You have the ability to add ASR generated captions to your Panopto sessions. Note that machine-generated captions clearly aren't the same as human transcription so this is really just a way to generate captions that would be a starting point, meaning they would need to be revised and edited to ensure they are 100% accurate, once generated. This document outlines this process so you can successfully edit the automatically generated captions the way you want.

Getting Started

1.1.  Log in to your Panopto hosted page and click on the Edit icon on the session you want to change. This will open up a new tab in your browser for the Panopto editor.

1.2.  Once your session opens in the Panopto editor, locate the Import captions drop down in the upper left. This is where you will begin. Click on the drop-down.

1.3. If no captions currently exist for this session, you want to import or upload the machine-generated captions by clicking Import automatic captions.

Editing the Captions

2.1.  If your captions do exist and have been processed successfully, you will then be able to edit each individual caption by clicking the Edit icon next to the caption (Fig. 3).

2.2.  You can completely delete the caption by clicking the trash can icon next to the caption in question.
Note: At any time while making these edits, you can press Shift+Space to play/pause the session playback, while editing captions.

Publishing Your Changes

3.  Once you've imported/edited your captions, commit the changes by pressing the Publish button on the top right of the editing interface.

Source: https://support.panopto.com/s/article/ASR-Generated-Captions