Communications data and intelligence platform creator Smarsh and hyperscaler giant AWS have entered into a new five-year agreement that strengthens their initial partnership and pledges to bring automation and innovation to the financial services sector.
Smarsh platform now imbued with GenAI capabilities and features aimed at compliance and regulatory needs
The Smarsh platform ingests communications data throughout an organization’s technology to search for and detect potential threats to the security of that data, which in the case of financial services institutions like banks and others, often contains sensitive information. Securing communications data is, as Smarsh highlights, a compliance issue as well as a broader security priority for organizations of all sizes.
Now, that platform now includes Generative AI tools to further automate compliance needs through offerings including:
- Risk Detection: The next generation of Smarsh’s risk-detection catalog will apply the latest transformer-based technologies to identify a wider range of risks more quickly. This includes new risk scenarios and the ability to detect risks in multiple languages.
- Compliance Automation: Generative AI capabilities to enable firms to quickly sift through the noise to find the signal intelligence in their communications.
- Issue Investigations: Empowering investigators with robust insights, including from embedded AI, interactive visualizations, and in-app translation.
“As the steward of the world’s largest financial services communications data, Smarsh is uniquely positioned to develop Generative AI through its cleaned, structured and queryable data securely hosted on AWS,” said Tom Padgett the President, Enterprise Business at Smarsh. “These industry-leading, AI-powered innovations will make it possible for firms to rapidly surface business intelligence signals and improve the effectiveness and efficiency of their compliance operations.”
AWS and Smarsh: a technical match for the AI future
Smarsh has deployed on and through AWS technology since 2020, allowing Smarsh to scale globally and leverage AWS compute, containers, and more to enhance its offerings. Now, Smarsh will continue to innovate “new workflows powered by Amazon SageMaker to support compliance requirements for hundreds of financial services organizations globally,” according to the press release, as well as explore potential offerings through the Amazon Bedrock and Amazon Q Generative AI tools.
“Generative AI is delivering intelligence that is helping financial services organizations to better serve customers, enhance security, and drive deeper business insights,” said Scott Mullins, General Manager of Financial Services at AWS. “Using AWS and Smarsh, financial institutions can now use generative AI to drive more data insights that will help automate compliance and enhance risk detection to navigate an increasingly complex regulatory landscape.”
Smarsh earned the AWS Financial Services Competency Partner status in 2021, and the following year, the Smarsh Enterprise Platform first became available on the AWS Marketplace.
Read more about trending topics concerning compliance on Channel Insider, including our guide to CMMC compliance for MSPs and their clients.