Fidelity Investments® Launches Innovative New Regulatory Technology (RegTech) Business to Help Financial Institutions Create Compliant Public Communications
Developed in Fidelity Labs, Saifr™ Is Powered by Artificial Intelligence (AI) to Facilitate Creation, Approval, and Filing of Public Communications with Regulatory Organizations
Saifr™ Offers Two Solutions, SaifrReview™ and SaifrScan™, That Leverage Data and Compliance Expertise to Mitigate Regulatory Risk and Speed-Up Compliance Review
BOSTON--(BUSINESS WIRE)-- Fidelity Investments® today announced the launch of Saifr, a regulatory technology (RegTech) business that offers human augmentation tools to help financial institutions facilitate the creation, review, and approval of public communications to mitigate brand, reputational, and regulatory risk.
Utilizing a set of proprietary Natural Language Processing (NLP) models trained on tens of millions of compliance-reviewed data records, Saifr offers two solutions, SaifrReview™ and SaifrScan™, which foster greater collaboration between marketing and compliance teams to create compliant communications, faster. Saifr’s products offer a human-machine dynamic, enabling computers to do the monotonous tasks of compliance review, allowing marketers and compliance teams to focus on the creative and complex details of compliance review. Saifr is just one example of Fidelity leveraging its expertise to develop complex businesses, products, and tools in a highly regulated industry and bringing that expertise to market for the industry.
“Ensuring that marketing materials are compliant with various regulatory rules requires multiple touchpoints inside and outside an organization, including content creation, compliance feedback, revisions, e-mail, and workflow hand-offs. As a result, the process can be inefficient and create the opportunity for friction and risk,” said Vall Herard, Managing Director of Saifr, Fidelity Labs.
“Saifr’s AI solutions create a human-machine partnership that streamlines the compliance process from content creation through the regulatory filing process. By minimizing friction throughout this process, Saifr frees up time for content creators, marketers, copy editors, legal, and compliance specialists to focus on the value-added details.”
Saifr’s products are powered by multiple models that capture the subtleties of language to uncover potential risks, flagging non-compliant language and images in both written content and videos before the first round of review by compliance professionals. Saifr’s AI engine learns continuously through user-in-the-loop interaction, private and third-party public data, and regulatory updates. These models are displayed in both of Saifr’s products:
* SaifrReview™: As Saifr’s primary platform, this intuitive workflow tool assists content creation, including written materials, social media, audio, and video assets. SaifrReview provides a robust dashboard that allows for in-line collaboration between marketing content creators and compliance professionals, as well as approval management, tracking, and assistance filing with regulators. As part of the workflow, SaifrReviewprovides immediate risk scoring and disclosure detection during document creation, as well as suggestions before final sign-off.
* SaifrScan™: This API-as-a-Service tool quickly analyzes and scores a firm’s communications and flags possible compliance risks in a detailed report. Using a set of REST APIs designed for integration into any existing document workflow, web-based front-end solution, or social media workflow, SaifrScan’s APIs support models for quickly analyzing textual, image, or video input for possible regulatory and corporate compliance violations.
“Saifr harnesses the massive amount of compliance data at its disposal and the power of deep learning models to augment the work of content creators and compliance professionals,” said Mona Vernon, Head of Fidelity Labs. “Saifr’s solutions streamline the compliance review process all in one platform to support efficient collaboration between marketing, legal, compliance and external consultants.”
Saifr began in Fidelity Labs, Fidelity Investments’ in-house software incubator. For more information, visit https://www.saifr.ai.
About Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $11.7 trillion, including discretionary assets of $4.4 trillion as of December 31, 2021, we focus on meeting the unique needs of a diverse set of customers: helping more than 40 million people invest their own life savings, 25,000 businesses manage employee benefit programs, as well as providing more than 13,500 wealth management firms and institutions with investment and technology solutions to drive growth. Privately held for 75 years, Fidelity employs more than 57,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.
About Fidelity Labs
Fidelity Labs is Fidelity Investments’ in-house software incubator and digital studio. Founded in 2005, Fidelity Labs has played a critical role in driving growth and innovation for the firm. The Fidelity Labs organization has a portfolio of new businesses and is constantly prototyping concepts for Fidelity’s next new ventures. Learn more at https://labs.fidelity.com.
Saifr is a RegTech business incubated in Fidelity Labs. Saifr leverages millions of proprietary and third-party compliance-curated public data points found in data lakes built by Fidelity and decades of regulatory compliance expertise to build SaifrReview. Learn more at https://www.saifr.ai