Risk Management Archives - AiThority

Software Code Clean Up Slowed by Pending Regulations; Many Turning To Gen AI and Unit Tests

GlobeNewswire — Tue, 09 Jan 2024 08:31:16 +0000

New compliance requirements called DORA pushing banks to generative AI solutions to meet 2025 deadlines, according to Diffblue

Diffblue, creators of the world’s first fully autonomous generative AI-for-code software announced dramatically increasing demand for AI-powered software unit testing solutions, especially among banks, as firms rush to meet new, stringent software code quality regulations.

A year ago, the European Parliament approved the Digital Operational Resilience Act (DORA), which will enter into force in 2025. It includes six key components for financial services to address to bolster their digital resilience. ESAs will increase their supervision on financial institutions and will implement stronger controls.

“AI automation is changing the banking industry in many ways but it is also helping firms automate and improve compliance initiatives to meet the requirements of stricter software code quality standards,” said Mathew Lodge, CEO of Diffblue, developers of Diffblue Cover, an automated Java software unit testing solution.

The financial stakes are high.

Last December UK regulators fined bank TSB more than $60 million for failures in risk management and governance after an IT outage locked two million customers out of their accounts. The fine stemmed from a botched migration of TSB customers to Spanish bank Banco Sabadell which had acquired TSB in 2015.

The mistakes cost CEO Paul Pester his job and TSB had to spend nearly half a billion dollars to resolve the problems and compensate customers. Regulators accused TSB of failure to organize and control the IT migration program adequately and manage the operational risks.

DORA will require companies to focus on a Digital Resilience Strategy accompanied by a Digital Resilience Framework. It requires an end-to-end view of the entire ICT landscape that supports critical business functions. Proper unit testing of software can mitigate these risks tremendously, documenting in advance that the code will perform as intended.

Diffblue Cover is helping scores of banks adopt DORA and keep regulators at bay when modernizing legacy mission-critical Java applications. Unit tests written by Diffblue Cover enable rapid understanding of complex applications allowing customers to innovate with confidence. It’s also the only fully-automated generative AI solution that can autonomously write new code, improve existing code, accelerate CI pipelines and provide deep insight into risks associated with change without requiring manual review.

To see a demo of Diffblue Cover, please visit here. Experts at Diffblue will schedule a convenient time to show you how AI for Code and Diffblue Cover can:

Speed up modernization of your Java applications;
Protect your code from regressions;
Ship code with fewer customer-found defects
Make life easier for your development teams;
Reduce the risk of code breakages in fragile applications;
Maximize unit test coverage;
Get new insights into your code’s testability and health

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[To share your insights with us, please write to sghosh@martechseries.com]

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RAI Institute Partners with Armilla AI to Scale Adoption of its Responsible AI Assessments With Company’s Performance Guarantee for AI Products

PRNewswire — Thu, 14 Dec 2023 12:24:33 +0000

The Responsible AI Institute (RAI Institute), a nonprofit developing an independent certification framework for AI, has partnered with Armilla AI, a leading provider of AI risk mitigation and transfer solutions, to provide RAI Institute members with preferred access to the company’s verification and warranty for AI products, backed by world-class insurers.

Armilla AI recently announced the launch of its Armilla Guaranteed warranty, a groundbreaking performance guarantee for AI products that is being backed by the company’s global insurance partners Swiss Re, Greenlight Re and Chaucer.

Now, RAI Institute and Armilla AI will offer RAI Institute members the ability to combine a RAI Institute Product Assessment, which aligns with the NIST AI Risk Management Framework, with Armilla Guaranteed. This will give RAI Institute’s enterprise members the ability to deploy procured AI solutions with confidence, knowing that they have passed an assessment that aligns with the NIST AI Risk Management Framework and that they are insured against performance outside vendor-advertised performance and fairness metrics.

As part of the partnership announced, Armilla looks forward to working with RAI Institute in beta testing and operationalizing its RAISE Benchmarks, announced last week.

The pioneering collaboration comes at a critical moment for enterprises, which are searching for solutions to verify the reliability of AI vendors and the quality of third party AI solutions. At the same time, AI vendors are looking for new ways to build evidence-based trust in the quality and reliability of their products through concrete assurances, particularly as regulators such as the EEOC and FTC are actively investigating the claims vendors make about their AI offerings.

