Privork, a governance software firm based in the Cayman Islands, has begun testing an artificial intelligence assistant named Rika to support compliance teams with risk and regulatory assessments.
The AI assistant, short for Risk Intelligence Knowledge Assistance, is designed to perform on-demand research into entities and individuals using public data sources such as news and web content. The goal is to help users identify potential red flags more efficiently during due diligence processes.
“When we designed Rika, the goal was to take advantage of today’s advanced foundational AI models and also be mindful of future AI regulations, data privacy concerns, potential hallucinations and other unintended side effects,” said Privork Managing Director Vlad Logvinov. “That’s why we chose a conservative path, training our ‘new colleague’ on one skill at a time, with vetted and goal-posted prompts while keeping the focus firmly on public data sources.”
Rika is piloted as part of Privork’s broader platform, tailored for small businesses and scalable to larger firms, which provides tools for entity risk management, regulatory compliance and cybersecurity governance based on the Cayman Islands Monetary Authority’s cybersecurity guidelines.
The pilot is collecting feedback on Rika’s outputs, how they compare to existing internal risk models, and the broader experience of integrating AI into compliance workflows. Privork plans to make Rika available on its cloud platform later this year.
For more information see https://www.privork.com/
