Joint offering automates sanction and media
screening of potential customers and vendors
TORONTO and NEW
YORK, Dec. 19, 2023 /PRNewswire/ -- Thomson
Reuters (NYSE/TSX: TRI), a global content and technology company,
and WorkFusion, a leading provider of AI digital workforce
solutions, today announced a partnership to help U.S. organizations
prevent fraud and more effectively uncover and manage
hidden risks.
Amplified by today's global events, businesses face heightened
pressure to understand the parties with whom they are doing
business and assess the suitability of those relationships. Thomson
Reuters and WorkFusion are collaborating to provide businesses with
industry-leading data combined with cutting-edge automation and AI
technology. The collaboration brings two market-leading products
together, CLEAR – Thomson Reuters investigative solution – with
WorkFusion's AI Digital Worker, Evelyn, an AI-powered adverse media
and sanctions screening alert review analyst. The combined offering
reveals whether parties of interest are featured negatively in news
articles and/or are included on lists covering sanctions,
Politically Exposed Persons (PEPs), or State-Owned Entities
(SOEs).
Adverse media monitoring and sanctions screening have been
highly manual, expensive, and time-consuming tasks, plagued with
high volumes of false positives. This joint offering assists
financial institutions, manufacturing companies and software &
technology organizations by automating screening, reducing false
positive alerts, and continuously evaluating their entire customer
base. It provides greater visibility and monitoring of potential
risks with current and prospective customers, vendors and
counterparties.
"We are delighted to partner with Thomson Reuters to amplify the
power of Thomson Reuters market-leading adverse media and sanctions
data with our AI Digital Worker, Evelyn, an AI-powered adverse
media and sanctions screening alert review analyst," said
Adam Famularo, CEO of WorkFusion.
"Organizations that have implemented Evelyn have seen more than 80%
reduction in false positives requiring manual review, and 400%
increase in screened subjects of interest without added headcount.
It improves the customer experience during onboarding and ongoing
account management and provides 3-5x ROI while also satisfying
regulators' expectations."
"Reputational risks to businesses and pressure from regulators
are increasing every day," said Dori
Buckethal, vice president, Thomson Reuters Risk &
Fraud Solutions. "Timely, reliable and actionable
alerts are essential. This exciting combination of WorkFusion's AI
Digital Worker and Thomson Reuters data means businesses can have
greater confidence about the parties with whom they are doing
business, and be alerted when situations change. This partnership
combining our trusted data insights with WorkFusion's cutting-edge
AI automation technology sets a new standard for efficiency and
task automation. With this powerful combination, businesses can
significantly boost their teams' productivity and achieve new
heights of risk management excellence."
Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) ("TR") informs the way forward
by bringing together the trusted content and technology that people
and organizations need to make the right decisions. The company
serves professionals across legal, tax, accounting, compliance,
government, and media. Its products combine highly specialized
software and insights to empower professionals with the data,
intelligence, and solutions needed to make informed decisions, and
to help institutions in their pursuit of justice, truth, and
transparency. Reuters, part of Thomson Reuters, is a world leading
provider of trusted journalism and news. For more information,
visit tr.com.
About WorkFusion
WorkFusion is the leading provider of
AI digital workforce solutions for Fortune 500 enterprises,
healthcare, transportation, banking, and financial services
companies. Its AI Digital Workers augment traditional teams by
performing highly skilled and decision-centric work in operations
areas including anti-money laundering programs such as sanctions
screening alert review, adverse media monitoring, and know your
customer; customer service and onboarding; account opening and
transaction monitoring; and other document-intensive compliance
activities. Organizations can hire pre-built or configurable AI
Digital Workers or choose to build their own using the company's
Work.AI platform. WorkFusion enables organizations to increase
workforce capacity, save money, enhance customer experience,
improve employee satisfaction, and ensure ongoing compliance. For
more information, visit workfusion.com.
Contact:
Dave Moran
Thomson Reuters
+1 647 285 3815
dave.moran@tr.com
Jessica Cassady
WorkFusion
+1 610.247.0898
jcassady@workfusion.com
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SOURCE WorkFusion