eDiscovery: How AI Can Simplify Regulation and Compliance
In an increasing number of industries, eDiscovery of regulation and compliance documents can make trading less complex. In the pharmaceutical industry, for instance, companies have to be aware of the vast array of changing rules and regulations from different legislatures at local and federal levels. It’s no surprise, therefore, that AI can be hugely beneficial in regulated supply chain compliance.
Lighthouse AI for Review
Lighthouse AI uses predictive and generative AI, image recognition, and OCR to handle use cases in large volume, time-sensitive settings. Predictive AI is used for document classification, while generative AI helps with the review process for better, more defensible, downstream results. The linguistic modelling element of the suite refines the platform’s accuracy to levels normally "beyond AI’s capabilities."
The Power of Predictive AI
Fernando Delgado, Director of AI and Analytics at Lighthouse, emphasizes the importance of predictive AI, stating, "While much attention has been rightly paid to the impact of generative AI recently, the power and relevancy of predictive AI cannot be overlooked. They do different things, and there is often real value in combining them to handle different elements in the same workflow."
Regulatory Compliance in the Pharmaceutical Industry
The pharmaceutical industry is a complex one, encompassing medical technology, drug research, and production, as well as dispensing stores. Compliance requirements for individual companies in the sector can be wildly varied. Christian Mahoney, Counsel at Cleary Gottlieb Steen & Hamilton, notes, "Rather than a one-size-fits-all approach, we’ve been able to shape the technology to fit our unique needs – turning our ideas into real, impactful solutions."
Lighthouse AI for Review
Lighthouse AI for Review includes use cases such as AI for Responsive Review, AI for Privilege Review, AI for Privilege Analysis, and AI for PII/PHI/PCI Identification. The company claims that users see an up to 40% reduction in the volume of classification and summary documents with the AI for Responsive Review feature, with less training required by the LLM before it begins to create ROI. AI Privilege for Review is also "60% more accurate than keyword-based models," Lighthouse AI says.
AI for Image Analysis
AI for Image Analysis uses generative AI to analyze images and produce text descriptions of media, presenting results using the interface users interact with for other tasks.
Conclusion
In conclusion, AI can significantly simplify regulation and compliance in industries such as the pharmaceutical industry. Lighthouse AI’s predictive and generative AI capabilities can help streamline the review process, reducing the need for manual reviews and improving the accuracy of results.
FAQs
Q: What is eDiscovery in the context of regulation and compliance?
A: eDiscovery refers to the process of discovering and reviewing documents and other materials related to compliance and regulation.
Q: How does AI help in eDiscovery?
A: AI can help in eDiscovery by quickly and accurately reviewing and analyzing large volumes of documents and data, reducing the need for manual reviews and improving the accuracy of results.
Q: What are some use cases for Lighthouse AI for Review?
A: Lighthouse AI for Review includes use cases such as AI for Responsive Review, AI for Privilege Review, AI for Privilege Analysis, and AI for PII/PHI/PCI Identification.
