Ripjar unveils AI-powered compliance copilot to revolutionise risk management

Earnix and Sollers Consulting Partner to Modernize Insurance Processes and Systems

Ripjar, a leading name in the FinTech sector known for its innovative solutions in monitoring and investigating threats, risks, and criminal activity, has announced the launch of its latest product, the Compliance Copilot.

This AI-powered assistant is a new addition to Ripjar’s AI Risk Profiles solutions, aimed at enhancing the ability of compliance teams to identify and manage risk more effectively across their operations.

The reason for introducing the Compliance Copilot stems from the growing need for efficient and time-saving methods in compliance management. With the adoption of large language models (LLMs) across various sectors, Ripjar’s Compliance Copilot emerges as a vital tool for compliance teams. It serves as a virtual team member, taking on tasks such as handling alerts and assessments, providing fast and unbiased decisions, and offering recommendations to ensure a more efficient analysis of data sets.

Ripjar specializes in leveraging advanced technologies to combat financial crimes, offering a suite of AI-powered solutions under the RiskGPT brand. These solutions are designed to enhance risk detection and threat analysis, catering to a wide range of needs, including the monitoring of Politically Exposed Persons (PEPs), sanctioned individuals, and potential threat actors engaged in activities like money laundering or terrorist financing.

The Compliance Copilot stands out by taking on manual tasks and filtering alerts, which significantly reduces the rate of false positives. This efficiency not only saves time but also ensures that relevant risks are promptly identified, making the Copilot an indispensable tool in the fight against financial crime. By implementing the Copilot, compliance teams can expect a more than 50% reduction in false positives, allowing them to focus on genuine threats.

Built on Ripjar’s proprietary RiskGPT model, the Compliance Copilot is enhanced with generative AI to meet the specific needs of screening professionals. This model has undergone extensive testing and validation, ensuring its effectiveness in a variety of screening scenarios. The flexibility of the Compliance Copilot makes it suitable for new screening controls, expanding data screening capabilities, and enhancing the quality assurance and validation of analyst activities.

Following the successful launch of Ripjar’s AI Summaries tool, the Compliance Copilot is part of an ongoing effort to introduce groundbreaking technology solutions aimed at transforming compliance processes. Both tools are based on the RiskGPT model, highlighting Ripjar’s commitment to innovating in the compliance sector throughout 2024.

Jeremy Annis, CEO and co-founder at Ripjar, said, “Generative AI is transformational and is having a lasting impact on the ways we work today. In the compliance sector it has become an indispensable tool in risk identification and is aiding teams across verticals in the fight against financial crime.  

“However, there are also inherent risks with how new models work so the technology should be implemented carefully. In the compliance sector, this is particularly important. As a consequence, Ripjar has carefully reviewed technology options to ensure compliance professionals can responsibly transform the way they tackle money laundering and terrorist financing risks.  

“Copilot is a trusted solution that will help analysts overcome increasing costs and time constraints. It will provide another layer of support for analysts in identifying potential threat actors faster and easier than ever before.”

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