Data analytics specialist Quantexa has partnered with Deloitte to help tackle economic crime through enhanced “contextual monitoring” of financial activity.
The professional services giant will use Quantexa’s Contextual Decision Intelligence (CDI) platform to help its clients identify trends hidden within their corporate data, monitor known risks and detect new threats hidden from sight in corporate payment flows.
This will offer a full and accurate picture to clients of the risks presented from their customers and associated third parties, legitimate and otherwise, as part of Deloitte’s Economic Crime Governance and Risk Management Frameworks.
UK-based Quantexa has previously worked with financial institutions to improve data monitoring and anti-fraud processes, and says the new partnership will enable enterprises to “connect data at scale, uncovering hidden risks more accurately and efficiently”.
“We’re delighted to be partnering with Deloitte, whose proven global expertise in compliance and governance is the perfect fit for our CDI technology,” said Quantexa chief executive Vishal Marria.
“New risks demand new technology and techniques. Organisations need to rethink the use of traditional rules-based approaches to monitoring activity, which are inflexible and incapable of dealing with the complexity and scale of today’s enterprise data demands.”
Deloitte says its partnership with Quantexa will offer the ‘next evolution’ in financial crime monitoring
As economic crime evolves rapidly, criminals are developing newer, more sophisticated techniques to evade detection – and Quantexa says the opportunities available to bad actors have only increased during lockdowns as the digital transformation accelerated and proven compliance processes adapted to increasingly-remote transactions.
The CDI platform provides a single view of data, with analytics capability that improves the efficiency, effectiveness, and consistency of operational investigations and monitoring.
Coupled with Deloitte’s expertise in professional services, it can prove a “powerful weapon” to help financial institutions, insurers, the private and the public sector combat economic crime.
Deloitte partner Andrew Oates said: “Working with Quantexa, [our] clients are developing sustainable and future-focused contextual monitoring capabilities. CDI provides what is fast becoming the new standard for fighting illicit finance and economic crime.
“Our deep economic crime subject matter expertise, combined with Quantexa’s technology and advanced analytics, enables our clients to identify trends, monitor known risks, and detect new threats more effectively – it is the next evolution of illicit finance and economic crime monitoring.”
