The auditing and consulting firm PwC Germany and Aleph Alpha, a leading generative AI developer in Europe, have announced the establishment of a joint venture. The aim is to jointly develop innovative solutions using generative artificial intelligence in the legal and compliance market. The joint venture will operate under the name creance.ai and its products will support companies in dealing with complex legal requirements.
Many years of consulting experience in compliance & legal services and an understanding of the pressure to transform, coupled with Aleph Alpha’s innovative generative AI technologies, should lead to the sustainable and efficient implementation of increasing legal requirements. creance.ai’s first AI solution focuses on the EU Digital Operational Resilience Act (DORA) regulation and will support clients in implementing the third-party risk management as part of the DORA requirements. The developed solution is designed to navigate the complexities of regulatory adherence, and stands as a pivotal tool for organizations aiming to meet compliance requirements efficiently.
“The joint venture is groundbreaking for the radical transformation of the legal and compliance market: by combining first-class AI technology with in-depth, global consulting expertise, we will be able to support our consulting clients even better in mastering complex challenges in disruptive times. The aim is to gradually open up further areas of application and establish creance.ai’s AI solutions as standard tools in the area of law and compliance”, said Björn Viebrock, member of the management board of PwC Germany and head of tax & legal solutions.
Jonas Andrulis, Founder and CEO of Aleph Alpha, added: “The mastery of legal, ethical and organisational rules and frameworks is one of the core responsibilities of every leadership. The flood of new standards, complexity of organisations and seemingly infinite pile of data together with a severe lack of expert availability turns this into an almost impossible challenge. Here our technology introduces a transformation of the compliance value chain and changes the game, not only by focussing resources but also by adding transparency into some of the most complex problems while empowering humans.”
With the help of individually designed solutions, creance.ai will enable companies to increase efficiency, reduce costs and make better use of the opportunities offered by digitalisation. The joint venture aims to maximise flexibility in a constantly changing regulatory landscape.
