Wynyard Group mentioned in two risk research reports
Wynyard Group’s Financial Crime solutions named in two leading global risk research reports
Auckland, 9 July 2013 - Wynyard Group, the specialists in intelligence-led software and solutions for protecting companies and countries from threat, crime and corruption, has been named amongst leading vendors in the Chartis RiskTech Quadrants™ for both the Chartis Anti-Money Laundering Solutions 2013 and Chartis Enterprise Fraud Management Solutions 2013 reports. The reports are compiled by Chartis Research, a leading provider of research and analysis on global risk technology markets.
This is the first time Wynyard Group has featured in the reports and follows the company being named in last year’s global Chartis Research RiskTech100TM report acknowledged globally as the most comprehensive and prestigious study of risk technology vendors.
Globally, Wynyard’s intelligence-led risk management software such as its anti-money laundering solution is used by more than 400 clients including government national security and justice agencies, Fortune 500 companies, financial institutions and operators of significant infrastructure. The solutions are used to help organisations better understand their exposure, improve the visibility of risk across the enterprise and to detect, prevent and combat financial crime including fraud and money laundering.
The cost of fraud and impact financial crime has on financial institutions continues to grow along with advances in technology which have proved conducive to fraudsters. Professional fraud rings are exploiting the technological naivety of customers, weaknesses in financial institutions’ defences, and the inability of businesses to compare and match threats from different channels.
According to Chartis however, to combat this, regulators have begun to incorporate fraud into risk management measures, particularly operational risk, and require banks to protect their customers. Advances in technology can also help financial institutions improve their anti-fraud strategy and Chartis says firms need to move to a more pro-active and cross-channel approach, focusing on prevention as well as detection, while balancing the need for robust anti-fraud measures with the customer experience.
Craig Richardson, Managing Director Wynyard Group, is delighted with Wynyard’s placement in both reports. He said Chartis highlight the importance advanced technologies such as link analysis, predictive modeling and artificial intelligence - areas Wynyard invests heavily in - play in helping to prevent and predict financial crime.
“The increasingly sophisticated techniques being employed by criminals is driving a change in the way organisations around the world identify and prevent financial crime. There is a move towards financial crime solutions that deliver more than just compliance.
“Wynyard’s technology helps clients predict and prevent financial crime by applying advanced analytics to masses of data, and our technology is both simple and fast to implement via a secure bureau service developed for clients in the United Kingdom and the United Arab Emirates.”
In response to growing demand for its advanced Financial Crime SaaS solution, particularly in the United Kingdom, the United Arab Emirates and New Zealand, Wynyard recently appointed Jim Oakes, a globally recognised financial crime expert, as Director Financial Crime. Jim will apply his extensive experience and knowledge in managing international financial crime investigation, anti-money laundering and financial crime prevention to drive Wynyard’s global financial crime strategy.