17 July 2018
Visit www.avoka.com

Corlytics teams with Digital Reasoning to boost financial conduct risk detection

10 May 2018  |  3434 views  |  0 Source: Corlytics

Two highly innovative technology firms, Corlytics and Digital Reasoning, announced today that they will collaborate on an integrated regulatory intelligence and surveillance offering.

Financial institutions are constantly assessing whether they can better control their risks. The combination of Corlytics’ deep understanding and insight of the regulated financial market with Digital Reasoning’s best-in-class artificial intelligence technology for conduct surveillance will enable financial institutions to develop new detection strategies and address blind-spots in risk coverage. The combined solution will be offered to Corlytics and Digital Reasoning clients globally.

Financial firms are seeking opportunities to introduce enhanced process, programme and technology solutions to meet changing regulatory expectations, and improve surveillance efficiency and effectiveness. According to analysis by Tricumen and PwC, firms have seen headcount in the front office dedicated to a control function grown by about 21% over the past six years. However, limitations with time, budget and technology mean firms often lack formal processes to optimise alerts and identify new risk areas.

“Monitored employees learn how surveillance works and can learn evasion tactics,” said Brett Jackson, CEO of Digital Reasoning. “Hence, misconduct typologies can be expected to evolve, sometimes quite rapidly. Corlytics continuously scans a diverse set of authoritative data sources that can inform compliance teams how surveillance strategies are evolving, and the impact of failing to detect certain types of misconduct. The ability to automate global regulatory domain knowledge and prioritise employee behaviors based on risk intelligence is exactly the kind of elegant value-add Digital Reasoning’s customers are expecting as they turn to AI technology to implement more effective controls.”

John Byrne, CEO of Corlytics explained the depth of intelligence already held by his company: “Every time a regulator communicates to the market or publishes a document, we break that information down, classifying its industry impact and adding it to our intelligence. Speeches, industry guidance, thematic reviews and business plans all yield insight into regulatory intent. Combined with our global enforcements analysis, we can offer a single end-to-end source of regulatory assessment risk of regulatory change information. This insight, combined with Digital Reasoning’s market leading AI-enabled conduct surveillance technology, is set to be a game changer for regulated firms.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10235 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9139 views comments | 5 tweets | 14 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8616 views comments | 3 tweets | 1 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8515 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7618 views comments | 1 tweets | 5 linkedin

Featured job

Basic c Euro 120K, Variable Euro 120K - full ben...
Paris prefered London possible

Find your next job