SymphonyAI received the award for SensaAI for AML and Sensa Investigation Hub
In a resounding affirmation of its innovative approach to risk management and financial crime prevention, SymphonyAI has been awarded Risk Management Provider of the Year at the prestigious ALB Pan Asian Regulatory Awards 2024. The ceremony, held in Singapore on September 26th, saw SymphonyAI stand out among a field of formidable contenders, including other notable winners such as China International Capital Corporation, Crypto.com, Dow Jones, Singlife, and SGX Group.
This latest accolade adds to an impressive roster of recent recognitions for SymphonyAI, including the ICA Compliance Award for Technology Partner of the Year 2024, RegTech of the Year at the FinTech Awards London 2024, and,, Microsoft Partner of the Year 2024 for Business Transformation: AI Innovation. These awards collectively underscore SymphonyAI’s position at the forefront of technological innovation in the financial crime prevention sector.
The company’s success at the ALB Pan Asian Regulatory Awards can be attributed to its groundbreaking work to detect and investigate financial crime with two major financial institutions: Absa, Africa’s fifth-largest bank, and a large European bank. These collaborations demonstrated SymphonyAI’s ability to use the power of AI to revolutionize risk management and compliance processes.
Transformative partnership with Absa
SymphonyAI’s collaboration with Absa, which began in June 2017, has evolved into a showcase of AI’s potential in anti-financial crime efforts. Initially focused on implementing a comprehensive compliance suite, the partnership has expanded to evaluate AI’s impact on productivity and risk reduction within anti-money laundering.
A recent proof-of-concept (PoC) project with Absa set out to achieve three primary goals:
- Improve alert quality by reducing false positives while maintaining the detection of all known suspicious activity reports (SARs).
- Enhance new risk detection using AI to identify emerging threats more rapidly than traditional transaction monitoring rules.
- Optimize transaction monitoring systems through AI-driven customer segmentation.
Remarkable improvements through AI overlay
The results of this 12-week PoC were remarkable. SymphonyAI’s software achieved a 77% reduction in false positive alerts while capturing all SARs identified by Absa’s current system. Moreover, the AI system identified 21 new risks from a sample of 200 high-scoring risks, demonstrating a 10.5% hit rate on new risks—significantly outperforming traditional rules-based methods.
The success of this initiative has led to Absa’s commitment to further collaboration and implementation across additional jurisdictions. It has also paved the way for three additional AI POCs in areas like entity resolution and watchlist management.
SymphonyAI and Absa were awarded the ICA Compliance Award 2024 for Technology Partner of the Year for the results of this collaboration.
Revolutionizing AML transaction monitoring with a large European bank
SymphonyAI’s work with a leading European bank further exemplifies its innovative approach to risk management. The bank sought to enhance its transaction monitoring and investigative processes, facing challenges in resource allocation and complex data analysis.
By implementing SymphonyAI’s Sensa Investigation Hub with Sensa Copilot, the bank experienced a dramatic improvement in efficiency. Within weeks of implementation, the bank saw an increase in resource utilization equivalent to gaining an extra investigator for every four employees.
The Sensa Investigation Hub’s web search feature enhanced the quality of investigations, allowing for more comprehensive and accurate analysis. Meanwhile, Sensa Copilot assisted investigators in managing their workload more efficiently, acting as a catalyst for improved productivity across the team.
The success of this initial phase has set the stage for further enhancements, including the upcoming integration of features such as Links Explorer for entity resolution, Integrated Disclosures for comprehensive regional reporting, and Complex Queries for deeper transaction data analysis.
Implications for the financial services industry
SymphonyAI’s achievements with these two major financial institutions highlight the transformative potential of AI in financial crime prevention solutions and risk management. By significantly reducing false positives, quickly identifying new risks, and boosting investigative capabilities, SymphonyAI’s AI-led SaaS tools are setting new standards for efficiency and effectiveness in the industry.
The success stories of SymphonyAI financial services customers demonstrate that AI can not only streamline existing processes but also uncover previously hidden risks and patterns. This capability is crucial in an era where financial criminals are constantly evolving their tactics.
Moreover, the improved efficiency and accuracy offered by SymphonyAI’s financial crime prevention products have broader implications for regulatory compliance. As financial institutions adopt these advanced technologies, they can better meet and exceed regulatory expectations, potentially influencing the development of more sophisticated regulatory frameworks.
Learn more about SensaAI for AML and Sensa Investigation Hub
Detection-agnostic, Sensa Investigation Hub works alongside existing investigative solutions delivering up to 70% more efficiency. Encompassing AML transaction monitoring, sanctions screening, KYC/CDD, and fraud skills, it provides configurability, full transparency, and auditability. Also featuring Sensa Copilot, an intuitive assistant that harnesses the power of generative AI to source, summarize, and analyze data from all available sources, Sensa Investigation Hub frees up investigators to focus on making critical decisions.
SensaAI for AML strengthens existing systems and eliminate the need for a complete overhaul by arming investigators with powerful AI capabilities. Enhance rule-based detection methods and identify the latest criminal behaviors targeting your business and its networks, all while significantly reducing false positives.
Looking ahead in financial crime prevention
As SymphonyAI continues to innovate and expand its partnerships, the financial industry can expect to see further advancements in AI-driven risk management and compliance solutions. The company’s recent string of awards, culminating in the Risk Management Provider of the Year title at the ALB Pan Asian Regulatory Awards, serves as a testament to its leadership in this space.
The success stories of Absa and the leading European bank are likely just the beginning. As more financial institutions recognize the potential of AI in combating financial crime and managing risk, SymphonyAI is well-positioned to lead the charge in transforming the industry’s approach to these critical challenges.
SymphonyAI’s recognition as Risk Management Provider of the Year is not just an acknowledgment of its current achievements but also a nod to the future of financial risk management—a future where AI plays a central role in creating safer, more efficient financial systems worldwide.
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