Secura/Isaac Group and fintech innovator Consilient are thrilled to announce a groundbreaking strategic partnership to enhance financial crime detection using Federated Learning technology. In today’s age of increasingly sophisticated financial crimes, this innovative collaboration leverages AI to empower financial institutions, regulators, FIUs, and payment platforms in identifying suspicious behavior while maintaining data privacy.
Secura/Isaac Group (SIG), a global advisory firm led by former FDIC and Fifth Third Bancorp Chairman William Isaac, excels at guiding clients through today’s complex regulatory environment and implementing important industry initiatives. The team of highly experienced former bankers, regulators, and finance executives helps clients address the unprecedented challenges posed by rapid technological advances, growing cybercrime activity, and a shifting regulatory landscape.
Partnering with Consilient, Secura/Isaac Group will offer its financial services clients access to state-of-the-art technology that revolutionizes financial crime detection.
Consilient is the first company in the world to develop and deploy an AI/Federated Learning platform and library of algorithms designed to discover and manage financial crime and fraud risk. Consilient’s innovative Federated Learning approach trains models locally within organizations, identifying high-risk behaviors through a privacy-protected methodology. These models are then aggregated and validated to create a superior “champion” model, which is continuously refined and delivered back to organizations for optimal performance. The networked effect of the Consilient approach allows for individual institutions to benefit from shared insights without ever moving, sharing, or aggregating data.
As a result, Consilient allows financial institutions to discover and manage financial crime and fraud risks more efficiently and effectively while preserving data privacy. Consilient’s solution ensures that algorithms and insights are shared, but data remains secure within its original environment. This capability enables institutions, regulators, and jurisdictions to collaborate and enhance risk management without the obstacles of exposing data outside of client firewalls and the inherent cyber-crime risks that brings.
“We are delighted to offer such state-of-the-art technology to our clients,” said Bill Isaac, Chairman of Secura/Isaac Group. “Consilient’s solution, which has impressed regulators, significantly enhances the efficiency and effectiveness of identifying high-risk behaviors in financial institutions.”
“At Consilient, we are proud to harness the power of AI’s Federated Learning and behavioral analytics to transform financial crime detection,” said Ajit Tharakan, CEO of Consilient. “We look forward to helping Secura/Isaac’s clients uncover risks and dramatically improve their effectiveness in combating money laundering and financial crime.”
“This important partnership between Consilient and Secura/Isaac will accelerate the understanding and adoption of our groundbreaking approach that allows for a more effective financial crime risk management system,” said Juan Zarate, Chair and Co-Founder of Consilient and global co-managing partner at K2 Integrity. “This innovative solution will ultimately transform the current anti-money laundering system, and we look forward to bringing this to fruition with Chairman Isaac and the deeply expert Secura/Isaac team.”
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