SymphonyAI and Absa Group Recognized as ICA Compliance Awards “2024 Technology Partner of the Year” for Predictive and Generative AI SaaS Innovations
2024年7月8日 - 8:00PM
ビジネスワイヤ(英語)
Partnership recognized by International
Compliance Association for its collaborative work in AI-driven risk
management that reduced false positive alerts by 77% and
accelerated the new risk identification hit rate by 10.5%
SymphonyAI, a leader in predictive and generative AI SaaS
products for the enterprise, was named “2024 Technology Partner of
the Year” at the recent ICA Compliance Awards 2024 Europe for its
partnership with South African-based pan-African bank Absa Group
Limited to combat financial crime.
SymphonyAI and Absa were selected from among the finalists for
using AI to improve transaction monitoring processes, reduce false
positives, and discover hidden risk. The ICA Compliance Awards
celebrate the outstanding achievements, collaboration, and
innovation of compliance and financial crime prevention teams.
The award submission from the two companies highlighted key
goals for the project:
- Improve alert quality – reduction of false positive alerts,
which would be measured against current alerts, while continuing to
identify all known suspicious activity reports (SARs).
- Improve new risk detection – using AI to detect new risks
faster than existing transaction monitoring rules.
- Segmentation/transaction monitoring system (TMS) tuning –
options for tuning transaction monitoring rules based on SymphonyAI
Sensa customer segmentation.
The joint project team used masked data from one country
covering two years. The Absa-SymphonyAI project then tested the
software’s capabilities further by including data from another
country.
Results far exceeded expectations with false positive alerts
reduced by 77% while also capturing all suspicious activity reports
(SARs) as found by Absa using its current transaction monitoring
system.
“The outcomes of the POC in terms of alert reduction were well
in excess of the expected thresholds, and as a result, Absa has
decided to roll out the SymphonyAI model to three further countries
across Africa,” said Absa Managing Executive, Strategic Change for
Group Compliance Robert Benvenuti. “This shows the impact and
importance that we feel the project has had, and we hope to improve
upon our partnership together over the coming years. As regulations
increase, risk management has to keep up and we feel that working
with SymphonyAI has enabled us to continuously refine our approach
to a vital aspect of financial management, improving our commitment
to our customers by enhancing our productivity in regard to risk
alerts.”
By sampling six months of data, SymphonyAI generated new risk
models to improve risk detection. Absa confirmed new risks were
identified more quickly versus a slower manual adjustment of rules
or manual reporting methods. Alongside this, the new risk
identification hit rate of 10.5% was significantly more effective
than using rules alone.
“The teamwork between a forward-looking bank like Absa and an
enterprise AI innovator like SymphonyAI is creating exciting
real-world transformation in pioneering a safer financial services
ecosystem,” said Mike Foster, president of SymphonyAI’s financial
services division. "We are extremely proud of this recognition with
Absa in earning the 2024 ICA Compliance Technology Partner of the
Year Award.”
"I’d like to extend my heartfelt congratulations to all the
finalists of the ICA Compliance Awards 2024,” said ICA President
Pekka Dare. “Your outstanding contributions and unwavering
dedication to excellence in the compliance and financial crime
prevention industry highlight your professionalism and expertise.
It is through your innovative approaches that we continue to push
the boundaries of what is possible.”
SymphonyAI’s enterprise SaaS products, which provide
unparalleled ability to tackle some of the industry’s toughest
scenarios, include enterprise grade AI-based anti-money laundering
(AML) transaction monitoring and sanctions screening for dynamic
risk assessment, and intelligence-led know your customer and
customer due diligence, transaction monitoring, and sanctions
screening products for dynamic risk assessment; together with
powerful AI augmentations for AML and sanctions that enrich
existing investments – reducing false positives by up to 80% while
continuing to spot 100% of true positives.
The innovative AI-based Sensa Investigation Hub is a complete
case management center that acts as a financial crime investigation
force multiplier for a unified view and management of
enterprise-wide risk and compliance. SymphonyAI’s AI payment fraud
prevention significantly reduces fraud losses with real-time fraud
detection analytics technology.
About SymphonyAI
SymphonyAI is building the leading enterprise AI SaaS company
for digital transformation across the most critical and resilient
growth verticals, including retail, consumer packaged goods,
finance, manufacturing, media, and IT/enterprise service
management. SymphonyAI verticals have many leading enterprises as
clients. Since its founding in 2017, SymphonyAI has grown rapidly
to 3,000 talented leaders, data scientists, and other
professionals. SymphonyAI, 2024 Microsoft Partner of the Year for
Business Transformation – AI Innovation, is a SAIGroup company,
backed by a $1 billion commitment from successful entrepreneur and
philanthropist Dr. Romesh Wadhwani. Learn more at
www.symphonyai.com.
About Absa Group Limited
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg
Stock Exchange and is one of Africa’s largest diversified financial
services groups.
Absa Group offers an integrated set of products and services
across personal and business banking, corporate and investment
banking, wealth and investment management and insurance.
Absa Group owns majority stakes in banks in Botswana, Ghana,
Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania
(Absa Bank Tanzania and National Bank of Commerce), Uganda and
Zambia and has insurance operations in Botswana, Kenya, Mozambique,
South Africa and Zambia. Absa also has offices in China, Namibia,
Nigeria and the United States, as well as securities entities in
the United Kingdom and the United States, along with technology
support colleagues in the Czech Republic.
For further information about Absa Group Limited, visit
www.absa.africa.
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Treble Sarah Armstrong symphonyai@treblepr.com