Whether you work on the frontline of the fight against financial crime or have been tasked with improving the onboarding experience for new customers, 2023 is lining up to be another challenging year.
Faced with the prospect of increasing regulatory pressure and tightening budgets, at RiskScreen we have been hard at work on a range of new initiatives designed to help you meet your goals while also reducing the cost of compliance in 2023.
It’s further proof of our continuing dedication to improving the effectiveness of compliance and operational departments through the delivery of the intelligent process automation of risk-based customer onboarding, screening, and in-life monitoring.
With this in mind, we are pleased and proud to share with you some exciting and dynamic developments we have planned for this coming year, while also taking time to reflect on some of the highlights of 2022, which proved to be yet another successful year of growth for RiskScreen.
The new developments coming in 2023
The launch of RiskScreen-as-a-Platform
Over the past two years, our engineering team has been hard at work bringing the entire RiskScreen suite of products together into a single platform. We will continue to offer world-leading AML and KYC solutions, but in a far easier to consume format, whereby modules can more easily be configured to meet the individual needs of each organisation. Whether you need sanctions screening, batch adverse media monitoring, onboarding, or remediation services, the RiskScreen Platform can scale seamlessly with your organisation’s requirements.
The new Perpetual KYC module
Building on our existing solution for in-life monitoring which offers a real-time risk analytics and reporting engine, we’re excited to announce that we will be launching a new module in the RiskScreen Platform to enable true perpetual KYC. This new addition will add a full KYC lifecycle capability to the Platform’s existing world-leading digital onboarding and remediation modules, enabling your firm to automatically identify and update customer data which requires refreshing.
Hardening our technology resilience
Our number one priority has always been the integrity and security of customer data. So, in the face of ever-growing attacks from malicious actors, we have continued to invest in best-in-class secure network infrastructure, fully leveraging the capabilities of our cloud partners and in-house DevOps architects. As a responsible SaaS vendor, we have rotated our penetration testing provider to ensure that we continue to subject our stack to penetration tests from the most accomplished white hats.
Opening a new technology office
We are also excited to announce that in 2023 we will be opening a new technology office in India. It will enable our existing development team to concentrate on product engineering, while adding bandwidth, skills, and experience. This will enable us to build the next generation of our service-oriented backend architecture as we optimise all aspects of our stack for large-scale global SaaS provision.
Standing on the shoulders of giant advances in 2022
Despite the many challenges presented throughout 2022, we ended another year with a growing customer base fuelled by a range of new product releases, business partnerships, and advances in our operational capabilities.
Proud of our accomplishments, here is a recap of some of the major highlights of 2022.
The release of the Complex Client Structure onboarding module
Building on the success of our sector-leading Onboarding Solution, we launched a module which tackles one of the most frustrating challenges – onboarding entities with complex structures. Our new Complex Client Structures solution offers the fast, elegant onboarding of corporates, trusts, funds, foundations and more, and can reduce time to revenue by up to 80%.
The release of the Automated Adverse Media Screening module
Adding to our existing offering of ad hoc adverse media screening, we delivered the ability for large volumes of records to be screened at once, with automated repeat screening as regularly as required. The new module delivers a targeted, open-source web search that quickly and easily identifies any adverse media issues before they can impact your organisation.
The launch of the RiskScreen Learning Academy
We fully understand how important continued professional development (CPD) is to compliance professionals and how immersive learning resources can help underpin that journey. Which is why we invested in a cutting-edge Learning Management System (LMS) and subsequently launched the RiskScreen Learning Academy, an ever-expanding resource that allows all users to learn at their own pace in an on-demand environment.
A new partnership with TrustQuay
We were thrilled to announce a new partnership with TrustQuay that provides a market-leading, fully automated anti-money laundering (AML) and sanctions screening function for corporate services, trust and alternative fund administration providers.
Acknowledged as a KYC leader by Chartis Research
As 2022 drew to a close, not only were we pleased to see RiskScreen move up the rankings of the Chartis 2023 RiskTech100®, but also delighted to be recognised as a Category Leader in the 2022 Chartis RiskTech Quadrant® for Know Your Customer (KYC) Solutions. Both accolades were based on the strength of sustained innovation across our KYC and onboarding solutions.
The RiskScreen 2022 Onboarding Survey Report
Early in 2022, we released a dedicated survey report which was undertaken with the goal of helping us to better understand the challenges, priorities, and processes, when onboarding customers and suppliers. The report was extremely well received by the sector, and as a result, we intend to repeat the survey early in 2023.
New offices in London’s Canary Wharf
Following sustained growth in our UK client base, RiskScreen took up residency in London’s central business district. Based in One Canada Square, the new offices will serve as a hub for RiskScreen’s growing UK team across sales, marketing, and professional services.
Stay with us for a prosperous journey throughout 2023 and beyond
We would like to take this opportunity to thank our many clients for continuing to choose RiskScreen as their regulatory technology vendor of choice and look forward to working with you throughout 2023 and for many years to come.
Furthermore, if you work in AML or KYC compliance or operations, we invite you to subscribe to our KYC360 AML Roundup. Published every Friday, it delivers an invaluable weekly summary of the latest and most important AML news and analysis direct to your inbox.