Compliance regulations are seldom simple—in fact, they might be more complicated than ever.
A company based in Calgary possessing “deep knowledge of the many challenges and complexities with highly regulated industries” is developing products that automate regulatory compliance workflows through artificial intelligence and machine learning technologies.
Verano.AI offers a suite of solutions to streamline the compliance process, helping businesses to stay ahead of regulatory requirements and minimize risk.
“The rapid evolution of the regulatory landscape is becoming increasingly evident as regulators push for stricter regulations in response to emerging technologies and evolving market dynamics,” Verano.AI states on its website. “Companies are finding themselves in a race to not only comply with existing laws but also to anticipate new frameworks that could reshape their operational landscapes.”
The Alberta startup is currently focusing on two major sectors: finance and energy.
The energy field was targeted for its “inherent risks associated with the production, transportation, and storage of hazardous energy related materials,” while the finance industry is burdened by regulations for capital requirements, consumer lending, investment practices, anti-money laundering measures, etc.—both sectors which appear ripe for simplified compliance.
“Our solution harnesses advanced algorithms to capture regulatory updates in real-time, ensuring that users stay ahead of the compliance curve,” the company says. “Verano will meticulously capture changes as they occur in real time, ensuring that no detail is overlooked.”
Verano also employs natural language processing algorithms to parse regulatory documents, transforming complex legal jargon into actionable insights.
The Canadian company was this month named A100’s “One to Watch” at the 2024 Start Alberta Tech Awards, held at Studio Bell in Calgary.
“We’re thrilled to share that Verano.AI has been recognized as an A100 One to Watch at the Start Alberta Tech Awards,” the startup posted on LinkedIn following the event. “A heartfelt thank you to the Start Alberta community for this honour, and congratulations to all the other inspiring companies driving innovation in Alberta.”
Verano cofounder Clay Swerdelian was also recognized at the Awards, earning the title of Most Promising Founder.