Synechron, the global digital transformation consulting firm specialising in financial services and big technology sectors, recently launched its revolutionary RiskTech.AI Accelerators program as a move towards transforming financial risk management. Unveiled in October 2023, this program signifies Synechron’s commitment to providing innovative solutions that harness the power of Artificial Intelligence (AI) and Generative AI (GenAI) to empower clients in navigating and mitigating contemporary business risks effectively.
Related: The Impact of Artificial Intelligence on Business: Key Trends and Insights
Synechron’s Digital Expertise in Financial Services
Renowned as a leader in the industry, Synechron thrives on the belief in the transformative capabilities of digital technologies. The firm seamlessly blends creativity with cutting-edge technology, offering a wide array of services covering Artificial Intelligence, Digital, Cloud & DevOps, Data, and Software Engineering. Synechron’s dedication to research and development, exemplified through its Financial Innovation Labs, has resulted in groundbreaking solutions spanning AI, Blockchain, and Digital Underwriting.
You can also read more about the role of AI in the finance industry by clicking here.
A Comprehensive Approach to the RiskTech.AI Accelerators Program
The RiskTech.AI Accelerators program comprises a suite of five meticulously tailored solutions strategically designed to assess and mitigate potential business and loan portfolio risks across critical areas:
1. Supply Chain Risk Insights
Leveraging AI, this application empowers risk managers to visualise, interpret, and manage supply chain vulnerabilities and risks within public corporations, providing a crucial tool for comprehensive risk assessment.
2. Climate Risk Stress Test and Analysis (‘CRiSTAL’)
This platform offers financial institutions a comprehensive solution to identify and manage climate risk vulnerabilities within their existing lending portfolios, aligning with the growing importance of sustainability in the financial landscape.
Also Read: U.S. Climate Law Sparks Clean Energy Technology Surge
3. Regulatory Implementation Optimiser
Featuring GenAI tooling, this solution addresses regulatory change management and compliance risk management, providing organisations with the tools to navigate complex regulatory landscapes effectively.
4. KYC Risk Investigator
This AI-enhanced Know Your Customer (KYC) due diligence solution enhances efficiency and reduces costs for analysts while identifying potential risks and streamlining the KYC process.
5. IT Risk and Control Contextualiser (‘iTRACC’)
This application, built around an IT risk control/calculation platform, utilises advanced analytics and machine learning to identify, prioritise, and manage IT and cybersecurity risks, ensuring a robust defence against evolving digital threats.
Also Read: AI and Cybersecurity: Protecting Data in the Age of Intelligent Threats
Leadership Perspectives on RiskTech.AI Accelerators
Faisal Husain, Co-founder and CEO of Synechron, expressed enthusiasm about the program, stating, “As big believers in the power of advanced technologies, we’re pleased to have developed our new RiskTech.AI Accelerators program. It features critical new approaches and embedded AI-enriched innovations to help organisations identify, prioritise and quickly respond to business risk stressors.”
Sandeep Kumar, Head of Synechron’s FinLabs and Accelerators programs, highlighted the program’s significance, stating, “Multiple risks can have a severe financial impact and lingering business consequences for financial services firms. We have responded with a new set of RiskTech.AI Accelerators – advanced technological innovations that can assist businesses to find, gauge the possible depth and breadth of, and quickly respond to important risks.”
Also Read: Ant Group Wins Approval to Release AI Products to Chinese Public
Closing Words
By seamlessly integrating AI and GenAI technologies into comprehensive risk assessment tools, Synechron reinforces its position as a frontrunner in digital transformation within the financial services sector. As businesses navigate the complexities of an ever-changing digital world, Synechron’s innovative solutions are expected to enhance risk identification and mitigation strategies greatly.