NASHVILLE, Tenn., May 10, 2018 (GLOBE NEWSWIRE) -- Two highly innovative technology firms, Corlytics and Digital Reasoning, announced today that they will collaborate on an integrated regulatory intelligence and surveillance offering. Financial institutions are constantly assessing whether they can better control their risks. The combination of Corlytics’ deep understanding and insight of the regulated financial market with Digital Reasoning’s best-in-class artificial intelligence technology for conduct surveillance will enable financial institutions to develop new detection strategies and address blind-spots in risk coverage. The combined solution will be offered to Corlytics and Digital Reasoning clients globally.
Financial firms are seeking opportunities to introduce enhanced process, program and technology solutions to meet changing regulatory expectations, and improve surveillance efficiency and effectiveness. According to analysis by Tricumen and PwC, firms have seen headcount in the front office dedicated to a control function grow by about 21% over the past six years. However, limitations with time, budget and technology mean firms often lack formal processes to optimize alerts and identify new risk areas.
“Monitored employees learn how surveillance works and can learn evasion tactics,” said Brett Jackson, CEO of Digital Reasoning. “Hence, misconduct typologies can be expected to evolve, sometimes quite rapidly. Corlytics continuously scans a diverse set of authoritative data sources that can inform compliance teams how surveillance strategies are evolving, and the impact of failing to detect certain types of misconduct. The ability to automate global regulatory domain knowledge and prioritize employee behaviors based on risk intelligence is exactly the kind of elegant value-add Digital Reasoning’s customers are expecting as they turn to AI technology to implement more effective controls.”
John Byrne, CEO of Corlytics explained the depth of intelligence already held by his company: “Every time a regulator communicates to the market or publishes a document, we break that information down, classifying its industry impact and adding it to our intelligence. Speeches, industry guidance, thematic reviews and business plans all yield insight into regulatory intent. Combined with our global enforcements analysis, we can offer a single end-to-end source of regulatory assessment risk of regulatory change information. This insight, combined with Digital Reasoning’s market-leading AI-enabled Conduct Surveillance technology, is set to be a game changer for regulated firms.”
About Corlytics
Corlytics is the world leader in determining of regulatory risk impact. Corlytics works in partnership with banks, regulators and eminent financial institutions globally. Enabling a more transparent and stable financial system through greater regulatory planning. By delivering world class regulatory risk data and analytics, it empowers its partners to make transformational, informed, positive choices. It uses a combination of artificial and human intelligence to categorize and organize regulatory notices and when required, internal firm data, into highly structured relevant information. Allowing regulated firms to protect themselves from unexpected exposures and fines.
Corlytics enables high performance in the financial services market. It is at the very forefront of the regulatory intelligence revolution, delivering 360-degree intelligence through its four different professions – leading data scientists, seasoned technologists, proven banking risk practitioners and expert lawyers.
Corlytics measures, predicts and calculates regulatory outcomes and impact. Providing evidence in real time. It enables partners to optimize investment in compliance and risk management using a risk based prioritized approach.
About Digital Reasoning
Digital Reasoning is a global leader in artificial intelligence that understands human intentions and behaviors. Our award-winning AI platform automates key tasks and uncovers transformative insights across vast amounts of human communications for many of the world’s leading organizations and government agencies. For more information go to www.digitalreasoning.com and follow on Twitter at @dreasoning.
Contact: Jason Beck, Director of Communications
jason.beck@digitalreasoning.com, Office: 615.567.8633
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/6da3959e-ae6b-42f9-bc5b-008e7220810e.