PwC and Aleph Alpha establish joint venture for AI solutions in legal advice

Generative artificial intelligence is to create solutions for the legal advice and compliance market: The joint venture between the auditing and consulting firm PwC Germany and the German AI startup Aleph Alpha is committed to this. The companies announced the establishment of the joint venture on Thursday, which will operate under the name creance.ai.

“The joint venture (…) will use its products to support companies in dealing with complex legal requirements”, reads the PwC press release. “The many years of consulting experience in the area of compliance & legal services as well as the understanding of the transformation pressure paired with the innovative generative AI technologies of Aleph Alpha should lead to the sustainable and efficient implementation of increasing legal requirements.”

First project tackles EU regulation DORA

The first project deals with the EU Digital Operational Resilience Act (DORA) regulation. This regulation aims to make the financial system more resilient against cyberattacks. To this end, companies are required to take appropriate precautions to reduce cyberattacks. At the same time, there are also guidelines for emergency management and other solutions for potentially critical key points. The DORA applies to banks, insurance companies, payment service providers, rating agencies and providers of crypto services, for example.

The AI solution supports customers in implementing third-party risk management, which is part of the DORA requirements. According to PwC, artificial intelligence is intended to reduce complexity and help implement the legal requirements efficiently.

Aleph Alpha, founded in 2019, is a German AI company and, according to its own information, is engaged in the research and development of basic AI technologies. For example, it develops and implements large AI language and multimodal models.

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