Synechron launches AI-enabled risk identification tools

20 November 2023 3 min. read

Digital transformation consultancy Synechron has announced the launch of its new RiskTech.AI Accelerators programme. The initiative will see the financial services-focused advisory help its clients mitigate critical risks while they adopt AI technologies.

The start of the year saw an explosion of hype around generative AI technology. Products such as text-generator ChatGPT, image-generator DALL·E, and text-to-code generator Codex saw the majority of businesses rushing to invest in the technology, with the hope that generative AI could both boost productivity, and help them cut down on expenses incurred by human labour. In the financial services sector, this presents a huge opportunity, as companies look to handle risks related to regulatory compliance and cyber-security, at a rate never seen before.

To that end, Synechron – a global digital transformation consulting firm focused on the financial services and big technology organisations – has rolled out a suite of five solutions, which strategically integrate cutting-edge generative AI tools to enable Synechron’s clients to identify, understand, address and mitigate critical modern business risks rapidly and efficiently.

Synechron launches AI-enabled risk identification tools

The innovative solutions were designed to allow organisations to determine the likelihood of potential business and loan portfolio risks/losses across several areas. Specific, targeted risks include supply chain problem risks, climate-related risks, regulatory implementation and change management processes risks, Know Your Customer investigations, and IT vulnerability and cybersecurity risks.

Faisal Husain, Synechron’s co-founder and CEO, said of the launch of the RiskTech.AI Accelerators program, “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 organizations identify, prioritize and quickly respond to business risk stressors.”

Among the tools included with the RiskTech.AI Accelerators programme are an application that utilises AI to enable risk managers of loan portfolios to better manage supply chain vulnerabilities and risks of public corporations; a platform for financial institutions to discover and manage climate risk vulnerabilities and exposures within their existing lending portfolios; and generative AI tooling for regulatory change management and compliance risk management. It also features a multi-functional KYC due diligence evaluative solution empowered with AI tools; and an application automating data integration, workflow, built around an IT risk control calculation platform, to identify, prioritize and manage IT and cybersecurity risks.

Sandeep Kumar, head of Synechron’s finlabs and accelerators programmes, added, “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.”