Behavox, a leading provider of AI-driven compliance solutions, today announced an expansion of its risk coverage capabilities, specifically designed for Wealth and Asset Management firms with retail client bases. Leveraging its market-leading communication surveillance solution powered by GenAI and Large Language Models (LLM), Behavox now introduces an expanded suite of AI Risk Policies and lexicons to address a comprehensive range of risks.
The newly enhanced AI Risk Policies enable the detection of critical compliance issues such as:
- Sales Suitability and Appropriateness
- Unfair, Unbalanced, and Misleading Communications
- Window Dressing
- Cherry Picking
This expansion is the result of Behavox’s close collaboration with existing customers who have played a pivotal role in testing, deploying, and refining the AI Risk Policies through valuable feedback.
Further enhancements have been made to the detection capabilities for risks including:
- Customer Complaints
- Money Laundering
- Personal Financial Dealings with Clients
- Sub-optimal Execution
- Churning
- Misappropriation of Client Assets
- Unauthorized Trading in Client Accounts
- Tax Evasion
With these enhancements, Behavox offers the most comprehensive risk coverage specifically designed for the wealth and asset management industry, now encompassing over 70 risks. Each risk is meticulously documented and researched by an in-house team of compliance officers, who are subject matter experts in their respective fields.
Behavox's risk coverage for asset managers and wealth managers is currently available in English, Spanish, and Japanese. Plans are underway to expand this coverage to include French, Portuguese, Chinese, Danish, and Swedish by Q4 2024, demonstrating Behavox’s commitment to supporting a global client base.
Erkin Adylov, CEO of Behavox, expressed his enthusiasm about the advancements, stating, “Thanks to breakthroughs Behavox made in large language models, it is now possible to bring to market a solution that many of our customers have been asking for, one that substantially reduces noise and manual effort. This is a game-changer for the industry.”
Behavox recently announced its 2023 results, with revenues growing nearly 60% and the firm moving closer to profitability. The expansion of risk coverage in wealth and asset management, together with the recent introduction of Behavox Intelligent Archive, underscores Behavox's unwavering commitment to reinvesting its free cash flow in product innovation to deliver more value to its customers.
Learn more about the changes Behavox AI and Large Language Models (LLM) are bringing to Compliance and Security across industries - join Behavox at our exclusive AI event in NYC on March 14 - register here.
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About Behavox
Behavox is the leading provider of AI-driven compliance and security solutions, empowering organizations to proactively detect and mitigate human risks within the organization. Behavox leverages large language models and generative AI to transform how compliance and security teams manage risks and safeguard organizational integrity. Through innovative products such as Behavox Voice and Behavox Insider Threat, Behavox continues to shape the future of compliance and security risk management.
More information about the company is available at www.behavox.com.
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Contacts
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