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AI-powered compliance platform launched

This is a Tel Aviv news story, published by Yahoo Finance, that relates primarily to AI news.

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banking & finance news

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Sedric plans

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Sedric

TechCrunch

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Sedric monitors the communications of employees at financial institutions to ensure compliance

Summary

Nutrition label

91% Informative

Sedric is an AI-powered platform designed to help financial institutions implement compliance rules and flag possible issues.

The company's AI acts as an overseer of sorts, monitoring a workforce's outbound and inbound calls, chats, emails, social media DMs, and instant messages.

It attempts to flag compliance problems (e.g. omitted disclosures, missed steps, and misconduct) as they happen; Sedric can automatically "mitigate" issues.

Foundation Capital led an $18.5 million Series A investment in Sedric .

The new cash will be put toward growing the firm's go-to-market and R&D teams in NYC and Tel Aviv .

Sedric plans to double its headcount in the next 12 months .

VR Score

Informative language

Neutral language

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semi-formal

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English

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not offensive

Hate speech

not hateful

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not detected

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not detected

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medium-lived

External references

https://deloitte.wsj.com/articles/financial-services-managing-conduct-risk-remotely-01591988527 https://www.dlapiper.com/en-us/insights/publications/practical-compliance/2024/2023-compliance-year-in-review-and-what--to-watch-in-2024 https://www.pnas.org/content/early/2020/03/17/1915768117 https://www.cnn.com/2024/03/04/tech/ai-companies-monitor-employees-at-work/index.html https://www.insightful.io/blog/is-it-illegal-for-employers-to-use-employee-monitoring-software#:~:text=The%20federal%20law%20does%20not,implementing%20monitoring%20in%20the%20workplace.&text=Only%20in%20some%20states%20consent,be%20regarded%20as%20unlawful%20surveillance.https://www.skadden.com/insights/publications/2022/09/quarterly-insights/every-move-you-make#:~:text=For%20example%2C%20in%20New%20York,conspicuous%20area%20in%20the%20workplace.https://techcrunch.com/2021/10/13/aware-raises-60m-for-tech-that-monitors-internal-messaging-platforms-for-legal-compliance-sentiment-analysis-and-more/https://techcrunch.com/2023/09/26/erudit-raises-10m-to-monitor-workplaces-for-misalignment/https://www.sedric.ai/https://www.ascentregtech.com/blog/the-not-so-hidden-costs-of-compliance/https://www.steel-eye.com/news/majority-of-financial-services-firms-report-increased-compliance-expenditure-survey-finds https://civic.mit.edu/index.html%3Fp=2402.html https://bankingjournal.aba.com/2024/01/the-2024-compliance-outlook/#:~:text=In%20October%202023%20the%20CFPB,regulation%20is%20expected%20in%202024.

Source diversity

deloitte.wsj.com www.dlapiper.com www.pnas.org www.cnn.com www.insightful.io www.skadden.com techcrunch.com www.sedric.ai www.ascentregtech.com www.steel-eye.com civic.mit.edu bankingjournal.aba.com

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