“We’re thrilled about this innovative partnership that enhances trust in AI Products,” said Manoj Saxena, Chairman of the RAI Institute. “Our members have been quick to adopt our AI assessments and Benchmarks, recognizing the value of Responsible AI in enhancing their products and business operations, and staying ahead of the curve in terms of global regulatory compliance. The combination of our RAI Institute Product Assessment with the Armilla Guaranteed warranty presents an innovative market-driven incentive for Responsible AI, strengthening our members’ competitive advantage.”

“Responsible AI is at the core of Armilla’s mission and we’re looking forward to deepening our relationship with the RAI Institute, a global leader in independent AI assessments, through this collaboration. We’re thrilled to be able to offer our AI warranty coverage to companies that are adopting a leading assessment that aligns with global frameworks such as the NIST AI RMF and the EU AI Act. At a time where enterprises are increasingly concerned about AI risk and safety, we’re excited to provide this verification and coverage to help accelerate the adoption of high quality, robust AI solutions.” said Karthik Ramakrishnan, CEO and CoFounder, Armilla AI.

[To share your insights with us, please write to sghosh@martechseries.com]

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Nearmap Announces Agreement to Acquire Betterview, a Complementary Property Intelligence and Risk Management Platform

PRNewswire — Wed, 06 Dec 2023 05:09:46 +0000

Leading imagery intelligence provider strengthens and complements insurance solution with acquisition

Nearmap, one of the world’s largest location intelligence and aerial imagery solutions providers, has signed an agreement to acquire Betterview, a leading property intelligence and risk management platform in the insurance industry.

Founded in Australia in 2007, Nearmap expanded operations into the U.S. in 2014 to help companies better visualize the truth on the ground to make more informed business decisions. announcement marks a significant milestone in the advancement of the Nearmap global growth strategy. This will reinforce the company’s position as a leading source of imagery intelligence, data and solutions, and expand and complement its expertise and capabilities for insurance customers and partners.

“The Nearmap acquisition of Betterview is transformative for the industry,” said Andy Watt, CEO of Nearmap. “Integrating the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualization of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies. This is a significant milestone in our ongoing efforts to innovate solutions for insurance carriers, and expand our presence within the property and casualty space.”

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Betterview is an established and trusted source of property intelligence and risk management for the insurance industry, applying artificial intelligence and computer vision to help identify and mitigate property risk, improve and automate underwriting and inspection workflows, and provide a more productive, seamless customer experience.

“Combining the offerings of two best-in-class providers will deliver greater impact for insurers,” said Betterview Co-Founder and CEO David Lyman. “The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry.”

“We are optimistic about the outcomes this acquisition will bring to our customers, the potential for developing even greater products together, and the impact it will have on the future of the insurance industry,” said Betterview Co-Founder and COO Dave Tobias.

Nearmap and Betterview will harness the power of the leading image intelligence and property risk-management technology solutions — including a historical archive for change analysis, comprehensive post-catastrophe imagery, and AI attributes — to provide customers and partners with greater certainty and clarity, through:

More efficient development of insurance solutions and capabilities
Faster and more accurate underwriting, property condition identification, and overall mitigation of risk
Enhanced visualization and interpretation of over 100 AI-powered property attributes
Deeper analytics, with more recency, and regularity through insights easily accessible within a browser, via API or business intelligence tools, or seamlessly integrated with existing underwriting or claims core systems

From imagery to insights to answers, this acquisition aligns with the Nearmap long-term global vision to be the source of truth that shapes our livable world.

Completion of the acquisition is subject to customary closing conditions. The financial terms of the deal have not been disclosed. Jefferies served as exclusive financial advisor to Betterview.

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AvePoint Introduces Public Preview of AvePoint Confide to Secure and Simplify External Collaboration

GlobeNewswire — Tue, 28 Nov 2023 17:15:25 +0000

Using SharePoint Embedded, the next generation of AvePoint Confide advances flexible, secure collaboration in the digital workplace

AvePoint announced the public preview of the next generation of AvePoint Confide, the Company’s secure collaboration solution purpose-built to enable organizations to securely engage with partners, vendors, clients, and other outside parties directly through Microsoft 365. As a launch partner, AvePoint is among the first companies to feature advanced in-product integrations with SharePoint Embedded.

“We believe organizations need a modern business solution to manage and secure collaboration at scale to address digital workplace enablement,” said John Peluso, Chief Product Officer, AvePoint. “AvePoint Confide transforms external collaboration by giving users the Microsoft 365 experience they want and trust, while ensuring IT and compliance officers have air-tight control over their most sensitive information, especially when working with additional parties.”

