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.