Compliance officers face immense challenges in the financial services industry. From ensuring adherence to FINRA and SEC regulations to tracking broker-dealer activity and maintaining bulletproof records, the demands are relentless. Adding to the pressure is the growing reliance on AI across industries—technology that often comes with significant data privacy risks.
That’s where Knapsack stands apart. Designed with compliance in mind, Knapsack is a FINRA- and SEC-compliant solution that helps firms streamline compliance workflows without compromising data security. Unlike typical AI tools that store data on third-party servers for training, Knapsack keeps everything private, local, and secure. It’s a compliant notetaker, a document tracker, and a regulatory watchdog—all in one.
Here’s how Knapsack can transform compliance operations for financial services firms.
Why Knapsack is the Ideal AI for Compliance Officers
1. Built for Compliance
Knapsack was designed to meet the rigorous compliance standards of financial services:
- FINRA and SEC Compliant: Knapsack adheres to all books-and-records requirements, making it easy for firms to maintain audit-ready documentation.
- Private Transcription and Summaries: Unlike AI tools that rely on third-party servers like OpenAI, Knapsack processes meeting recordings and summaries locally on your desktop, ensuring data never leaves your control.
- Data Privacy by Design: With no external data storage or sharing, Knapsack eliminates the risk of sensitive data leaks—critical for financial services firms.
2. Advanced Compliance Automations
Knapsack takes the pain out of manual compliance tasks by automating the most time-consuming workflows:
- Meeting Transcription and Notetaking: Automatically transcribe meetings and generate FINRA- and SEC-compliant summaries—all stored securely on your system.
- Email Compliance Monitoring: Track outgoing emails for compliance with FINRA rules and flag issues before they become liabilities.
- Meeting Record Reviews: Knapsack scans recorded meetings for regulatory compliance, ensuring you meet all requirements for broker-dealers or RIAs.
- Federal and State Notice Tracking: Stay on top of changing regulations with automated alerts and summaries of federal and state notices relevant to your firm.
- Broker-Dealer Feed Monitoring: For RIAs, Knapsack tracks broker feeds and flags any activity that requires attention or action.
3. Designed to Protect Firms from AI Risks
AI tools are powerful but often come with hidden risks. Knapsack takes a radically different approach to ensure your firm is protected:
- No Data for Training: Many AI providers feed customer data into their models for training, creating potential privacy and regulatory concerns. Knapsack processes data locally and does not use it for training, eliminating this risk.
- Mitigating Leak Risks: For financial services firms, a data leak could be existential, while for an AI lab, it’s merely an inconvenience. Knapsack’s private design ensures your firm avoids this asymmetrical risk entirely.
- Audit-Ready Design: Knapsack ensures all actions, notes, and records meet compliance requirements, with clear and transparent logs for audits.
Knapsack Compliance Features
A FINRA- and SEC-Compliant Notetaker
- Private Meeting Recording: Record and transcribe meetings locally, with summaries stored securely on your computer.
- No Third-Party Servers: All processing happens locally—Knapsack never sends data to external servers like OpenAI.
- Actionable Notes: Automatically extract key decisions, action items, and compliance-relevant details for easy follow-up and documentation.
Email and Communication Monitoring
- Automated Email Tracking: Monitor all outgoing emails to ensure compliance with FINRA guidelines.
- Proactive Issue Flagging: Catch compliance issues early with AI-powered alerts for non-compliant language or actions.
Regulatory Tracking
- Federal and State Notices: Automatically track and summarize changes in regulations to keep your team informed and compliant.
- Broker-Dealer Activity: Monitor broker feeds for RIAs and flag any anomalies that could pose compliance risks.
Secure Records Management
- Books and Records Compliance: Ensure all meeting notes, emails, and other documentation meet FINRA and SEC storage and retrieval requirements.
- Hidden Folders for Data Storage: All records are saved in hidden folders on your local system, ensuring security and easy access for audits.
How Knapsack Protects Your Firm
Knapsack’s private, local-first design ensures your data remains secure and under your control:
- No External Storage: All data is processed and stored on your computer, eliminating the risk of third-party leaks.
- Transient Processing: When Knapsack processes recordings, it does so temporarily and deletes all transient data immediately after use.
- No AI Model Training: Unlike many AI tools, Knapsack does not use your data to train its algorithms, ensuring maximum privacy.
Getting Started with Knapsack
Ready to take your compliance workflows to the next level? Here’s how to get started:
- Download the Free Desktop App: Knapsack’s secure desktop app is your all-in-one compliance assistant.
- Authenticate Securely: Sync with Microsoft or Google to securely connect your email, calendar, and files. All processing happens locally —Knapsack never stores your data.
- Automate Compliance: From meeting notes to regulatory tracking, let Knapsack handle the busywork so you can focus on protecting your firm.
Knapsack: The Compliance Solution You Can Trust
With Knapsack, you’re not just adopting an AI tool—you’re choosing a compliance partner designed specifically for the financial services industry. By automating repetitive compliance tasks and ensuring complete data privacy, Knapsack empowers you to focus on what matters: keeping your firm compliant, secure, and ahead of regulatory demands.
Ready to see how Knapsack can transform your compliance workflows? Download the free app today and take control of compliance with AI superpowers.