AvePoint Confide enables employees to quickly and effectively work with external collaborators in easy to navigate project rooms, tailored for specific business needs that seamlessly integrate with the Microsoft 365 productivity tools they work with every day, while providing granular security, compliance, and governance features tailored to IT and risk management needs. With the public preview of the next generation of AvePoint Confide, powered by SharePoint Embedded, admins and operations teams will have even tighter integrations with Microsoft 365 security and compliance features, including:

Enhanced Visibility and Accountability: User-based file and login activities and metadata in AvePoint Confide are easily accessible in Microsoft 365 audit logs and reports, enhancing visibility and creating deep integration with Microsoft 365 DLP and other document-level protections and compliance processes.
Unified Security and Access Policies: Access to AvePoint Confide can now be protected by the customers’ own Microsoft Entra ID Conditional Access Policies for enhanced protections such as MFA, Terms of Service and other organizational access protections.
Guaranteed Confidentiality: Enterprise-grade security and compliance running on Microsoft Azure that ensures access to content in AvePoint Confide complies with organizations’ broader approach to access control and conditional access. Enhanced co-authoring capabilities, even when using the desktop Office, ensures collaborative content never has to leave AvePoint Confide, so organizations maintain confidence that highly sensitive information is secure.

“Microsoft 365 transforms how organizations connect, collaborate, and drive productivity, and AvePoint Confide extends these capabilities to enable secure external engagements well beyond the firewall,” said Richard Riley, General Manager, Low Code and Content Services, Microsoft. “We look forward to AvePoint Confide providing our joint customers with new ways to work securely with partners and customers worldwide.”

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Bank-Fintech Relationships: Navigating the Blurred Regulatory Landscape with Effective Risk Management

Wil Hamory — Fri, 03 Nov 2023 09:56:19 +0000

In the dynamic world of finance, the symbiotic relationship between traditional banks and fintech firms has evolved at lightning speed. However, as the integration of technology and finance deepens, regulations governing these relationships remain hazy. As a result, both banks and fintech companies face the challenge of navigating an unclear regulatory environment, requiring a robust risk management strategy.

Understanding the Ambiguity

The regulatory ambiguity stems from an apparent mismatch. In other words, the fast-paced evolution of fintech innovations often outpaces its legal framework development. By their very nature, regulations need time for deliberation, consultation, and implementation. Meanwhile, fintech solutions continue to expand, spurred by the demands of digital consumers and global commerce.

The Core of the Problem

While banks are traditionally heavily regulated entities, fintech companies often start in a more agile and less regulated environment. When these two entities form partnerships, a gray area emerges: Where does the boundary of a bank’s regulatory environment end and the fintechs begin?

This vagueness can expose both parties to unforeseen risks, especially in data privacy, cybersecurity, and consumer protection areas.

The Go-To Risk Management Strategy

The go-to risk management strategy for bank-fintech relationships is a comprehensive approach tailored to the specific risks of each relationship. It should be regularly reviewed and updated as the regulatory landscape changes.

Collaborative Approach to Compliance: Both banks and fintech firms should collaborate to understand and manage their shared regulatory obligations, ensuring that the entire partnership remains compliant, even in areas where regulations are yet to be explicitly defined.

Continuous Monitoring: Leveraging technology for continuous (and real-time) monitoring of transactions, data sharing, and user interactions can help detect potential regulatory and security breaches early.

Clear Contractual Agreements: Clearly defined roles and responsibilities in partnership agreements can significantly reduce the risk of regulatory breaches. These contracts should explicitly state which party is responsible for compliance, ensuring no responsibilities fall through the cracks.

Engage with Regulators: Proactively engaging with regulatory bodies can clarify how existing rules apply to bank-fintech partnerships. Regular consultations can also offer insights into upcoming regulations, allowing businesses to prepare in advance.

Insurance Coverage: Given the evolving nature of risks, both banks and fintech firms should consider comprehensive and customized insurance policies that cover potential regulatory, cybersecurity, and operational risks.
Education and Training: Educating staff on the latest regulatory developments and best practices is essential. Regular training sessions can equip teams with the knowledge to identify and manage potential risks.

The bank-fintech relationship promises transformative potential for the financial services industry. However, with the promise comes the peril of an unclear regulatory environment. While waiting for more transparent regulations, a proactive, collaborative, and comprehensive risk management strategy is the most effective way for banks and fintech firms to navigate the challenges and reap the rewards of their partnership.

