Behavox in Tokyo: Communications Surveillance Seminar

On January 31, Behavox in partnership with PWC held an exclusive seminar for financial service leaders in Tokyo to discuss the latest technological advancements in compliance and security e-communications surveillance offerings and what it means for other business functions.

Attendees discussed various case studies regarding recording and monitoring e-communications in North America and how this applies to Japan. It is widely expected that the fines levied at Wall Street firms in recent months will be mirrored in Europe, APAC and Japan because the U.S. often leads the way in terms of regulatory action, with the aforementioned geographies following their lead.

Single platform for monitoring text and voice communication

The advantages of a single platform for monitoring text and voice communication was a topic of discussion at the seminar due to the difficulty in gathering and then analyzing this information.

The ability to monitor, capture and analyze communications all in one platform, and then take appropriate action by harnessing the critical insights hidden in the collected data, is facilitated by the aggregation and analysis of data to mitigate blind spots, thus preventing compliance and security breaches.

Using the Behavox solution, the hard yards in monitoring, surveilling and analyzing data are undertaken by the software, thereby freeing up the compliance for other activities such as training or more thorough investigations of True Positives. This leads us unto the next topic at the seminar: Lexicon vs AI.

Lexicon vs AI

Lexicon vs AI has been a hot topic for some time. Until recently the adoption of Artificial Intelligence in compliance has been very slow. The industry in Japan preferred simpler albeit inferior Lexicon systems mainly due to the following three reasons:

• Complexity – Artificial Intelligence is too complicated to use; “I’ll stick with what I know.”
• Job risk – It’s here to replace me, “I’m not going to speed that process up!”
• Costs – the terms “cutting-edge technology” and “cost-effective” don’t tend to go together.

These concerns are understandable, and at a certain time, may have been somewhat, if not wholly accurate. Now however, all three arguments are easily disputed.

When concerned with the difficulty of implementing and then using artificial intelligence in your compliance and security efforts, it is important to understand that yes, the software is complicated, but using it is not. Take Behavox Voice for example, a solution boasting 88% accuracy straight out of the box that improves with usage, thanks to its groundbreaking unsupervised learning models.

This leads us nicely onto our next point, is AI here to replace the Compliance team?

AI and the Compliance Team

In a word, no. Artificial Intelligence is best used to complement the role of the Compliance team, instead of the team spending hours of (often) fruitlessly random sampling communications, written or verbal, AI now takes care of this for you. Does that mean the compliance team is no longer needed? Again, no. Compliance then takes on the role of investigator, able to conduct more thorough investigations into True Positives, with less time wasted on False Positives.

Tackling the final argument of cost never takes long: When fines can reach into the millions, can you afford not to be using it when the regulator comes calling? Get a private demo here to learn more.

If you are interested in attending another exclusive Behavox event, you are welcome to join us at our upcoming summit: AI 101 for Compliance & Security in London to find out how AI is optimizing language models for dialogue. If you haven’t yet heard about GPT and what ChatGPT can do for your organization, you are missing out on the fundamental changes that Artificial Intelligence and Large Language Models (LLM) are bringing to Compliance, Security and other industries.

Reserve your spot to the Summit here.