Ripjar, a prominent entity in identifying and combating malevolent and illicit activity, unveiled its 2023 State of Adverse Media Screening report which focuses on the utilisation of adverse media screening amongst compliance professionals.
The study underscores the critical role technology plays in the fight against financial crime, with 62% of respondents acknowledging the necessity to shift away from manual processes and towards tech adoption.
The report reveals that 71% of firms employing technology for screening are incorporating AI and ML into their adverse media screening. However, 20% of firms continue to rely exclusively on manual processes.
Interestingly, a vast majority of companies are open to utilising Large Language Models (LLMs) like ChatGPT for future adverse media screening. As of now, 50% are considering it, 34% are actively exploring these models, and 2% have already incorporated them into their operations.
The Ripjar report also explores the industry sentiment towards the future of adverse media screening, attitudes towards media screening, and its current role in businesses. It delves into challenges surrounding adverse media screening and the potential benefits of moving away from manual processes.
LLMs like ChatGPT are predicted to disrupt operational processes significantly across all organisations. The trust level in these models varies, with 58% of respondents stating they have some level of confidence, 23% not very confident, and 12% are very confident.
The report emphasises that adopting advanced technology is vital for organisations to mitigate risks proactively and maintain compliance in the ever-evolving landscape.
Ripjar CEO and co-founder Jeremy Annis said, “We are witnessing a transformative era in adverse media screening, driven by advancements in AI and machine learning. Our survey report highlights the significant impact that technology adoption can have on improving risk detection and compliance surplus.”
Chief Product Officer at Ripjar, Gabriel Hopkins, commented: “This survey report underscores the transformative power of technology in the fight against financial crime. The findings highlight that firms leveraging sophisticated technology solutions are seeing significant advantages.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global