SteelEye Reveals Compliance CoPilot

SteelEye, the pioneering integrated surveillance provider trusted by financial firms worldwide, has rolled out its revolutionary Compliance CoPilot tool across trade surveillance.

This latest enhancement to SteelEye’s Compliance CoPilot leverages fine-tuned large language models (LLMs) to complement the role of a compliance officer by providing a full review of all trade surveillance alerts. This enables analysts to prioritize high-risk alerts, investigate them more efficiently, and streamline the overall review workflow—reducing investigation time by up to 90%.

The AI-powered solution, already in use by clients for communications surveillance since November 2023, offers alert scoring, prioritization, and clear explanations of why alerts have been triggered. It also provides recommendations for categorizing and resolving alerts, complete with rationale.

This enhanced decision-making capability arrives at a pivotal time for the industry, with the growing interconnectedness and complexity of financial markets driving wrongdoers to adopt increasingly sophisticated market manipulation tactics. Surveillance teams must ensure they can better detect and manage risk in this context, an undoubtedly pressing challenge since most firms are grappling with surging numbers of alert queries and tightening budgets.

According to SteelEye’s 2024 Annual Compliance Health Check Report, expenditure on compliance has fallen considerably this year compared to 2023 despite evolving market abuse such as cross-product manipulation becoming more prevalent.

The AI-enabled assistant enhances the efficiency and accuracy of surveillance functions considerably by allowing firms to prioritize the most urgent alerts and manage their workload more intelligently. In addition, it affords firms more time to consider where they need to strengthen their market surveillance capabilities on a broader level. 

Commenting on the release, SteelEye Chief Product Officer, Matt Storey, said:

“The extension of our Compliance CoPilot provides a pre-review of every trade surveillance alert, removing this workload from the compliance officer.

There can be no downplaying the amount of strain compliance staff are under across the industry, with most teams overwhelmed by volumes of suspicious trading alerts to address each day. The Compliance CoPilot will ensure compliance teams operate more effectively and proactively and should become the go-to sidekick for surveillance officers.”