Actors:

• Financial Advisor: The main person running the compliance and regulatory meetings.
• Compliance Officer: The regulatory expert who joins in on these meetings.
• AI System (Friend AI Necklace): The tech in the necklace that records conversations, transcribes key points, and organizes tasks.

Scenario:

• Starting the Meeting:

• The Financial Advisor and Compliance Officer meet up in the conference room for their scheduled regulatory review.

• Before they get going, the Financial Advisor makes sure the Friend AI Necklace is turned on and ready to record.

• During the Meeting:

• The Friend AI Necklace kicks in and starts recording as soon as the regulatory talk begins.

• As they chat, the Financial Advisor and Compliance Officer go over various guidelines, compliance steps, and any new updates that need to be put in place.

• The necklace transcribes everything in real-time, picking up on important details like deadlines, who’s responsible for what, and key action items.

• The AI system sorts out regulatory terms and concepts, putting them into neat categories for easy reference later.

• Post-Meeting Recap:

• Once the meeting wraps up, the Financial Advisor checks out the transcription from the Friend AI Necklace on a secure app on their device.

• The app highlights and organizes the notes into sections like "Key Regulatory Updates", "Compliance Steps Discussed", and "Action Items".

• The Financial Advisor goes through the organized notes, tweaking or adding anything if needed.

• Task Management:

• The Friend AI Necklace’s software automatically creates a list of action items from the meeting.

• It assigns tasks to the team members mentioned during the meeting, complete with deadlines and any extra info noted during the chat.

• The system sends out notifications to the Financial Advisor and Compliance Officer, making sure everyone knows their responsibilities and deadlines.

Additional Functionalities:

• Secure Storage: Audio recordings and transcriptions are stored securely, following data protection regulations to keep sensitive info safe.
• Search and Retrieval: Users can easily search through recorded meetings for specific regulatory discussions or action items whenever they need to.
• Progress Tracking: The Friend AI Necklace app keeps track of action item completion, alerting the Financial Advisor about any pending tasks nearing their deadlines.

Outcome:

• Ensures thorough documentation of all compliance and regulatory meetings, keeping accuracy high.
• Helps with effective follow-up on critical tasks, promoting adherence to financial regulations.
• Makes the review process for regulatory compliance smoother, saving time and cutting down the risk of missing something important.