Secura/Isaac Group Partners with Consilient to
Revolutionize Financial Crime Detection for Clients
NEW
YORK, Aug. 19, 2024 /PRNewswire/ -- Secura/Isaac
Group and fintech innovator Consilient are thrilled to announce a
groundbreaking strategic partnership to enhance financial crime
detection using Federated Learning technology. In today's age of
increasingly sophisticated financial crimes, this innovative
collaboration leverages AI to empower financial institutions,
regulators, FIUs, and payment platforms in identifying
suspicious behavior while maintaining data privacy.
Secura/Isaac Group (SIG), a global advisory firm led by former
FDIC and Fifth Third Bancorp Chairman William Isaac, excels at guiding clients through
today's complex regulatory environment and implementing important
industry initiatives. The team of highly experienced former
bankers, regulators, and finance executives helps clients address
the unprecedented challenges posed by rapid technological advances,
growing cybercrime activity, and a shifting regulatory
landscape.
Partnering with Consilient, Secura/Isaac Group will offer
its financial services clients access to state-of-the-art
technology that revolutionizes financial crime detection.
Consilient is the first company in the world to develop and
deploy an AI/Federated Learning platform and library of algorithms
designed to discover and manage financial crime and
fraud risk. Consilient's innovative Federated Learning
approach trains models locally within organizations, identifying
high-risk behaviors through a privacy-protected methodology. These
models are then aggregated and validated to create a superior
"champion" model, which is continuously refined and delivered back
to organizations for optimal performance. The networked effect of
the Consilient approach allows for individual institutions to
benefit from shared insights without ever moving, sharing, or
aggregating data.
As a result, Consilient allows financial institutions to
discover and manage financial crime and fraud risks
more efficiently and effectively while preserving data privacy.
Consilient's solution ensures that algorithms and insights are
shared, but data remains secure within its original environment.
This capability enables institutions, regulators, and jurisdictions
to collaborate and enhance risk management without the obstacles of
exposing data outside of client firewalls and the inherent
cyber-crime risks that brings.
"We are delighted to offer such state-of-the-art technology to
our clients," said Bill Isaac,
Chairman of Secura/Isaac Group. "Consilient's solution, which has
impressed regulators, significantly enhances the efficiency and
effectiveness of identifying high-risk behaviors in financial
institutions."
"At Consilient, we are proud to harness the power of AI's
Federated Learning and behavioral analytics to transform financial
crime detection," said Ajit
Tharakan, CEO of Consilient. "We look forward to helping
Secura/Isaac's clients uncover risks and dramatically improve their
effectiveness in combating money laundering and financial
crime."
"This important partnership between Consilient and Secura/Isaac
will accelerate the understanding and adoption of our
groundbreaking approach that allows for a more effective financial
crime risk management system," said Juan
Zarate, Chair and Co-Founder of Consilient and global
co-managing partner at K2 Integrity. "This innovative solution will
ultimately transform the current anti-money laundering system, and
we look forward to bringing this to fruition with Chairman Isaac
and the deeply expert Secura/Isaac team."
For more information on Secura/Isaac Group, visit
securaisaac.com.
For more information on Consilient, visit
consilient.com.
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SOURCE Consilient Inc