BlackSwan Technologies is Awarded AML and Anti-Fraud Product of the Year by Risk.net
27 July 2021, London:
BlackSwan Technologies is pleased to announce that the Risk Technology Awards 2021 have named BlackSwan’s application, ELEMENT™ of Compliance, as the Anti-Money Laundering Product of the Year and Anti-Fraud Product of the Year. These prestigious awards are conferred by Risk.net, a leading publication and educational events organiser for the global risk market.
The application has delivered dramatic improvements in financial institutions’ compliance metrics, including:
- 50% decrease in false positives
- 80% reduction in analyst touch time
- 65% alert volume reduction
- 65% reduction in compliance OpEx
- 45% CapEx saving
ELEMENT of Compliance challenges traditional enterprise software approaches by combining all available sources of information – internal, subscription and public – with AI/Cognitive Computing capabilities to automatically infer insights, strengthen the Compliance team’s decision-making abilities and enhance operational efficiencies. The application provides end-to-end CLM/KYC/AML/Anti-Fraud processing for the greatest synergies in intelligence and operations. ELEMENT of Compliance is a cloud-agnostic solution, engineered to deliver the fastest time to market, military-grade security, and unlimited scalability, with low cost of ownership and minimal CapEx.
Risk.Net’s judges highlighted ELEMENT of Compliance’s ability to derive meaning and critical risk management insights from the mass of internal and public information available about an organisation or individual. One of the judges stated that:
This is a unique offering that deploys AI to help customers develop their own solutions, or to tweak their processes, and how they ingest data sources. It’s a compelling tech story with major big data chops.
This award follows earlier identification by Chartis Research, a leading risk technology analyst, of BlackSwan Technologies as a category leader in AML and in KYC. ELEMENT of Compliance was particularly recognised by Chartis for its leading-edge, composite AI technologies and end-to-end risk management process coverage.
CEO, Michael Ouliel, declared that “BlackSwan Technologies is thrilled to receive these two distinguished awards from Risk.net. Our innovative application is suited not only to AML and Fraud Detection but also to Know Your Customer source of truth establishment and the full Customer Lifecycle Management process. Our clientele of industry-leading institutions testifies to the results, flexibility and reliability provided by ELEMENT of Compliance.”
Read more about ELEMENT™ of Compliance
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