Tag: risk assessment

Combating business email compromise: Strategies for financial firms

In the ever-evolving landscape of financial crimes, firms across the globe are grappling with the challenge of safeguarding their operations and reputation. Among the myriad of schemes that threaten the integrity of financial institutions, Business Email Compromise (BEC) stands out for its cunning simplicity and potentially devastating impact.

How KYC Portal CLM is revolutionising risk management

In the intricate world of corporate risk management, navigating the global regulatory maze is a formidable challenge for financial institutions and businesses. The concept of 'orchestration' has emerged not merely as an industry buzzword but as a vital strategy towards achieving operational excellence.

A deep dive into the EU’s new AML package

The European Union (EU) has made a significant leap forward in the fight against money laundering and terrorist financing with a provisional agreement on...

UK banks leap into future: Digital profiling’s revolutionary impact

The landscape of banking and investments in the UK is undergoing a monumental shift, driven by the wave of digital innovation and new regulations. In a groundbreaking study from everyoneINVESTED, 5,021 UK banking clients were profiled digitally in just 11 days, demonstrating the efficiency and potential of digital solutions in the banking sector.

Navigating AI hype: Precision LLMs transforming risk management

In the rapidly evolving sectors of finance and governance, managing risk amidst vast, global networks of individuals and organizations is crucial. Leaders tasked with overseeing institutional risk exposure are increasingly looking towards innovative solutions to balance growth and risk management effectively. Enter Large Language Models (LLMs) like GPT-4 – the new frontier in AI, sparking a revolution in fields such as natural language processing (NLP). Despite the inherent risks associated with emerging technologies, the potential of LLMs to significantly contribute to future risk assessment products is becoming increasingly evident.

The vision and road to Underwriting 3.0

Against the backdrop of rapid technological advancements and the evolving needs of the InsurTech landscape, hyperexponential hosted a meeting of the minds to discuss the future of underwriting. In a sector that has been chastised for its lack of mobility and agility in regard to change, the webinar discussed the possibility that it is now time to enter a new era - the age of Underwriting 3.0.

German FinTech investment fails to surpass $1bn in 2023

Key German FinTech investment stats in 2023: • German FinTech investment totalled at $911m in 2023, a 74% drop YoY • German FinTech deal activity totalled...

The critical role of risk assessment in preventing financial crime

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Openly enhances risk assessment with Ecopia AI’s building-based geocoding

Openly, a forward-thinking homeowners insurance provider, and Ecopia AI, a leader in digital mapping through artificial intelligence, have recently announced their collaboration.

Transforming compliance reporting: how automation empowers CCOs and boards

Compliance automation is a game-changer in how chief compliance officers (CCOs) present crucial regulatory compliance information to board members. This technological advancement not only makes compliance processes more efficient but also equips board members with vital knowledge for informed decision-making.

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