CHICAGO--(BUSINESS WIRE)--Navigant Consulting, Inc. (NYSE: NCI) and Ayasdi today announced they are collaborating to deploy artificial intelligence (AI) and machine learning to more effectively and efficiently detect financial crime activity. The collaboration combines Navigant’s extensive subject matter expertise in financial crime compliance and unparalleled understanding of the financial sector’s regulatory environment with Ayasdi’s unique, powerful, and battle-tested machine intelligence platform.
Together Navigant and Ayasdi will offer machine intelligence-based anti-money laundering (AML), sanctions, and anti-corruption and anti-bribery compliance program enhancements to assist clients in better detecting and deterring financial crime.
“Our combined solution's flexibility is superior to traditional, rules-based financial crime detection systems and it enhances our clients' ability to adapt to the evolving threats of the modern financial crimes landscape,” said Ellen Zimiles, head of Navigant’s Financial Services Advisory and Compliance segment. “The components of machine intelligence — artificial intelligence and machine learning — are well-suited to the complex and rapidly changing nature of sophisticated financial crime schemes. By augmenting existing monitoring systems with these new capabilities, financial institutions can get ahead of innovative criminals dedicated to evading financial crime controls.”
“This collaboration with Ayasdi fits into Navigant’s overall digital and analytics strategy by leveraging our subject matter expertise with best of breed technical capabilities to ensure we are delivering top value to our clients,” said Lee Spirer, executive vice president and chief growth and transformation officer.
AI and machine learning are proven to be effective and efficient tools for fighting financial crime. The key to successfully deploying machine intelligence is to make sure that a financial institution develops, documents, and implements robust and comprehensive testing and quality assurance protocols, and maintains a regular dialogue with regulators to explain its processes.
“We are delighted to work with Navigant to serve our growing client base in the areas of anti-money laundering, sanctions, and other areas of financial crime,” said Gary Hagmueller, Ayasdi COO. “Navigant’s sterling reputation is a function of their exceptional domain expertise. Combining our powerful and proven machine intelligence technology with Navigant’s know how represents a significant opportunity for clients and prospects around the world to increase the efficiency and effectiveness of their operations while retaining the transparency and explainability that internal stakeholders and regulators require.”
Navigant has a strong reputation as a leader and innovator in AML, sanctions, and anti-bribery and corruption compliance. Navigant’s global investigations and compliance team consists of former financial regulators, former law enforcement, and former federal and state prosecutors. Navigant’s team has served, and continues to serve, as court and government agency appointed monitors for various international financial institutions.
Ayasdi, a leader in machine intelligence software and a pioneer in enterprise-class intelligent applications, has deployed against some of the financial services industry’s most complex challenges in regulatory risk and financial crimes. For the second year in a row, Ayasdi was recognized by Chartis as the category leader for Artificial Intelligence in its 2018 RiskTech100® rankings. Together, Navigant and Ayasdi will apply intelligence to augment current AML transaction monitoring and sanctions technologies and processes to improve performance without the need to rip-and-replace existing software or processes.
About Navigant Consulting
Navigant Consulting, Inc. (NYSE: NCI) is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage, and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the firm primarily serves clients in the healthcare, energy, and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
Ayasdi is on a mission to extract value from the world’s data through the creation and deployment of enterprise-class machine intelligence. Developed by Stanford computational mathematicians, Ayasdi’s unique approach combines machine learning, abundant compute, and user-centric design to create intelligent applications that fundamentally change how organizations tackle their most complex challenges. Based in Menlo Park, CA, Ayasdi is backed by Kleiner Perkins Caufield & Byers, IVP, Khosla Ventures, Centerview Capital Technology, Draper Nexus, Citi Ventures, GE Ventures, and Floodgate Capital.