Parameta Automates Manual Compliance Reviews and Saves Hours Using Amazon Bedrock

Parameta provides over-the-counter data and independent insights, helping clients manage risk and optimize capital. The compliance team would receive regulations as PDFs, copy and paste them into spreadsheets, and track how different solutions would comply with each relevant article of the law. This process could take up to 1 month or longer for each regulation.

When Parameta attended an AWS workshop, it learned how different companies accelerate manual processes and boost productivity by using Amazon Bedrock, which facilitates the way that organizations build and scale generative AI applications. Inspired by these success stories, Parameta reached out to AWS.

Using Amazon Bedrock, Parameta developed a solution that uses generative AI to automate the compliance review process. With the support of the AWS prototyping team, the company developed the solution in 3 weeks.

Now, Parameta uploads a regulation and transposes it into a database using Amazon Textract, which automatically extracts text, handwriting, layout elements, and data from scanned documents. Using Amazon Bedrock, the solution compares documents automatically to assess compliance. Parameta can then review and confirm the AI-generated assessment. “The compliance team loves the tool’s user-friendly interface,” says Rushmi Katyal, chief governance risk and business automation officer at Parameta. “It doesn’t require technical expertise; nearly anyone can upload a document and view the results in an easy-to-understand format.”

With this solution, Parameta reduced the time to create a regulation database from 1 month to minutes. Moreover, assessing compliance documentation now takes minutes instead of hours or days. Thanks to these improvements, the compliance team is more efficient and can focus on higher-value work.

By improving its compliance review process, Parameta can now launch new services to clients at a fast pace.

The success of this project has sparked interest in adopting AI across the firm. TP ICAP has even created a new position to oversee and nurture proofs of concept like this one.

“By uploading different regulations, we can apply the tool to various products and use cases,” says Katyal. “We are creating new opportunities and possibilities for our organization using generative AI on AWS.”