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Vitol Expands Compliance Monitoring Coverage With Relativity Trace
The artificial intelligence in Relativity Trace decreases false positive alarms for Vitol by 92percent.
Fremont, CA: However, legal technology has gone a great way in a short period of time. Legal technology may now get utilized to adapt a law firm to the current problems of practicing law in the post-pandemic environment and also to provide clients with better, quicker, and more complete services. It also makes attorneys' lives easier by providing remote work options, continual connectivity, improved timekeeping & billing, and more.
Vitol, an oil and commodities trading corporation, has adopted Relativity Trace, Relativity's AI-powered communication surveillance platform. In just under four months, Relativity Trace was put in place, monitoring communications for over 1,700 Vitol and its subsidiary employees in over 50 offices and 20 different languages to discover regulatory misbehavior proactively.
With large volumes of data spread over many geographic locations, Vitol uses Relativity Trace to ingest all kinds of electronic communications – like email, chat, and audio – in near real-time & promptly flag the highest-risk information for additional evaluation by compliance experts. Relativity Trace has decreased Vitol's false positive alarms by using proprietary email thread deduplication and AI-enhanced text purification to reveal the riskiest information. Such cutting-edge technology has allowed Vitol to broaden the scope of its monitoring and, as a result, lower risk across the firm.
Some of the world's leading commodity trading organizations and financial institutions utilize Relativity Trace to detect regulatory violations proactively.
"Surveillance teams are overwhelmed by the number of false positives that their legacy surveillance system generates," said Jordan Domash, General Manager of Relativity Trace. "With Relativity Trace, Vitol has successfully leveraged the system's advanced alerting and AI capabilities to see a dramatic 92% decrease in false positives in a short amount of time allowing them to narrow in on risk and misconduct that actually matter because significantly less time is allocated to reviewing content that should never have been alerted on in the first place."