At Fairwords, we work with many clients who are in regulated spaces, requiring them to archive all communications. One of their greatest challenges is how many communications require review because it’s time-consuming and not easily automated. Here we share a story about one of our leading energy commodities trading clients who needed to reduce their communications review time and turned to us for help.
Problem: Too many communications to review
Our client was overwhelmed by the number of communications their compliance team had to review for potentially harmful or non-compliant language. All trader communications are required to be archived, and any communications with potentially harmful language are individually surfaced for the compliance team to review. This already-stretched team was spending almost 40 hours a week reviewing emails and chat messages sent by their traders. That’s enough time to warrant a new full-time hire!
The simplest way to reduce time spent reviewing potentially harmful communication? Reduce the number of harmful communications from being sent.
Fairwords Guide was rolled out for all traders. Guide is patented AI-powered training software that provides in-the-moment feedback as messages are typed to ensure inclusive and compliant communications. Our client set up lexicons with the language they knew they needed to ensure wasn’t being used, meaning Guide only pops up for certain terms, ensuring traders could continue to work productively with minimal interruption. The traders are notified of potentially harmful language as they type and are given information about why the language is harmful. This presents the opportunity to change their language to align with compliance standards and prevent the potentially harmful text from even being sent at all.
25% reduction in communications requiring review in the first month of implementing Guide
64% reduction in communications requiring review after 6 months of using Guide
1-2 hours a day spent on reviewing communications, a drastic drop from the 40 hours a week the team spent prior to implementing Guide
The chain of events leading up to this success is clear:
Since traders were notified real-time upon typing something potentially harmful, they changed their language before ever sending the message. The now-safe message was archived but wasn’t flagged as requiring review since the language was acceptable.
As time went on, traders were coached and trained further and the number of potentially harmful communications they sent kept dropping.
Instead of the compliance team spending the majority of their time finding problems, Fairwords Guide prevented the problems from even happening in the first place.
If you’re interested in learning more about how Fairwords can help your organization, click here and get in touch with us.