Feedzai launches RiskOps platform to tackle financial crime software overload
Machine learning technology specialist Feedzai had launched RiskOps, which it describes as a new approach to risk management that tackles more than just financial crime.
RiskOps helps risk management teams stop fraud and money laundering, but also includes tools to comply with regulations and adhere to other revenue, operational, and compliance risk policies such as PSD2, GDPR, and TILA.
The aim is for chief risk officers and their teams to spend less time managing point solutions and more time focusing on the bigger issues.
Financial crime growing amidst the global shift to digital payments. An estimated $2 trillion — 2.5 percent of global GDP — is laundered every year. This is putting increasing pressure on industry chief risk officers and their teams.
The industry has responded with point solutions to address the holes the criminals expose. This has resulted in risk management teams spending their valuable time operating apps, managing and updating software, instead of stopping financial crime and mitigating risk. Feedzai says this financial crime software overload has bogged down risk management and forced CROs to search for more comprehensive solutions.
“The stakes are getting higher for financial institutions. CROs now have to protect more than just digital payments, but also new kinds of currencies, real money, quasi-money, crypto-currency, game tokens, and more,” said Nuno Sebastiao (pictured), CEO of Feedzai. “Money is evolving, and organisations have to evolve risk management as well to stay relevant, and to stay in business.”
The Feedzai RiskOps platform features include, amongst other things, human-centred AI, a collaborative analytics suite, a financial intelligence network, a case manager function, insights and reporting.
“Teams no longer have to take an a la carte approach to fraud, money laundering, financial crime, compliance, and risk management. They can now enjoy what so many other teams have come to take for granted: a connected, powerful platform that more than improves every part of their job, it transforms it,” said Nuno Sebastiao, CEO of Feedzai. “The end result is very clear: more accounts opened, approval rates soar, false declines plummet. And most importantly, financial institutions win customers’ trust and loyalty like never before.”
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