CLOUD SOLUTIONS
RIPJAR IMPROVES CUSTOMER SCREENING ACCURACY FOR FINANCIAL ANALYSTS WITH AI RISK PROFILES
Ripjar , the trusted provider for tackling financial crime , has announced the launch of its updated Labyrinth Screening Platform with the addition of AI Risk Profiles . Financial compliance analysts will now have a more streamlined experience generating discrete profiles from watchlists , sanctions , adverse media data and PEPs ( politically exposed persons ), leveraging AI to tackle the large volumes of alerts they have to review .
This development uses sophisticated Machine Learning , natural language processing and graph analytics to generate person and company-specific risk profiles . It reviews all relevant data from both structured and unstructured sources to build discrete profiles for individuals and organisations for significantly improved accuracy , effectiveness and efficiency in the fight against financial crime .
Testing of the solution has shown that there can be as much as a 91 % reduction in false positives while benefiting from a 5 % improvement in valid matches found .
Pressures are mounting on financial compliance teams
According to Thomson Reuters , while 74 % of financial services companies expect their regulatory burden to increase in the next year , 61 % believe their teams will not grow in size as recruitment needs are called into question . Ultimately , financial compliance teams will be forced to pick up more work without the necessary headcount . Having the right technology to support those extra workloads will be critical .
Identifying risk in a customer portfolio remains a huge challenge thanks to limited and often problematic customer and media data . Many screening methods still rely heavily on manual and time-consuming processes – which can generate a large number of false positives – struggle to achieve accuracy at scale and put a significant time burden on analysts .
Ripjar ’ s AI Risk Profiles uses AI-powered multi-lingual name matching and entity resolution to overcome those screening challenges such as common or high-profile names . The technology automatically separates the matches into distinct profiles , so analysts can quickly assess if the risky person or company in the news or on a sanctions list is their new or existing customer . Importantly , once an analyst has marked a specific profile as not being relevant , new alerts will not be generated unless there is a significant change to the client match , eliminating operational costs .
Jeremy Annis , CEO at Ripjar , said : “ Financial institutions are coming under increasing cost and time pressures when it comes to compliance and regulation when screening their clients . Ripjar ’ s new AI Risk Profiles solution within the Labyrinth Screening Platform offers a much faster , more efficient option for financial compliance analysts .” �
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