How can technology support effective compliance management?
As one of the leading global companies, Healy World serves to provide a holistic approach to healthy living, with their innovative, scientifically supported, smart, wearable health devices.
Having over 150,000 distributors worldwide, compliance management was a complex encumberment on the company. Inspired by the possibilities of technology to intercept these complex, yet sensitive, compliance issues, Healy World approached ValueMiner to bridge the gap between the process and the people.
With global compliance management and international market onboarding management at the heart of this project, ValueMiner has come through to deliver world-class compliance management AI services for Healy World.
The Challenge: How to make a company´s compliance management process smarter?
Rapidly growing business for Healy World meant advancing to several markets, all over the world. Onboarding those new markets required the exchange of hands of official and confidential documents, and was a lengthy, manual process without proper record keeping. This in turn also posed as a high risk of errors prone to occur.
Healy´s requirements to ValueMiner were to:
- store all relevant data for each market in one place- connected, dependant and always up to date,
- create a real-time overview of market onboarding statuses- onboarded, in progress and planned,
- expedite the process of communication between legal experts and Healy officials to amend onboarding documents without errors
- and to have a continuous update of contractual changes.
To address these issues, ValueMiner implemented AI-powered automised processes to provide first class tools that process the provided data. Primarily, we designed and documented the entire compliance process from the root. The placement of a rule based agile work flow ensured high adaptability and allowed flexibility to the role based execution of all tasks, and efficiency across the whole lifecycle of our product.
We created a platform that can contain all confidential documents and start a new market onboarding process in under a minute. Not only did this reduce manual work time, but made the entire process more transparent, while allowing constant, recorded communication between all the responsible officials and legal experts, with automatic updates of any changes made at any point of time, propagated throughout the entire respective market network.
Naturally, the platform also provided an at-a-glance overview of all market statuses and their progression, which allowed the user to proceed with the necessary steps effortlessly. Our parsing service is the only one of its kind that automatically decomposes whole documents. Being constantly trained, the parser breaks down documents, including both text and images, such as contracts and product brochures, to manageable pieces, in order to identify relevant information when required, with high speed and accuracy, as all data are made to be linked and dependant with a specific business logic, in our unique neural network.
Furthermore, the numerous members and distributors, representing Healy World and their products worldwide, were often found to be violating their contractual obligations with false advertisements, which was not only an arduous task to identify manually, but would also have serious financial implications on Healy World.
We identified the need for a work-stream that would store all relevant member information with accordance to their hierarchy; to detect their violations on the web across all platforms and create a complete real-time overview of these violations, additionally specifying the type and impact of each violation; manage the whole process to counteract these violations, including risk assessment, corresponding with the members in a standardized and automized manner; and finally to track the effect of the countermeasures taken.
The Solution: an automated compliance management software solution
As a solution for the aforementioned problems, we delivered an intelligent brand abuse detection tool, which is highly trained and adaptable, and is able to automatically identify these false claim incidents and violations to prevent Healy World from facing severe repercussions.
This customized AI-powered software can detect any misinformation in the form of text or graphic images, from all over the web, in a matter of seconds while indicating the responsible member and their position in the member genealogy. Once identified, the system sorts these violations according to their impact on the company and performs a risk assessment, and yes you guessed it- automatically!
Taking appropriate countermeasures against these incidents was never easier, as the compliance management staff could now see a straightforward overview of all necessary statistics and make informed decisions to counteract them with the relevant next steps, without making errors.
The members’ responses to the warnings are also recorded and reported to keep track of the efficacy of the countermeasures applied to establish a complete check on the entire process.
The benefits of an automated brand abuse monitoring software platform
Having all of this in a single AI-powered platform,
- ensured the increment of detection of violations by up to 10 times per week,
- cut down costs by 80%
- and reduced manual workload by 70%,
- but more importantly, reduced time spent per incident and the occurrence of errors significantly
Setting up the right business logic as the backbone to connect all these data on contractual documents per market; member information; their hierarchal structure; responsible Healy staff and all warning letters and emails to be sent as countermeasures, led us to deliver a full-fledged compliance management software.
To make this experience ultra smooth, the smart actions on our software interface, provide an intuitive virtual assistance.
Don’t wait up. Seize your opportunity with ValueMiner!
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