Synechron adds RiskTech.AI offering to Accelerators program

27 October 2023 3 min. read

Synechron has added yet another Accelerator offering to its growing suite of Accelerators. The latest Accelerator service helps clients with putting artificial intelligence and generative AI solutions to use in their risk function.

First launched in 2016, Syncechron’s Accelerators program is a blended consulting and technology proposition that helps financial services institutions with the rapid development of innovative business solutions based on emerging technologies.

“Our Accelerator Programs showcases the possibility of emerging digital technologies, and helps our clients realise new business solutions. Our team drives the process, from concept to creation,” explained Sandeep Kumar, Head of Synechron’s Accelerators programs.

Synechron adds RiskTech.AI offering to Accelerators program

Having kicked off with an Accelerator for blockchain technology, Syncechron has since the program’s inception added versions for RegTech, InsurTech, WealthTech, PayTech, and InvestTech, among others. The latest to join the portfolio, the so-called ‘RiskTech.AI’ Accelerator, becomes the eleventh in total and enables clients to enhance their risk management processes with the help of AI-driven solutions.

According to Kumar, intelligent technologies such as AI can bring big benefits to the risk domain, across the full lifecycle from identification and mitigation to management, crisis response, and reporting. The RiskTech.AI Accelerator can also help financial services gain more control on the rapidly evolving and increasingly complex risk landscape.

“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,” Kumar stated.

RiskTech.AI’s five solutions

The first set of Accelerators focus on five areas: supply chain risks, climate-related risks, regulatory implementation and change management processes risks, know your customer risks, and IT vulnerability and cybersecurity risks. An overview of the solutions:

Supply Chain Risk Insights
An application that utilises AI to enable risk managers of loan portfolios to better visualise, interpret, contextualise and manage supply chain vulnerabilities and risks of public corporations.

Climate Risk Stress Test and Analysis
Dubbed as ‘CRiSTAL’, the Synechron platform helps financial institutions discover and manage climate risk vulnerabilities and exposures within their existing lending portfolios.

Regulatory Implementation Optimizer
The so-called ‘Regulatory Implementation Optimizer’ solution uses generative AI technology to enhance the efficiency of regulatory change management and compliance risk management.

KYC Risk Investigator
‘KYC Risk Investigator’ is a KYC due diligence evaluative solution empowered with AI tools and generative AI to boost the efficiency of staff and reduce associated costs.

IT Risk and Control Contextualizer
An application automating data integration, workflow and leveraging advanced analytics and machine learning AI models, ‘iTRACC’ is built around an IT risk control/calculation platform, to identify, prioritise and manage IT and cybersecurity risks.

Commenting on the launch, Faisal Husain, Synechron’s Co-founder and CEO, said: “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 imbedded AI-enriched innovations to help organisations identify, prioritise and quickly respond to business risk stressors.”