Revolutionizing Compliance and Control Functions in the Financial Industry
ControlOne, a vanguard in the realm of artificial intelligence, is dedicated to transforming compliance and control functions within the financial industry. With its flagship product, Friidom, ControlOne is at the forefront of technological innovation, aiming to simplify and enhance the effectiveness of compliance professionals in their relentless pursuit against financial crime.
Friidom: A User-Centric Approach to Financial Crime Compliance
Friidom introduces a paradigm shift in financial crime compliance by placing investigators at the core of its operations. This user-centric approach ensures that compliance professionals have the necessary tools and resources to effectively combat financial crime.
Comprehensive Case Management and Advanced Risk Detection
One of the key features of Friidom is its comprehensive case management system, which offers real-time and customizable access to data. This enables investigators to efficiently analyze and process information, leading to more effective decision-making.Additionally, Friidom integrates advanced risk detection capabilities, powered by artificial intelligence. By leveraging AI-powered identity resolution, tailored to specific crime typologies, Friidom can effectively amalgamate know your customer (KYC) and transaction monitoring data. This integration enhances the detection of potential risks and suspicious activities, enabling compliance professionals to proactively address financial crime.
Ongoing KYC/CDD with a Just-in-Time Approach
Friidom also employs a just-in-time approach to ongoing KYC/CDD (Know Your Customer/Customer Due Diligence). This means that the system automatically updates customer information and conducts necessary due diligence checks as and when required. By adopting this approach, compliance professionals can ensure that customer data is always up-to-date, reducing the risk of non-compliance.Furthermore, Friidom automates model maintenance, tuning, and documentation, reducing complexity for compliance professionals. This automation streamlines the process of maintaining and updating models used for risk detection, ensuring that they remain accurate and effective.In conclusion, ControlOne’s Friidom is revolutionizing compliance and control functions within the financial industry. By taking a user-centric approach and leveraging artificial intelligence, Friidom empowers compliance professionals to combat financial crime more effectively. With its comprehensive case management, advanced risk detection, and just-in-time KYC/CDD capabilities, Friidom is leading the way in simplifying and enhancing compliance operations.