FCA signs 3-year deal for new search and discovery solution

The UK’s Financial Conduct Authority (FCA) has picked Aiimi Insight Engine to provide its new enterprise search and discovery solution.

Aiimi won the three-year, £1.3m contract for its insight engine after an extensive evaluation process and eight-week testing phase.

Through the new platform, the FCA’s staff can get greater insights from the diverse datasets. Users will be able to conduct rich context searches across assorted data formats held in internal and external systems.

User-friendly search results can be viewed by data and non-data specialists alike to support collaboration among colleagues and teams within the regulator.

Furthermore, the technology empowers enhanced intelligence and control to operations at the FCA. The platform’s advanced AI and machine learning capabilities enable the FCA to find and be alerted to risks, including UK firms showing concerning indicators, before recording and learning from these findings using data training models.

The tool will also help the FCA support its own security access controls. Users were only be permitted access to areas where they have the required permissions. The system can also track provenance and facilitate evidence-based decision making to prove diligence during external audit.

Aiimi CEO Steve Salvin said, “Organisations are looking for new, better ways to become data driven and take control of their information. Insight engines offer a powerful solution to the challenge of discovering relevant, interconnected data and getting instant actionable insights precisely at the moment you need them. There’s huge potential in every organisation’s information, and an insight engine unlocks this.”

The FCA recently teamed up with the Bank of England to release a blockchain-based regulatory reporting solution, which aims to reduce costs of compliance.

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