How Banca Profilo integrated AI into its compliance processes

The success story of Banca Profilo’s integration of Aptus.AI’s solution into its financial compliance processes, as told by Luca Gandolfi, Head of Compliance and Anti-Money Laundering at Banca Profilo.

Our RegTech platform is transforming the way compliance is done within financial institutions. One example of this revolution is Banca Profilo, which has successfully integrated Aptus.AI’s platform into its corporate compliance processes.

Indeed, in highly regulated industries such as banking, monitoring the regulatory changes relevant to a specific organization is a complex and time-consuming activity. Likewise, the work of regulatory analysis and internal sharing of data and reports related to compliance activities is also slow and inefficient today.

Aptus.AI’s RegTech solution addresses all of these use cases, which are typical for organizations operating in the financial sector, through advanced features for regulatory monitoring, search, consultation and analysis. As evidenced by the story of our client Banca Profilo.

Luca Gandolfi, Head of Compliance and Anti-Money Laundering at Banca Profilo, participated in the event organized by Aptus.AI with the most important stakeholders in the Italian financial compliance industry and shared us some interesting information about how compliance processes have changed in its organization since the introduction of our AI platform.

“The help that Aptus.AI gives us, for example, to provide an extemporaneous opinion to the Board of Directors is exponential compared to the legal infoproviders normally used”, explains Gandolfi, who adds: “Aptus.AI’s solution allows us to go from zero to one hundred in very few seconds, giving us the possibility to hit the point of the opinion that needs to be given in a short time and being able to cover more information”.

As we will see in a moment, Banca Profilo has successfully integrated Aptus.AI’s solution into its compliance processes. But that’s not all. “Aptus.AI’s solution has to be included in the morning routine: when you open the newspaper, Outlook, Teams, you need to open this platform as well, to check both the regulatory news and the impact they have on the internal regulations, which before we could not navigate adequately, having it in PDF” – explains Luca Gandolfi. Thanks to “a machine-readable format that allows linking it to obligations and indicators that identify the most important parts and those that need to be modified or updated”.

More concretely, however, how does Aptus.AI’s platform intervene in processes to optimize compliance activities in the financial sector? To understand this, it can be very useful to leverage an example of how a European regulation is normally transposed by financial institutions.

There have been basically two solutions by which financial institutions react to a major regulatory change:

• rely on external consultants to conduct regulatory analysis of directives, develop gap analyses and write subsequent impact analyses;
• try to set up a compliance re-entry project internally, with the risk of still deciding to outsource all or part of the project once the difficulties in managing the process are established.

Both of these options, with current technological tools, often lead to the same outcome: failing to comply within the legal timeframe with the regulatory change and thus opening an informal channel with the relevant authority to obtain an unofficial extension of the compliance turnaround time. 

However, some financial institutions, such as Banca Profilo, have decided to equip themselves with technological tools designed to optimize compliance processes, just like Aptus.AI’s platform. 

With the features of this RegTech solution, compliance professionals at Banca Profilo are able to prepare for the entry into force of regulations well in advance, thanks to Aptus.Outlook, the feature that allows them to also analyze regulations in the stages prior to official publication. 

In addition, Aptus.Discovery provides an immediate identification of the regulatory requirements in relation to the organization’s internal regulations and the possibility to interactively compare the various updates that have occurred to the regulation. 

And, to stay up-to-date on regulatory updates, Banca Profilo can rely on Aptus.Alerting, which sends – automatically and in real time – personalized email notifications on the updates related to the regulatory areas of interest.

To sum up, by using Aptus.AI’s solution, Banca Profilo is able not only to ensure compliance with Italian and European regulations, but also to make strategic decisions based on the obligations introduced by the authorities.