Digital- and data-led anti-money laundering and anti-fraud processes will allow banks to more rapidly and effectively manage risk and compliance
NEW YORK, Jan. 8, 2019 /PRNewswire/ -- Genpact (NYSE:G), a global professional services firm focused on delivering digital transformation, has completed a transaction with a subsidiary of Booz Allen Hamilton Holding Corporation (BAH) to acquire riskCanvas Holdings, LLC. The acquired entity includes a financial crime compliance practice, which offers both consulting services and, riskCanvas™, an, end-to-end comprehensive software suite of anti-money laundering (AML) solutions. Terms of the transaction were not disclosed.
The future of risk and compliance will rely heavily on automation, analytics, and digital technologies, combined with domain-led process expertise. Financial institutions around the world must transform their financial crime compliance operations to remain competitive. With existing manual processes and legacy technologies that generate an excessive amount of false positive alerts, these institutions need a fundamentally new way of linking their AML and risk operations that allows them to better comply with regulatory requirements, better detect and prevent financial crimes, and reduce the cost of compliance, which continues to reach new heights.
riskCanvas provides an integrated platform and tailored consulting services that expands Genpact's expertise in AML managed service operations for banking and financial services clients worldwide and helps clients transform, innovate, and optimize their financial crime compliance processes. This transaction adds industry experts, regulatory consultants with government agency experience, and technologists with significant experience in assessing and redesigning compliance operations to help drive transformative outcomes for financial institutions.
"With the risk and compliance landscape continuing to evolve and posing challenges for financial institutions, this agreement extends our strategic priority of providing end-to-end risk management services to our financial services clients," said Mark Sullivan, global business leader, Banking and Financial Services, Genpact. "Our combination of domain plus digital and analytics creates a 'tri-lingual' capability that helps ensure that we can optimize our clients' risk value chain."
The riskCanvas product suite, used by a number of financial institutions, is built upon next-generation technologies to deliver a seamless, high-performance, and comprehensive solution for financial crime compliance – customer due diligence, fraud, AML, and trade surveillance. By leveraging data science, advanced analytics, big data technologies, robotic process automation, machine learning, and intuitive workflows, riskCanvas provides an enriched single view of the customer, robust surveillance, reduction of false positives, rapid investigations and streamlined regulatory reporting. Recognized as the most technically advanced AML technology, this unique combination enables institutions to better meet their regulatory requirements, better detect financial crime risks, and dramatically reduce the cost of compliance.
"Financial institutions are looking to reimagine their approach to AML compliance to better meet rising regulatory expectations while driving efficiencies and enabling a superior client experience," said Manish Chopra, global Risk and Compliance leader, Genpact. "riskCanvas' strong consulting and digital talent along with its innovative product suite is a critical addition to our digital-led comprehensive AML service offerings that will allow our clients to rapidly transform their compliance operations."
"We are very excited to have joined Genpact and add to the company's extensive digital, analytics, and managed service capabilities in the risk and compliance space," said Joseph Gillespie, who was formerly a Principal at Booz Allen Hamilton. "Genpact's deep domain expertise in financial services and AML compliance operations, global delivery footprint, and innovation-led culture will allow us to help a wider range of global clients with a differentiated and comprehensive solution to the AML industry."
Genpact ranked in the Leader's quadrant in the 2018 Everest KYC/AML BPO PEAK Matrix, recognizing its strong leadership and depth in AML compliance solutions in this report.
See Genpact's website for more information about its comprehensive offerings within risk and compliance services.
Genpact (NYSE:G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 87,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you – putting data and digital to work to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
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