CompatibL’s AI Co-Pilot Recognized as Best Modelling Innovation 2024

CompatibL’s AI Co-Pilot Recognized as Best Modelling Innovation 2024

CompatibL has won the Best Modelling Innovation award at Risk Markets Technology Awards 2024, inspired by the introduction of the CompatibL AI Co-Pilot for model governance.

Model governance involves overseeing the model development process, ensuring proper authorization and implementation of changes, documenting models for management and regulators, and publishing comprehensive release notes. This process, traditionally carried out manually, involves extensive documentation, often reaching 300-500 pages, for each regulatory submission or internal model approval.

CompatibL’s AI Co-Pilot streamlines this labor-intensive work by providing an AI-based model governance process. Clients can choose between two generative AI models, OpenAI’s GPT-4 or Meta’s LLAMA2, for deployment in their Azure account or data center/private cloud. The solution ensures data security, with no client data sent to external parties, standing out for its compelling features, introducing a high degree of automation to the model governance process, and displaying good progress in the past year.

Customized by CompatibL’s engineers using curated input documents and human feedback, the AI Co-Pilot performs tasks impossible for a human team: it analyzes source code, version control log messages, prior documentation, and release notes, integrating data effectively. It can quickly flag areas of concern, such as potential bugs or discrepancies between source code and documentation that humans alone may miss.

Alexander Sokol, Executive Chairman at CompatibL said:

Alexander Sokol

“Model governance deals with highly specialized subject matter outside the scope of conventional AI Co-Pilot tools. As a company with over 20 years of experience in model development and model validation, CompatibL was uniquely positioned to develop the first AI Co-Pilot solution for model governance. We would like to thank the judges for recognizing the tremendous potential of AI to enhance model governance, which was harnessed by our Co-Pilot solution. We hope this prestigious award will lead to more AI-based innovation in this area.”

Production clients report a substantial improvement in model governance processes over the manual approach, reducing the speed and monotony of information collation.

The CompatibL team is grateful to the judges for recognizing AI’s potential in enhancing model governance. This award will propel us to pioneer more AI-based innovations.

Want to Try Out the CompatibL AI Co-Pilot?

Follow the link to contact us for a free demo.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.