RegTech platform Model Office has launched a new version of its artificial intelligence chat bot MO, incorporating generative AI features and development.
The aim of the new chat bot is to support advice and wealth management firms’ governance, risk and compliance challenges.
It incorporates OpenAI ChatGPT and is trained across cyber-secure resources built by Model Office, including the FCA handbook and other regulatory directives and resources.
This means it can translate user queries, scrutinise the FCA handbook, client data and the internet to deliver relevant compliance information, data reports and guidance in real time.
It also provides tailored conversational responses including relevant URL resources based on user queries, scrutinises relevant regdata to deliver streamlined regulatory reports and signposts professional services that can help with more granular GRC advice and guidance.
A tailored version can be adapted for networks and support services internally and externally for their member firms.
MO 2.0 is available on Model Office classic and enterprise platforms, and also will be made available to Model Office investment, mortgage and protection network and compliance support service institutional clients.
Model Office founder and director Chris Davies said: “MO 2.0 represents a new era for compliance support.
“Our team have worked hard to embrace the generative AI opportunity in building an intuitive and resource-centred chatbot that enables firms to gain 24/7 compliance guidance and support on key compliance challenges they face.
“MO 2.0 covers all key regulatory directives providing a third line of defence and valuable resource-focused information, regulatory reports and data scrutiny, providing evidence-based practice, which is imperative now with a data-led FCA who are more assertive, intrusive and pro-active.”
He told Money Marketing: “What it now can now do is pretty much think for itself using a highly trained version of ChatGPT.
“Unlike basic, ChatGPT can go anywhere. But what we want to do is filter it down and train it through our AI algorithms to make sure it delivers the right correct up-to-date information for advisers.”
Model Office is a AI digital compliance regulation technology platform that benchmarks firms’ compliance and business development performance.
It uses algorithms to produce heat-mapped and gap analysis dashboards, automated audit reports and data analytics on complaint and professional practice across all regulatory directives.
