False positives are alerts that appear to match restricted, sanctioned and denied party entities but are, in fact, benign matches that lead to unnecessary reviews, wasted time and delayed shipments for import or export.
The Descartes Visual Compliance AI Assist features the latest advancement in denied party screening that uses new artificial intelligence (AI) capabilities to help trade compliance teams automatically reduce the effort required to review and clear false positives.
“While it makes sense to cast a wide net with screening, false positives are a costly drag on time, accuracy and compliance performance,” said Brian Hodgson, general manager, trade compliance at Descartes Systems Group.
“AI Assist significantly reduces low-quality false positives while managing the risk of true hits. With compliance, AI needs to be “risk-aware.” Brian Hodgson
What is needed is to deliver the tremendous value of AI without increasing the risk of violations.
With AI Assist, for some customers, the combination of automation in collaboration with human oversight has helped reduce false positives to just fractions of a percent, even with large screening volumes.
This is a significant gain in productivity for compliance resources who can be overburdened with irrelevant alerts.”
Descartes Visual Compliance is a cloud-based solution for export, financial and trade compliance, including restricted and denied party screening. The solution includes comprehensive watch list and regulatory content from the U.S. as well as the EU, APAC and EMEA regions.
Descartes Visual Compliance helps companies of all sizes in diverse industries, such as aerospace, financial services, retail, manufacturing, education, transportation and defense, better navigate the ever-changing, complex world of foreign trade compliance by streamlining workflows, mitigating business risk and enhancing overall compliance.
“With the increase in global trade regulations and the substantial volume of information that flows through international commerce, having effective screening without overloading trade compliance resources with false positives is essential,” said Ken Wood, executive vice president, product management at Descartes.
“To help businesses with this persistent challenge, our AI innovations accelerate the review and adjudication of screening results with intelligent filtering, flexible control and human-centered quality assurance, which enhances compliance levels while reducing labor effort.” Ken Wood
Key capabilities:
- Advanced AI-driven compliance support: By automatically identifying low-risk results, the solution streamlines risk assessment and empowers compliance teams with data-driven insights for more informed decision-making..
- Configurable risk levels: The solution allows organisations to adjust AI settings to meet specific regulatory needs and operational practices. This flexibility ensures that compliance reviews are tailored to their unique contexts..
- Built-in audit and reporting: AI Assist provides consolidated screening results supported by accessible, audit-ready reports. This feature not only enhances transparency but also helps companies meet both internal and external audit requirements more effectively.
Descartes’ AI Assist offers a powerful tool for COOs looking to optimise supply chain operations while navigating the intricate landscape of trade compliance. By significantly reducing false positives, organisations can enhance their compliance levels without overburdening their resources, ultimately leading to a more agile and responsive supply chain.
