Matrix-IFS fills the market’s tactical and strategic gaps with respect to compliance using an end-to-end approach that leverages market-leading software solutions with advanced technologies like visual analytics, machine learning, and AI. “Our end-to-end approach breaks the silos between advisory, implementation, and validation processes to combat pecuniary crimes such as AML,” mentions Varatharaj Sankararaj, senior director of financial crime practice, Matrix-IFS. With current market surveillance tools producing high false positives which increase risks within banking ecosystems, Matrix-IFS deploys a multi-pronged strategy. Utilizing visual analytics dashboards, the firm enables users to ascertain whether outcomes of client-framed rules are in sync with intended purposes, failing which, new protocols are recommended. Secondly, data clusters and alert distribution patterns are thoroughly scanned to detect anomalies in data. Finally, technologies such as robotic process automation are employed to automate detection of false positives, which provides controls using visual analytics to simplify system validation with a limited workforce. “Visual analytics also provide visibility into incoming newsfeeds and crucial regulations,” states David Grinholz, senior director of capital market practice.
Having successfully implemented over 300 projects for many of the world’s top Tier One and Tier Two financial institutions Matrix-IFS has valuable knowledge on industry best practices and practical experience to serve banks and financial services firms under pressing timelines and regulatory demands. In one instance, a global bank sought assistance from Matrix-IFS to assess a particular risk from a market surveillance perspective. Matrix-IFS analyzed the situation and proposed a hybrid approach to monitoring the risk, which demonstrated the convergence of AML and market surveillance by redesigning the workflow to enable closed-loop operations within the business. The new workflow effected a sea change in the environment by allowing the money laundering reporting officer to track the accuracy of regulatory documents, thereby minimizing risk of financial malpractice.
Looking to the future, Matrix-IFS intends to focus on global expansion, automation and advanced technology and offering additional advisory and compliance services to their customers. Matrix-IFS is well positioned to address new trends in the AML and Fraud prevention space including new reporting requirements both in the US and Europe (MiFID II), deal management systems in European capital markets and to leverage blockchain and cryptocurrency technologies to enrich its service offerings. “Increasing use of advanced analytics calls for a revamp of data quality at our clients’ locations,” says Levy. Matrix-IFS’ strategy behind data quality and governance revamp is to use AI and machine learning to push the envelope of innovation. “We see ourselves at the forefront of using advanced technology and helping clients effectively address compliance and fraud while reaping the benefits of better ROI,” concludes Levy.