FirstRain Named IDC Innovator in Financial Compliance and Risk Analytics
FirstRain is proud to announce that it has been recognized as an IDC Innovator in a recent report that identifies key players pioneering the U.S. financial compliance and risk analytics markets.
In this report, IDC highlights how FirstRain customers use the FirstRain Business Web Graph, fact extraction, and event detection to know their customers better and gain new insights into their customers and operations, as well as financial services compliance (e.g., Know Your Customer and Customer Due Diligence).
The FirstRain Business Web Graph is central to providing meaningful (high-resolution) information across FirstRain solutions. In additional to SaaS based apps, customers can also leverage FirstRain at the data level, via a categorization pipeline that measures dynamic information based on the strength of relevance, noise and nature of the subject, and weighs linkages between related industries, companies and topics that can be customized for each customer. The result is that FirstRain delivers a level of disambiguation and meaning-based through analytics that far exceeds the relevance and quality that can be achieved through search or keyword-matching approaches.
Quoting from the IDC press release, “Financial firms remain under pressure from regulators to improve the effectiveness of their compliance and risk management analysis and reporting,” said Bill Fearnley, research director, Compliance, Fraud and Risk Analytics at IDC Financial Insights. “To stay ahead of bad actors and improve their compliance and fraud detection programs, financial firms are increasing investments in analytics tools and new sources and types of data.”
What to learn more about how we are helping Financial firms? Please contact us!