[To share your insights with us, please write to sghosh@martechseries.com]

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DNV Launches New Recommended Practices for Safe Application of Industrial AI

AIT News Desk — Fri, 03 Nov 2023 09:20:44 +0000

DNV, the risk management and assurance company, has published a suite of recommended practices (RPs) that will enable companies operating critical devices, assets, and infrastructure to safely apply artificial intelligence (AI). High-quality AI systems require strong building blocks, that is, data, sensors, algorithms, and digital twins. The nine new or updated RPs cover each of these digital building blocks. DNV’s strong sector knowledge of the maritime, energy, and healthcare sector, among others, enables it to understand not just how AI works, but how it interacts with other systems in complex infrastructure and assets.

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The advent of AI requires a new approach to risk. Whereas conventional mechanical or electric systems degrade over years, AI-enabled systems change within milliseconds. Consequently, a conventional certificate provided by DNV, which normally has a three- to five-year validity, could be invalidated with each collected data point. This necessitates a different assurance methodology and a thorough understanding of the intricate interplay between system and AI, allowing for a proper assessment of failure modes as well as potential for real-world performance enhancement.
“Many of our customers are investing significant amounts in AI and AI readiness, but often struggle to demonstrate trustworthiness of the emerging solutions to key stakeholders. This is the trust gap that DNV seeks to close with the launch of these recommended practices and which we are publishing ahead of the imminent European Union Artificial Intelligence Act,” says Remi Eriksen, DNV Group President and CEO.
The European Union Artificial Intelligence Act will be the world’s first AI law. The law defines AI very broadly, covering essentially any data-driven system that is deployed in the EU, irrespective of where it is developed or sources its data. These recommended practices can be used as a basis for companies to ensure they meet relevant requirements.
The RPs bridge the gap between the generically written law and affected stakeholders, providing a practical interpretation of the EU AI Act. They do so through a claims-and-evidence-based approach addressing four key challenges:

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They take a systems approach to capture emergent properties and behaviours arising from how AI components interact with other components, humans, and the environment.
To account for the dynamic nature of AI-enabled systems and their environments, the assurance happens continuously or at least with the same frequency as the system changes.
The assurance process includes the mapping of stakeholders and their wide-ranging concerns, to identify competing interests and facilitate compromises.
To promote collaboration between actors responsible for different parts, the RPs use modular assurance claims allowing each actor to assure their own parts, thus enabling assurance of an entire system based on the assurance modules and their interdependencies.

“I believe DNV, with our long tradition of helping our customers to assure the quality, safety, and reliability of complex systems and value chains, is uniquely positioned to add value to customers on their AI journeys,” added Eriksen.

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Oscilar Unveils Industry-First Generative AI Powered Platform for Fraud Prevention

PR Newswire — Wed, 25 Oct 2023 10:51:10 +0000

Oscilar, the AI fraud detection company co-founded by Confluent co-founder Neha Narkhede and former Meta engineering executive Sachin Kulkarni, yesterday unveiled an industry-first generative AI risk decisioning offering that enables companies to manage credit, fraud, and compliance risks with greater velocity and precision than ever before. This advancement, which was announced onstage at Money20/20, makes the Oscilar the first generative AI risk management company.

“Even the most well-funded companies struggle to keep up with the increasing pace and sophistication of fraud schemes, which led to more than $8 billion in consumer losses last year,” said Oscilar Co-Foudner and Chief Technology Officer Sachin Kulkarni. “Our newest AI Risk Decisioning solution, radically expedites risk decision-making, greatly reduces human effort spent on manual decision-making, and establishes scalable fraud programs that operate with greater efficiency and effectiveness. Oscilar empowers risk operators to tackle complex fraud and risk problems at scale from multiple dimensions.”

Oscilar’s AI Risk Decisioning solution differs from current fraud and risk tools because it scours data from the most comprehensive open and closed sources, builds fraud knowledge on top of it, and uses AI to bring this information together in a unified way. As a result, Oscilar, equipped with context-aware conversational AI, automatically recognizes potential fraud patterns, allows you to do root cause analysis, and makes recommendations on how to address risk in real-time through a natural language interface.

Customers are now able to harness the power of generative AI to more effectively manage risk across every customer touchpoint. By integrating Oscilar AI, state-of-the-art LLMs, and Oscilar’s risk operating system, the company offers customers the ability to unify data sources to power a 360-degree view of the user’s risk profile and create a cognitive, context-aware methodology for smartly and quickly assessing risk.

