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Deloitte and Quantexa partner to tackle global illicit finance and economic crime risk
Q uantexa , a data and analytics software company pioneering Contextual Decision Intelligence , has announced it has partnered with Deloitte as part of its global illicit finance and economic crime initiative , to enable the contextual monitoring of criminal activities . The move will help enterprises establish a robust framework against organised crime and a powerful defence against the rise of illicit finance , economic crime and the fraud epidemic .
Deloitte will utilise Quantexa ’ s Contextual Decision Intelligence ( CDI ) platform to enable its clients to leverage technology and analytics as part of robust Economic Crime Governance and Risk Management Frameworks , to effectively monitor payment flows and gain a more accurate picture of the holistic risks presented from customers and associated third parties , legitimate and otherwise .
Economic crime constantly evolves as criminals seek newer , more sophisticated techniques to evade detection in the increasingly interconnected and digital world . Opportunities for bad actors have only increased with lockdown as Digital Transformation accelerated and proven compliance processes adapted to increasingly remote transactions .
Quantexa ’ s contextual monitoring software provides a single view of data with analytics capability that enhances the efficiency , effectiveness and consistency of operational investigations and monitoring . In the hands of Deloitte ’ s experts , CDI is a powerful weapon to help financial institutions , insurers , the private and the public sector to foil the global illicit finance and economic crimewave .
Andrew Oates , Partner at Deloitte , said : “‘ Working with Quantexa , Deloitte 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 .”
Vishal Maria , CEO of Quantexa , said : “ We ’ re delighted to be partnering with Deloitte , whose proven global expertise in compliance and governance is the perfect fit for our CDI technology . 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 .” �
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