Berlin and Vienna, 14 September 2020 -- Raiffeisen Bank International (RBI) has partnered with Elucidate to leverage data analysis and machine learning to measure financial crime risk levels internally, as well as across the bank’s extensive network of financial institution clients in Central and Eastern Europe.
With functionalities developed in partnership with RBI, Elucidate’s financial crime benchmark enables the financial institution to confidently conduct business across markets through performing ongoing measurement of financial crime risk levels, thereby reducing risk whilst improving profitability and client experience.
Elucidate’s flagship product, the Elucidate FinCrime Index (EFI), is the market’s only regulated financial crime benchmark (1) providing unprecedented clarity into financial crime risk and defining the standard for financial crime risk management.
Orsolya Mikuska, Senior Compliance Officer, expressed her enthusiasm in using the platform: “Elucidate will support RBI to have a broader oversight and better possibility to identify financial crime risk. I am happy that we were able to assess the added value of the tool in a joint exercise between first line of defense (Institutional Clients Experience Due Diligence) and second line of defense (Group Compliance).”
Stefan Wichtl, Head of Institutional Clients Experience Due Diligence, says: “I am delighted to use the EFI tool to manage compliance related risks, increase transparency in our correspondent network by having also an external independent assessment and work together with our counterparts to improve the compliance quality at their end.”
Shane Riedel, CEO, and Co-Founder at Elucidate, noted: “Our partnership with Raiffeisen to enable clear scoring of financial crime risk is indicative of their innovative and progressive approach to preventing financial crime. By automating labour intensive, subjective analysis of counterparty's financial crime risk, the bank now has more time to focus on managing substantiated risk. The platform will be a key tool for RBI to enable risk strategy and governance going forward.”.
(1) Elucidate GmbH is an authorised Benchmark Administrator, regulated by the Federal Financial Supervisory Authority (BaFin) and registered with the European Securities and Markets Authority (ESMA).
About Raiffeisen Bank International (www.rbinternational.com): Raiffeisen Bank International AG (RBI) regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe as its home market. 13 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A.
About Elucidate (www.elucidate.co): Elucidate is a financial crime risk management company enabling financial institutions to benchmark and price financial crime risk through risk assessment, data analysis, and scoring. It is the market’s first regulated financial crime risk benchmark providing a defined and quantified industry standard.