Streamlining Compliance for Businesses
London, May 22, 2024: Kim (www.kimdocument.com), the no-code, SaaS, patent-protected document generation, assembly, and workflow automation platform, has launched an 'AI Technology Use and Compliance Application' to help organizations satisfy their regulatory requirement to explain how they are using Artificial Intelligence (AI) in their day-to-day business.
On April 22, 2024, the Financial Conduct Authority (FCA) and the Bank of England (BoE) (including the Prudential Regulation Authority (PRA)) published updates on their approach to the firms' use of AI. All firms will need to be able to explain their use of AI to their regulators. This will involve explaining how risks associated with the deployment of AI have been identified, assessed, and managed. Put simply, when asked by their regulator, firms will need to explain their approach to managing the risks associated with AI.
Kim has configured an ‘AI Technology Use and Compliance Application’ as part of its suite of tools for compliance functions in law firms, accounting practices and financial services businesses. This webform application helps firms:
- Assess and manage risks;
- Log and record their AI use;
- Report to internal board, governance and audit committees;
- Satisfy external compliance and regulatory requirements and
- Have an audit trail of reviews and updates.
The Kim Application is divided into two sections. The first tab is ‘Firm Overview,’ which covers the firm’s general approach to using AI. The second tab, ‘AI Tools Used,’ allows the firm to confirm which AI tools are being used and for what purpose (see screenshots in Appendix).
Samantha Jefferies, Kim’s VP of Sales, explains, “This application is available to all existing customers now. They import it into their instance of Kim and use it. They can then complete the firm details and update them as required so they are always available for internal/external audit purposes. It’s a living document that needs to be completed every time a new AI tool is onboarded or the firms’ approach to the use of AI changes. Whenever the Kim Webform is submitted, it automatically updates and version controls the document (Word and/or PDF) for audit and internal and external reporting purposes, ensuring the most up-to-date information is always at your fingertips.”
Using Kim could not be simpler. Once any application (Kim Webform) is created using Kim’s no-code wizard, it is published. When a user clicks on the webform link, which can be sent by email or embedded in an existing system like SharePoint, Salesforce, ServiceNow, Workday, Monday.com, etc., the webform appears. The user fills it out, and the data is captured. Kim creates the record from which it can generate one or more documents and reports and/or update other systems.
Kim’s Campaign functionality also allows efficient one-to-many communication for compliance and other teams. Upload and create the Kim Webform you want completing once, send it to multiple recipients, and receive responses and data. By incorporating personalized campaign creation, reminders, and comprehensive tracking and reporting, this feature ensures that compliance, data collection, and information sharing are achievable and streamlined for optimal efficiency. – see https://info.kimdocument.com/campaign-functionality.
APPENDIX
Firms AI Technology Use and Compliance Application
Topics from this blog: Compliance Data Capture Press Release Artificial Intelligence