Genpact, OutsideIQ Alliance helps financial institutions transform compliance operations for competitive advantage
New Delhi [India], Mar 7 (ANI): Global professional services firm focused on delivering effective digital transformation Genpact and OutsideIQ, a leader in investigative cognitive computing announced their team up to help banks and financial services companies transform mission critical due diligence operations to gain competitive advantage and increase agility to respond to market issues through faster, more effective risk management.
The relationship combines Genpact's deep domain knowledge in risk management, process expertise in know your customer (KYC) and anti-money laundering (AML) compliance, and experience working with various financial institutions, with OutsideIQ's automated, artificial intelligence (AI) due diligence solution, DDIQ, which provides access to fast, automatic risk reports to help companies keep pace with new regulations and compliance reporting requirements. By extracting greater value from their data with AI tools, financial institutions can more effectively and quickly analyze risk vulnerabilities that are not easily identified in traditional manual research processes.
DDIQ is programmed to think like an investigator, interrogate the web to extract real-time information about a subject, and automatically flag risks in an auditable report. Genpact manages one of the world's largest learning data sets for business operations processing and runs risk management and compliance operations for numerous global financial institutions, which drives valuable insights that power cognitive computing technology to predictably deliver accurate results. Genpact and OutsideIQ's combined expertise allows their clients to respond faster to risk issues and more easily adapt to increasingly changing regulations.
"Our alliance with OutsideIQ helps our clients increase their competitive advantage by driving more intelligent risk management with greater agility to identify and analyze vulnerabilities," said senior vice president Global Risk and Regulatory Services Genpact, Manish Chopra.
"Companies can adapt and respond quickly, and in turn, onboard their customers faster, and achieve better compliance and efficiencies, all while avoiding the complexity, cost, and inaccuracy associated with manual systems," added Manish Chopra.
"Manual due diligence processes are no longer good enough given the growing number of data sources available today," said Dan Adamson, founder and chief executive officer, OutsideIQ. "We are excited to work with Genpact and benefit from its industry knowledge and expertise in process improvement to help our clients find a better, more consistent and auditable way to manage risk and compliance monitoring."
This alliance leverages Genpact's unique Lean DigitalSM approach which combines process-centric technologies, design thinking, Lean principles, and deep domain expertise to re-imagine end-to-end operations to achieve measurable impact in driving revenue and profit growth, business agility, and superior customer experiences. (ANI)