June 10, 2024
FinScan, a solution of Innovative Systems, Inc. and leading provider of AML and KYC compliance solutions, has been ranked in the Financial Technology Report’s Top 25 Governance, Risk and Compliance (GRC) Companies of 2024. This prestigious list highlights companies that exhibit agility and adaptability, leveraging cutting-edge technologies, and predictive analytics to preemptively identify and address emerging risks.
Commitment to compliance excellenceFinScan’s recognition as a top GRC company underscores its commitment to providing innovative and effective solutions for risk and compliance management. The company’s advanced AML solutions, data quality expertise, and advisory services empower organizations to navigate the complexities of regulatory landscapes with ease and confidence.
Industry trends in risk and complianceThe increased focus on risk and compliance management is evident in industry trends. Last year, 57% of organizations dedicated more time to risk compliance management — up from only 35% the previous year. Additionally, 70% of corporate risk and compliance professionals reported a shift from “check-the-box” compliance to a more strategic approach over the past few years. This shift highlights the growing importance of proactive and comprehensive risk management strategies in today’s business environment.
Growing focus on data quality, speed, and costMore organizations are increasing their focus on data quality and compliance efficiency by reducing the number of false positives analysts must review. FinScan’s decades-long background in data quality has resulted in customers who can confidently expect an 80% or more reduction in false positives. We also achieve enterprise-level data quality in less than 20% of the time and at 50% of the total cost of other providers. FinScan consistently demonstrates an average response time of 200 milliseconds per transaction, achieving SLAs for mission-critical operations such as real-time payments and credit card users onboarding at point of sale.
Recognitions and achievementsIn addition to this latest accolade, FinScan was also named one of the world’s most innovative RegTech companies in FinTech Global’s 2024 RegTech100 list. This recognition celebrates FinScan’s cutting-edge solutions and significant impact on the regulatory technology sector. Furthermore, FinScan was featured in FinTech Global’s inaugural FinCrimeTech50 list, highlighting its role as a trailblazer in the fight against financial crime.
Press contact:
Chanda Shingadia, The Comms Crowd
+44 (0)7951163615