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Accenture (NYSE: ACN) and Ripjar, a leading UK-based data intelligence company, are collaborating with Royal Dutch Shell to further enhance risk screening within its global supply chain using artificial intelligence (AI).
Shell is leveraging Accenture’s industry experience and risk expertise to configure Ripjar’s AI technology for analysis of its supply chain. The insights will provide additional accuracy and efficiency in screening for risks across Shell’s third-party supply chain transactions. The AI technology embedded in the system could also reduce data-reporting errors by over 80%, when compared to third-party legacy systems.
By integrating this tool on Shell’s cloud-based infrastructure on Microsoft Azure, Accenture will also ensure Shell is positioned to scale the solution, creating cost efficiencies. Additionally, the solution optimizes accessibility, providing self-service capabilities to Shell employees globally as they conduct due diligence on third-party vendors.
"In a proactive move to tackle the growing challenges associated with criminal activity, security and fraud in today’s global business landscape, Shell is reinforcing its risk management capabilities across the supply chain," said Adam Markson, a managing director and lead for Risk and Compliance at Accenture. "Together, we are taking a time-consuming, manual process and applying state-of-the-art automation with more insights into data to not only improve accuracy, but also give management complete audit capabilities and accountability over the entire screening process. Indeed, Accenture was selected for its deep industry expertise and track record of implementing the next generation of compliance capabilities and enabling transformational change."
"Global energy companies like Shell can better provide the products and services that are essential to our society with the help of a business ecosystem," added Jeremy Annis, CEO, Ripjar. "Ripjar’s technology, enhanced by AI, can help reduce the number of steps it takes to conduct due diligence and detect risks through continuous real-time monitoring of the supply chain."
The multi-year deal builds on Accenture Ventures’ investment in Ripjar and a strategic alliance formed in 2018.
About Royal Dutch Shell
Shell is a global group of energy and petrochemical companies that aims to meet the world’s growing need for more and cleaner energy solutions in ways that are economically, environmentally and socially responsible.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture helps oil and gas companies develop innovation-led capabilities to drive end-to-end transformation and make energy more available, affordable and sustainable. To learn more, visit Accenture’s Oil and Gas industry portal.
Ripjar builds software that helps governments and organisations automate the detection, investigation and monitoring of threats from criminal activity – making the world more secure and prosperous by empowering organisations to prevent crime.
Our data intelligence platform, Labyrinth, combines automation, AI and data visualisation to help leading financial institutions, governments and corporates analyse and mitigate threats in real time. Threats often transcend borders and our software enables our customers to scale to meet the evolving complexity of the risk landscape: finding patterns from international and unstructured data in over 60 languages. Ripjar was founded by experienced technologists from Britain's Government Communications Headquarters (GCHQ), and is headquartered in Cheltenham, United Kingdom.
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