Fashion
To fend off the evolving risks of financial crime, DBS Bank has partnered with Exiger, a provider of risk and compliance solutions to implement a due diligence solution powered by artificial intelligence (AI) to streamline and further bolster the bank’s screening processes.
DBS will be tapping on DDIQ, the automated AI-powered solution designed by Exiger that understands and analyses content with cognitive reasoning. The solution accelerates and enhances risk assessments of clients, investments, transactions, third parties, and counterparties.
Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving. It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists,» said Lam Chee Kin, Managing Director and Head, Group Legal, Compliance and Secretariat at DBS Bank in a media statement on Friday.
Findings from each level of risk assessment are recorded in Exiger’s platform in a transparent and concise manner to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes.
Banks are quickly recognizing that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements. DBS is cutting the path for traditional financial institutions to transform and compete in today’s digital market, commented Brandon Daniels, President of Global Technology Markets at Exiger.
Exiger has developed purpose-built technology – DDIQ and Insight 3PM – to accelerate the suitability, efficiency, quality and cost-effectiveness of clients’ compliance operations. Exiger operates in six countries and eight cities around the world, including London, New York City, the Washington, D.C. metro area, Toronto, Vancouver, Bucharest, Hong Kong and Singapore.
