Refinitiv and SAI Global collaborate on fighting financial crime

Source: Refinitiv

Refinitiv is collaborating with SAI Global, a recognized global provider of integrated risk management solutions, as part of a new alliance to help companies optimise risk management and prevent financial crime.

Sitting at the heart of the alliance is the integration of risk intelligence from Refinitiv World-Check into SAI Global’s SAI360 for Digital Risk solution, allowing organisations to perform third-party vendor risk assessments more efficiently and effectively.

SAI Global’s SAI360 for Digital Risk solution helps organisations keep risks aligned with enterprise risk appetites while remaining compliant with policies and regulations. By leveraging thousands of out-of-the-box controls and regulations and predefined automated workflow, organisations can manage and mitigate risks from the likes of cybersecurity threats, third-party vendors, as well as protecting their key data.

Refinitiv World-Check is a highly structured source of risk intelligence that supports the Know Your Customer and Third Party Risk due diligence process, helping organisations around the world assess the risks associated with sanctions, organised crime, fraud, money laundering, bribery and corruption, as well as modern day slavery and country risk.

A recent report, “Revealing the True Cost of Financial Crime”, conducted by Refinitiv, highlighted that almost half of large global organisations have been the victims of fraud, theft, money laundering or other financial crimes. Results from more than 2,300 respondents indicate how pervasive such crimes have become across the world. The report shows that 47% of people questioned admitted that their organisation had suffered at least one incident of financial crime over the past 12 months, with cybercrime and fraud cited as the most common financial crimes. The companies surveyed estimated a total aggregated loss of USD$1.45 trillion, or around 3.5% of their global turnover.

Stuart Brown, Global Head of Emerging & Frontier Market at Refinitiv said, “Financial crime is costing companies and financial institutions. Global private partnerships play a crucial role in combating the issue. Refinitiv and SAI Global’s new collaboration demonstrates how two organisations can work together to leverage the technology platforms and data needed to fight financial crime.”

“Banks, financial services companies, and private and public institutions alike are in the vanguard of fighting financial crime. As the perpetrators become more nefarious and move increasingly online, there is a need for ever-more sophisticated tools to monitor and track criminals and the transactions they undertake,” commented Rob Van Straten, Executive Vice President EMEA and APAC at SAI Global. “Alliances such as this enable customers to advance confidently by leveraging technology that makes an impact on the global networks behind financial crime and the untold business and societal harm it can bring.”
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