information about AI-assisted conflicts clearance. Please contact us to discuss how you can incorporate AI into your firm’s conflicts clearance process.