Risk Technology Awards 2021 Recognise ‘ELEMENT of Compliance’ Application, Known for its End-to-End, AI-powered Capabilities that Dramatically Reduce Risk and Costs
LONDON, July 28, 2021--(BUSINESS WIRE)--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.
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.
The application has delivered dramatic improvements in financial institutions’ compliance metrics, including:
50% decrease in false positives
80% reduction in analyst touch time
55% alert volume reduction
65% reduction in compliance OpEx
45% CapEx savings
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 judge 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."
These awards follow 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."
Interested enterprises can request a briefing, view a demo, or plan a Proof-of-Concept by writing email@example.com. Or, visit https://blackswantechnologies.ai/element-of-compliance/ for more information.
About BlackSwan Technologies
BlackSwan Technologies is a PaaS/SaaS product company. Its enterprise software ELEMENT™ is an operating system powering the rapid development of enterprise AI applications that mimic the cognitive functions of human intelligence. ELEMENT, and applications built with it, can be used by enterprises to collect and organise massive amounts of data, detect risks, enhance decision-making, and more. Pre-configured applications, such as ELEMENT of Compliance, have been tailored for specific sectors and business functions, including financial crime compliance, underwriting risk management, and cyber-security risk monitoring. BlackSwan’s offerings are trusted by some of the largest global organisations.
BlackSwan Technologies is based in London, England with offices in the United States, Israel, Poland, Germany and Sri Lanka.
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