Equity Trustees adopts Haast AI to streamline compliance

The Haast AI automation platform is now being implemented by one of Australia's leading trustees, Equity Trustees, following an investment in the technology.

This marks a significant milestone in digital innovation for funds management governance in the country.

Jason Watling, one of the founders of Haast, commented on the industry's challenges regarding compliance in digital marketing.

"The boom in digital marketing in recent years against an ever-changing regulatory backdrop has made it increasingly difficult for organisations to manage compliance across their digital content, with many organisations having thousands of constantly changing pieces of content across documentation, websites and social media," he said.

Mr Watling highlighted the advantages of incorporating AI into compliance processes. "Harnessing the power of AI can save businesses time and money while helping them remain compliant," he stated.

He also expressed enthusiasm about the collaboration, "We are very happy to work with such an innovative organisation like Equity Trustees to enhance their efficiency in managing content compliance. Equity Trustees' commitment to our technology will create a positive flow-on effect for their clients which we're really excited to be a part of."

Haast's innovative approach to compliance was recognised earlier this year when it won the Australian round of the 2024 Zurich Innovation Champion award. The platform uses AI to automate compliance processes, setting a new standard in the industry.

Equity Trustees' Managing Director, Mick O'Brien, articulated the company's stance on adopting new technologies, while also underscoring the traditional nature of trusteeship. "Trusteeship is a very traditional concept," O'Brien noted. "In some ways, given our sound foundations, we have a great opportunity for innovation and our culture allows us to focus on innovation without compromising the core business of governance and compliance."

He explained Equity Trustees' motivation for leveraging AI within the organisation. "Like most businesses, Equity Trustees has been examining the application of AI within the business to see where it can deliver value or solve a problem."

O'Brien also pointed out the challenges faced by the company, given its highly regulated status.

"The sheer volume and complexity of regulation is relentless and ever-changing. This is doubly important to Equity Trustees, as a highly regulated professional trustee. The expectation is that we keep up with the pace of change so we maintain the highest standards of governance, and that means our systems and processes must as well."

Through the implementation of the Haast platform, Equity Trustees aims to enhance team productivity significantly. The platform is expected to boost productivity by around 80 per cent and reduce the time required to review large volumes of documents and online content. This streamlining could offer substantial efficiency gains for the organisation and help maintain their high standards of governance amidst evolving regulations.