Xapien newsletter - April 2024
Welcome to Xapien's monthly newsletter featuring articles and insights from the team ???
Recent webinars
Melissa Bank Stepno from the Helen Brown Group joined us to discuss how AI helps prospect development teams adopt a more strategic role. Melissa also emphasised the importance of not rushing into using AI tools. Instead, consider how AI can address your organisation's unique needs first. Watch in full here.
Janis Wong from The Law Society and Reshma Raja from RPC joined us to discuss AI risk management. The conversation centred on the importance of data protection, especially around data hosting, client confidentiality, and informed consent. We also explored how firms can implement safeguards to address these concerns, drawing on real examples from our speakers. Watch in full here.
Headline news
We've been recognised in Chartis Research’s Financial Crime and Compliance 50, a global ranking of vendors in the financial crime and compliance space. We competed with hundreds of vendors to win the Entity Management award in the Core Technology category. Read more about what this means here.?
Following our collaboration with BWF and Pyro.Solutions to launch the third edition of the International Due Diligence Survey, we're co-hosting a webinar on May 21. During the webinar, we'll present the findings and reflect on current and future industry norms surrounding due diligence in the philanthropy sector.
Customer stories
The Royal Air Force Museum's development team spent hours manually searching the web to fill in a templated due diligence report. It was time-consuming and prone to error, leading to inconsistencies in report quality. Now, the team can input any subject into Xapien and return to a comprehensive, uniform report in just 10 minutes.?Read more on how it freed 30% of the team's workweek here.
Law firm KaurMaxwell needed a tool that performed KYC due diligence through a broader risk lens, incorporating AML screening data, corporate records, and open-source information. Xapien ticked every box, uncovering information that previously would've taken days or weeks to find. Now, its lawyers can redirect their focus from gathering information to making meaningful decisions.?Read the impact Xapien has had on the firm here.
Industry perspective
The surge in publicly available online data and the growing regulatory risk space mean businesses must know who they’re working with. However, the reality is that information isn't neatly in one place—it involves piecing together data from structured and unstructured sources. In this video, Chris discusses the need for a fundamentally different and scalable approach to due diligence. Watch more videos like this here.
Recently published
We're often asked the difference between a generative AI tool like ChatGPT and Xapien. To draw the line between us, we've written a blog explaining how ChatGPT can be used for due diligence and the shortfalls to expect.?
Snowballing fines from the Solicitors Regulation Authority (SRA) are putting significant pressure on compliance teams, who are already stretched thin. There’s an urgency for law firms to improve their due diligence processes, taking into account financial crime risks and wider reputational risks. Many firms do this manually which results in missed red flags. The volume of online data further complicates matters, leaving researchers struggling to keep up. Read more.
This growing number of fines follows the Solicitors Regulation Authority (SRA) recently tightening its enforcement actions on AML compliance. We explore how law firms use our AI-powered due diligence tool to strengthen their KYC checks.
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