Hi Stephen,
Firstly note that all files will undergo a slight transformation ( even linear PCM .wav files ) into AK's native .wem format ( which is similar to RIFF/WAVE format ).
I'm assuming that your input files are broadcast wave files or have some other wasted data and so when wwise does the conversion the output file is smaller as only the required metadata is included.
If you want to check this yourself; set the file to stream, build the bank and the compare the .wem file with your original file. If you would like me to do the comparision for you let me know.
In conclusion it is very likely that the data saving you are seeing is not the result of lossy data compression, as you fear, but as a result of cleaning up the file.
Hope that helps,
Dan Murray