New Offerings Provide a Foundation for Measurable, Scalable and Reliable Use of Artificial Intelligence to Bridge the Gap Between Risk and Innovation
WASHINGTON, Oct. 08, 2024 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced that the firm’s Technology segment has launched IQ.AI by FTI Technology™, artificial intelligence solutions that address a range of client issues across disputes and investigations, antitrust and data breach response.
FTI Technology’s digital insights and risk management experts, attorneys, data scientists and consultants designed and deliver IQ.AI as a proprietary combination of workflows and expertise for applying industry-leading AI technologies in legal and regulatory matters. With IQ.AI, FTI Technology helps clients balance innovation, technology performance and risk mitigation for specific AI use cases. Offerings include:
- IQ.AI for Investigations: Includes document summarization to quickly and defensibly generate overviews, extract key facts, develop case chronologies and enhance human review.
- IQ.AI for Data Breach: Enables the quick identification and extraction of personally identifiable information, personal health information and other sensitive data for breach response and data protection compliance during legal and regulatory document productions.
- IQ.AI for Antitrust: Features can include monitoring in support of compliance with antitrust and other regulations, including oversight for prohibited behaviors within enterprise communications platforms and chat applications and customized analytics to reduce risk across large complex datasets.
A surge of interest for AI solutions across industries is adding pressure to legal, compliance and adjacent business functions to find practical, cost-effective use cases supported by risk mitigation measures. A survey from MIT Technology Review Insights found that 78% of business leaders view generative AI as a competitive opportunity, and a separate study from Thomson Reuters reported that 70% of legal professionals believe AI and large language models will have a transformational impact on their field. Despite these expectations, only 9% of organizations are currently AI-mature and nearly half are struggling to measure and demonstrate the value of AI projects (Gartner).
“The use of advanced analytics and AI to support defensible, efficient, insightful discovery has long been embedded in our DNA, and our teams have successfully applied numerous models and algorithms to accelerate fact-finding for hundreds of client matters globally,” said Sophie Ross, Global Chief Executive Officer of FTI Technology. “We have made significant investments in AI research and development, working with trusted software providers and hiring data scientists with e-discovery expertise to underpin our IQ.AI offerings. We will continue to enhance and build upon these capabilities as AI technology and regulations evolve, serving as a trusted advisor every step along each client’s AI journey.”
FTI Technology’s IQ.AI supports the pursuit of clients’ AI objectives and the use of reliable third-party AI tools without unnecessary exposure to risk. The offerings harness FTI Technology’s proprietary frameworks, enhanced with AI-powered natural language processing and computer vision.
In addition to these solutions, FTI Technology’s decades-long investment in AI technology and dedicated team of IQ.AI experts work together to advise clients across a broad range of issues where AI use intersects with legal and regulatory risk. The team conducts extensive, ongoing testing to leverage large language models from numerous technology providers in concert to allow customization for specific data types, use cases and unique client needs, saving clients the resources and time required to invest in proprietary AI development. FTI Technology’s IQ.AI experts also evaluate and advise clients on the effective use of evolving generative AI features within leading e-discovery platforms.
For example, FTI Technology recently deployed IQ.AI to leverage generative AI in combination with human expertise during a complex, sensitive and time-constrained investigation for a global consumer goods company. A team of data scientists, AI-trained reviewers and prompt engineers refined generative AI prompts for accuracy and used generative AI to accelerate key aspects of the investigation, including across multilingual materials. This reduced manual workload while upholding a high standard of quality control, allowing for on-time, defensible and cost-effective completion of the investigation.
Jon Chan, a Senior Managing Director within FTI Technology’s E-Discovery Consulting & Services practice, added, “As clients work to understand how to benefit from AI, uncertainties remain regarding the impact, cost, scale and reliability of large language models currently available, especially in e-discovery, document review and other legal and regulatory use cases. The regulatory landscape is changing rapidly around AI, making it difficult for organizations to determine whether their projects may introduce compliance concerns. These factors highlight the critical need many organizations have for expertise, training and alignment to guide their AI strategies. IQ.AI supports these demands via extensive testing and customization to achieve defensible, fit-for-purpose workflows.”
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 8,000 employees located in 33 countries and territories, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $3.49 billion in revenues during fiscal year 2023. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. More information can be found at www.fticonsulting.com.
FTI Consulting, Inc.
555 12th Street NW
Washington, DC 20004
+1.202.312.9100
Investor Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com
Media Contacts:
Ashley Allman
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ashley.allman@fticonsulting.com
