Blog > Ripjar Receives Innovation Awards and Recognition from Chartis and Celent

22nd March 2024

Ripjar Receives Innovation Awards and Recognition from Chartis and Celent

We’re delighted to have achieved several pieces of industry recognition this month, for our innovative technology.

Chartis Financial Crime and Compliance50 2024

FCC50 2024 Ranking

We’re proud to have been ranked #16 in the Chartis Financial Crime and Compliance50 (FCC50) 2024

Chartis Research is a leading provider of research and analysis on the global risk technology market, providing in-depth analysis and advice on all aspects of risk and compliance technology. As part of global research, Chartis has produced the FCC50 2024 as a global ranking of vendors in the fincrime and compliance space, which includes AML; sanctions, PEP and adverse media screening; KYC systems; and the provision, process and delivery of fincrime-related data. 

Ripjar’s high ranking on the list is testament to our ability to harness the latest AI technology to meet the needs of a changing compliance landscape. This includes meeting the screening needs of a variety of end users beyond just banks, and enabling organisations to build customer risk profiles and undertake continuous monitoring in order to allow faster identification of evolving risk. 

Innovation Category Awards

In addition to our high ranking, Ripjar was also the only vendor to receive two Innovation awards in the FCC50 – one for LLM Innovation and one for Explainable AI

The recognition comes quickly after the launch of our latest generative AI innovations built on our RiskGPT large language model – AI Summaries and Compliance Copilot. Complementing our already well-established machine learning technology, both features use GenAI to further enhance screening processes by automating manually intensive tasks and freeing up analyst time for more complex activity.

Transparency and explainability in AI are key topics highlighted in the report, and vital for ensuring organisations can demonstrate their compliance with regulations and best practice. When developing new AI features, we stick to the core principles that the technology must be practical, statistically impactful, and, where possible, explainable, so we’re pleased to have been recognised for both our innovation and our work in ensuring transparency and trustworthiness throughout our solutions.

Ripjar’s top 20 placement and award wins in Chartis’ inaugural FCC50 reflect its leading-edge innovation and collaboration. These capabilities include its GenAI profile production and LLM development (reflected in its LLM Innovation award), its understanding of customer and market demand and the need to balance advanced technology with security and explainability (reflected in its Explainable AI award), and its strong partnership network. 

Nick Vitchev, Research Director, Chartis

Gabriel Hopkins, Ripjar’s Chief Product Officer said, “It’s always a pleasure to engage with the knowledgeable analysts at Chartis. Our customers are excited by the potential capabilities of different types of AI, but also cautious about the potential pitfalls. It has been fantastic to develop a set of solutions which build on foundational machine learning and AI techniques with the latest Generative AI innovations to provide safe and trustworthy results for modern compliance professionals.”

Celent Technology Standout

This month, Ripjar has also been recognised as a Technology Standout in Celent’s  Financial Crime Compliance Technology: Watchlist Screening Edition – 2024 XCelent Awards

Celent is a leading research and advisory firm which focuses on technology for financial institutions globally. Celent’s report looked at vendors worldwide who provide technology to support financial crime compliance.

Ripjar was particularly highlighted for our use by Tier 1 banks, and for our use of advanced AI technology, which was backed up by our position as a Technology Standout in Celent’s Technology Capability Matrix for Watchlist Screening.

The report identified the need for screening technologies to address the burden of false positive alerts, with developments in AI and enhanced analytics providing a solution to this. AI Risk Profiles have been shown to reduce false positives by 91%, using Ripjar-developed natural language processing and AI-powered adverse media screening, and we were delighted to see those technologies identified by Celent as a particular strength, alongside our continuous monitoring capability.

Celent also noted our highly configurable, scalable platform, which helps address key screening challenges relating to increasingly high data volumes.

“Ripjar leverages AI to power advanced risk assessment based on contextual data, executing at scale and in near real-time to support perpetual KYC and other critical use cases in risk and compliance“, said Neil Katkov, a Director in Celent’s Risk practice and author of the report.

Ripjar’s CEO Jeremy Annis said, “Compliance professionals are facing a broad set of challenges in 2024. Our mission is to use the right technology to help organisations detect and tackle the threats from financial and other crimes. We’re delighted to receive recognition for the innovations we develop to ensure our customers have the tools they need to succeed.”

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