Ripjar’s first survey report on adverse media screening highlights the role of advanced technology in revolutionising risk detection and enhancing anti-money laundering efforts.
LONDON, 25 July 2023: Ripjar, the trusted provider for identifying and tackling criminal and malicious activity, has today released its 2023 State of Adverse Media Screening report, based on a survey investigating the use of adverse media screening among compliance professionals. In a rapidly evolving regulatory landscape, compliance leaders are recognising the strategic importance of technology in combatting financial crime. The report highlights the shift from considering technology as a discretional choice to a critical investment, with 62% of respondents acknowledging the over-reliance on manual processes and emphasising the untapped potential of technology adoption.
Additional key findings from the report show that:
- Of the firms who are using tech for screening, 71% of respondents say they use some form of artificial intelligence (AI) and machine learning (ML) as a core component of their adverse media screening
- 20% are still conducting adverse media screening entirely through manual processes
- Only 14% of companies aren’t considering using ChatGPT, or other Large Language Models, as an additional capability for adverse media screening. 50% are considering its use in the future, 34% are taking active steps to explore these models, and 2% are already using them.
Investigating the future of adverse media screening and sentiment in the industry, Ripjar surveyed 205 compliance professionals from across Benelux, Sweden, Finland, Germany, France, Italy, the United Kingdom, and the United Arab Emirates.
The report examines attitudes to adverse media screening, the current role that technology plays in media screening, and what the future outlook is set to be. It also takes a view on the current challenges around adverse media screening, how current technology is implemented, and moving away from manual processes.
In addition, the report looks into the introduction of Large Language Models (LLMs), such as ChatGPT. These are set to significantly disrupt many operational processes within every organisation. Only 14% of respondents said that their companies won’t be considering LLMs for their future screening operations, with 50% considering them in the future, 34% taking active steps to explore these models now, and 2% already using them in their day to day operations. The research has also revealed significant differences in trust surrounding LLMs, too. 58% of respondents found that they are somewhat confident in them, 23% are not very confident, while 12% are very confident.
As organisations navigate an increasingly challenging regulatory environment, embracing technology for adverse media screening offers distinct advantages in optimising compliance efforts. The report shows that technology-driven solutions empower firms to effectively manage risks, make sense of vast amounts of unstructured data, and prioritise alerts for analysts. The report then concludes that the adoption of advanced technology is crucial for organisations to proactively mitigate risks and ensure compliance in an ever-evolving landscape.
Jeremy Annis, CEO and co-founder of Ripjar, said: “We are witnessing a transformative era in adverse media screening, driven by advancements in AI and machine learning. Our survey report highlights the significant impact that technology adoption can have on improving risk detection and compliance surplus. At Ripjar, we work closely with ground-breaking compliance professionals dealing with a vast range of challenges. We are excited to see how innovative solutions will continue to empower compliance teams and shape the landscape of risk management.”
Gabriel Hopkins, Chief Product Officer at Ripjar, said: “This survey report underscores the transformative power of technology in the fight against financial crime. With advancements in AI and machine learning, organisations now have access to powerful tools to enhance operational efficiency and bolster anti-money laundering. The findings highlight that firms leveraging sophisticated technology solutions are seeing significant advantages. While the potential for AI is immense, our customers highlight the importance of working with a trusted solution which provides both performance and the required levels of model governance.”
Read the full report here.
About Ripjar
Ripjar is a data intelligence platform company whose mission is to help organisations and governments automate the detection, investigation, and monitoring of threats from criminal activity. Founded by former members of the UK’s Government Communications Headquarters (GCHQ), Ripjar develops software products that combine automation, artificial intelligence, and data visualisation to help companies solve the most complex risk and security management problems at scale.
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