Financial Crime Risk and Compliance consultancy Kaizen Compliance Solutions and AI solutions firm Nexus FrontierTech today announced a partnership to develop an AI-powered tool aimed at automating the traditionally labour-intensive and time-consuming process of Client/Customer Risk Assessment.
The customisable tool will provide an efficient and cost-effective way for companies to perform risk assessments on both individuals & corporations. The tool will also provide companies with automated workflows with built-in audit trails to keep track of past risk assessments in a secure and easily accessible environment.
Risk assessment traditionally involves a significant amount of manual collation, processing, and interpretation of documents and other potential risk identifiers. This leads to costly and time-consuming processes. Because workflows are often not reproducible due to having to pull in information from numerous sources, doubts on the validity of the assessments and duplication of key actions or data can occur, with results being over-saturated with easily identifiable threats. When risk assessment activities become high volume and time-sensitive, quickly identifying higher-risk threats is even more difficult due to the inundation of lower risk.
With AI-powered tools, risk managers can focus on preventing fraud before it happens, rather than spending valuable time managing the risks that are inherent in the operational process itself. Risk-based categorisation of clients/customers allows proportionate due diligence and a smoother journey for the end-user. Saving on time and resources equates to the reduction of client lifecycle costs and eliminates duplication.
Tool features:
Highly configurable & customisable
AI-powered extraction of information from supporting documentation
Risk assessment models that respond to up to date regulatory information
Automated workflows can be supported with case management
Built-in audit trails making all key data available to interrogate
Real-time risk assessment and user dashboards
Recommendations on next actions (e.g. the tool will recommend the level of due diligence for high-risk individuals/corporations) that can be simplified, standard or advanced
Although industry-agnostic, the tool will be best suited for firms that are looking to improve their customer or client Financial Crime risk assessments but traditionally haven’t had the tools or technical expertise to do so internally.
“Kaizen was formed to provide Financial Crime Prevention solutions for clients of all shapes, sizes, complexities, and budgets. From more traditional consulting and advisory to the development and embedding of risk management methodologies, we are passionate about our work. We have expanded our industry coverage from predominantly Banking/regulated firms to Fintech, Payment Service Providers, and Pharma,” says Kaizen Co-Founder and CEO Tom Brown.
Co-Founder and COO Neil Marshall adds, “We have fostered a strong relationship with Nexus over a period of time working on proof of concepts and Beta tools. We are genuinely excited about the fruitful and long-term potential of our partnership with Nexus.”
Nexus FrontierTech CEO Danny Goh mirrored this sentiment. “At Nexus, we seek to add value to users by building intelligent solutions that streamline data-intensive processes. With Kaizen’s deep knowledge of the AML and risk assessment space and our vast experience providing machine learning and deep tech solutions for clients in the legal and financial tech services sector, this tool will be a highly effective first step into the digital transformation of many SMEs in need of streamlining their processes. We are thrilled to have this opportunity to apply our expertise to this quickly-evolving industry.”