Celent, the leading research and advisory firm focused on technology for financial institutions globally, has named HSBC as the winner of its Model Risk Manager Award for Legacy and Ecosystem Transformation, enabled by the ARIC™ Risk Hub from Featurespace. Announced at Celent’s 15th annual Innovation & Insight Week 2021, the award recognizes how HSBC innovated transaction monitoring for its insurance business with ARIC. It is the first AML technology deployed within the bank to use industry-leading rules and machine learning models – specifically designed by Featurespace – to generate alerts automatically and deliver:· Reduced false positives and improved alert quality;· Reduced overhead in alerts screening;· Mitigated risk in missing genuine cases of money laundering; and· The ability to identify new risk scenarios and typologies earlier than before. In addition to the award, Celent has published an in-depth case study that details HSBC’s strategy, implementation, benefits and learnings with ARIC (“HSBC: Insurance-Focused Transaction Monitoring Solution Powered by Machine Learning and Cloud“). Araliya Sammé, head of Financial Crime at Featurespace, said: “This award is a true testament to HSBC’s ongoing commitment to safeguard society from financial crime. Constantly pioneering, their innovative spirit is setting the bar in money laundering prevention and detection, also serving as a beacon of best practice to inspire others.” Read more