Compliance Officers for Legal Practice (COLPs) must get to grips with the risks presented by video chats and ensure an audit trail of key decisions made by partners is retained, warn tech experts.
iKVA, the fast-growing artificial intelligence firm, recently raised £1.5m for its tech which helps law firms reduce the risks presented by video meetings by making it simpler for lawyers and COLPs to identify the exact moment key decisions are made.
iKVA’s technology, which is based on innovative research from some of the best minds at Cambridge University’s Computer Laboratory and the Alan Turing Institute, converts speech from Zoom or Teams meetings to text and uses AI to segment the meetings into specific subject areas. It then automatically indexes them to make them part of a firm’s overall knowledge base.
This allows lawyers and compliance teams to go straight to the important part of a video meeting where clients were being discussed or important decisions made.
AI tech innovation in legal services
A recent report by the Legal Services Board (LSB) identified the potential for future regulations to cover the way AI technology is used in the delivery of legal services.
Jon Horden, CEO of iKVA, said:
“Important decisions are being made by partners and colleagues during online video meetings which need to be tracked and audited for compliance purposes. Our own research finds that not all meetings are converted to text and meetings which are recorded are all too frequently incorrectly archived by participants making it difficult to retrieve later.
“Virtual meetings can meander, just like real-life meetings. Finding the specific point when a key decision was made can be time consuming if lawyers and COLPS are expected to sift through long meetings again to find the point a particular action was taken, or a decision reached.
“COLPs and knowledge managers in law firms are actively considering the risk issues of video meetings. It’s only a matter of time before the regulator shapes specific rules and guidance around their use in reaching the decisions made that affect clients. COLPs should get ahead of any regulatory developments and insist on a proactive strategy in de-risking video content.”
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