Oscilar was founded in 2021 by Confluent Co-Founder Neha Narkhede and former Facebook engineering executive Sachin Kulkarni. The company, comprised of a team that created advanced risk management platforms at Apple, Uber, and LinkedIn, has rapidly gained traction since emerging from stealth in April. With $20 million in funding from the company’s two co-founders, Oscilar has attracted dozens of fintech customers, including Flexcar, Super, Finsync, Slope and more.

[To share your insights with us, please write to sghosh@martechseries.com]

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Thoughtworks Partners With United Nations on Responsible Approach to Emerging Tech

Business Wire — Sat, 21 Oct 2023 12:27:47 +0000

Thoughtworks, a global technology consultancy that integrates strategy, design and engineering, announced collaborating with the United Nations to launch a responsible approach to emerging technology creation and management for the UN. The co-created Responsible Technology Playbook provides practical guidance on ways for UN teams to adopt responsible practices.

In line with the UN Secretary-General’s Strategy On New Technologies, the United Nations Secretariat worked together with Thoughtworks to provide guidance on ensuring inclusivity, awareness of bias, transparency and the mitigation of negative unintended consequences in examining emerging technologies, including generative artificial intelligence (GenAI). Following a series of interviews and workshops with a wide range of United Nations staff, the Thoughtworks and UN team developed a framework and set of approaches for the responsible creation and management of technology systems and products.

“When we use new technologies to help create a better world, we want to make sure it does not have side-effects that go counter to our values and intentions”, said Lambert Hogenhout, Head of Data, Analytics and Emerging Tech, United Nations. “The primary goal of this Thoughtworks partnership has always been to establish an approach and identify tools and techniques that UN staff can practically adopt. Yet the secondary goal, to inspire the broader global community to adopt Responsible Tech principles and practices, is also very exciting.”

As it will be a collective and collaborative effort across the United Nations Secretariat’s diverse groups and roles to influence technology projects today while also creating the capacity to monitor and respond to future risks, the Responsible Technology Playbook addresses a wide range of stakeholders ranging from senior leaders, policy makers to developers. The emphasis is on participatory best practices, tools and techniques that everyone — not just technology specialists — can use and benefit from as they increase their understanding of how technology interacts with society.

Addressing the areas that have the greatest potential to impact individuals, their communities and society, the Responsible Technology Playbook focuses on:

A Responsible Tech Mindset – First and foremost, awareness of the potential harm that can be caused by action, or inaction. Constant consideration of the user, and how tech systems, products and even features can lead to unexpected, and unintended consequences.
Sustainability: Exploring the areas of sustainable tech, with a deep dive on creating tech that has a lower environmental impact over its lifetime.
Data and AI: The emergence of generative AI tools makes it increasingly hard to distinguish between real and fake. Combating misinformation and disinformation in the age of big data and generative AI has to be a priority for ‘trusted’ organizations.
Privacy: As a basic human right, privacy is a key enabler for diversity and inclusion. Without awareness of privacy concerns and an enshrined privacy risk management culture, it is impossible to maintain good privacy practices that mitigate the potentially harmful consequences of improper data processing, storage or transmission.
Accessibility: Accessibility was originally intended to design products and places with a focus on people with disabilities. Now accessibility focuses on identifying exclusion, learning from diversity and extending solutions to all.
Diversity, Equity and Inclusion (DEI): By incorporating varied perspectives and lived experiences, we’re better able to solve for the needs of our users. DEI has the power to create positive social change and help anticipate unintended consequences.
Security: Protecting the United Nations’ data, resources and reputation is vitally important. As the organization stores, processes and shares more and more sensitive information electronically, preventing breaches is paramount.

“By establishing a framework of best practices that puts ethics and responsibility first, the United Nations is rising to the challenge of tapping into digital technology’s potential to transform society,” said Dr. Rebecca Parsons, Chief Technology Officer — Emerita, Thoughtworks. “Thoughtworks has been a strong advocate for organizations to adopt a Responsible Tech mindset, recognizing that in our ever-evolving, omni-present digital landscape, it’s crucial to harness technology’s potential for extraordinary impact while fostering inclusivity, awareness of bias and transparency for the benefit of all.”

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Samuel, Son & Co., Limited Selects ION’s Reval for Global Treasury and Risk Management

Cision PRWeb — Fri, 20 Oct 2023 13:30:51 +0000

Samuel selected Reval to support the company’s continued expansion, its need for global cash visibility, and to optimize funding and liquidity decisions.

ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, has successfully implemented its Reval solution for Samuel, Son & Co., Limited (Samuel), a leading metals distributor, and industrial products manufacturer.

With finance teams facing increased uncertainties, and liquidity risks, Samuel selected Reval to support the company’s continued expansion, its need for global cash visibility, and to optimize funding and liquidity decisions. Reval is an end-to-end SaaS treasury management solution providing enterprise risk management, cash forecasting and positioning, payments, and bank management modules. Powered by out-of-the-box market data, a modern user interface, standard integration capabilities, data-driven machine learning, and artificial intelligence, Reval equips corporations to increase the efficiency of their treasury operations, make data-driven decisions, and integrate across the finance function.

Reval was the right choice to support our treasury needs due to its comprehensive range of integrated capabilities across all treasury disciplines,” said Elaine Wright, Vice President and Treasurer at Samuel, Son & Co., Limited. “The Reval implementation project ran smoothly from start to finish. ION’s dedicated internal project management team, comprising subject matter experts with solid expertise, closely collaborated with my team during months of hard work. The project was managed exceptionally well, resulting in a successful, within budget, timely implementation. We look forward to continuing and deepening the ION partnership as our business expands.”

“We’re delighted to support Samuel in their growth strategy and to add another Reval client to the growing ION Treasury community,” said Richard Grossi, Chief Executive Officer, ION Corporates. “Reval, a highly scalable and innovative solution, will facilitate Samuel in managing their cash and treasury risks while materially increasing their operational efficiency and accuracy in an increasingly complex and volatile business environment.”

ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation.

ION Treasury delivers unique treasury and risk management solutions to organizations of all sizes, offering both on-premises and cloud options. Our award-winning solutions help manage liquidity and mitigate operational, financial, and reputational risk. Together with a global community of over 1,100 clients, we are shaping the future of treasury and risk management technology

[To share your insights with us, please write to sghosh@martechseries.com]

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Deloitte and Nexxiot Announce Strategic KYX Partnership for Logistics

PRNewswire — Mon, 16 Oct 2023 19:00:17 +0000

Enhancing global trade compliance and operational efficiency with asset intelligence

Introducing KYX (combining Know Your Client with Know Your Cargo) by Deloitte, powered by Nexxiot. Deloitte, known for its comprehensive range of services, including audit, consulting, financial advisory, risk management, tax, and legal services, is joining forces with Nexxiot, known for its expertise in digitalizing supply chain assets, such as shipping containers and railcars. Nexxiot’s network of sensors and artificial intelligence capabilities offer valuable insights into supply chain inefficiencies, reducing uncertainty and operational costs. Deloitte will play a crucial role as the integration partner responsible for delivering these digital transformations.

This strategic partnership will provide a robust, scalable infrastructure rooted in a strong commitment to regulatory excellence and trust. It leverages Deloitte’s established KYC (Know Your Client) services and implementation capabilities with Nexxiot’s cutting-edge asset intelligence technology and trusted CINFONI (Client Information Network Intelligence) platform. CINFONI has regulatory approval for generating, implementing, recycling, and exchanging ‘Golden Records’ within the Banking, Financial Services, and Insurance (BFSI) sectors.

Nexxiot CEO, Stefan Kalmund, said, “The strategic partnership with Deloitte and Nexxiot represents a significant step forward for supply chain participants. It will accelerate the adoption of fleet-wide technologies, fostering visibility, transparency, and operational excellence.”

Deloitte’s James Yearsley, Lead Partner for the Transportation, Hospitality and Services Sector for NSE (North & South Europe), added, “Through this partnership, we aim to set a new global standard for KYX services, benefitting all stakeholders in the logistics sector, including trade finance, banking, and insurance. Deloitte and Nexxiot offer new services based on real-time data, covering all aspects of KYX from door-to-door, internationally.”

Deloitte and Nexxiot are committed to enhancing global trade compliance and operational efficiency through this partnership. It offers the logistics industry a means to embrace a future marked by improved efficiency, resilience, and integrity, all made possible by this strategic collaboration.

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About Deloitte Managed Services

Deloitte Managed Services is a leading European RegTech Provider of end-to-end managed services for KYC and AML. We combine our extensive expertise with advanced technology, high-quality data and unique mapping intelligence into easy-to-use solutions, no matter which industry or jurisdiction you operate in. We support our customers in the search for new opportunities with clients and third parties. Our solutions protect you and your business against reputational risk and crime.

[To share your insights with us, please write to sghosh@martechseries.com]

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