In a groundbreaking announcement today, Dow Jones Risk & Compliance introduced its latest innovation, a state-of-the-art AI-driven solution known as RiskCenter Advanced Screening and Monitoring (ASAM). This powerful tool is set to revolutionize the landscape of financial crime and third-party risk management, leveraging best-in-class risk data, advanced machine learning, and artificial intelligence (AI) technologies.
ASAM is specifically designed to streamline Anti-Money Laundering (AML), sanctions, and anti-corruption compliance, aligning seamlessly with regulatory guidelines. By integrating ASAM into their workflows, financial institutions and corporations can now perform high-speed, large-scale screenings of customers and third parties, ushering in a new era of efficiency and transparency.
One of the hallmarks of ASAM is its reliance on premium, licensed publications for information and insights, exemplifying Dow Jones’s commitment to delivering trusted, reliable, and copyright-compliant AI tools.
Joel Lange, the General Manager of Risk & Research at Dow Jones, emphasized the necessity of rapid risk identification in an ever-evolving legislative landscape. He stated, “As the legislative landscape becomes increasingly complex, organizations need to be able to identify and evaluate risk quickly and effectively. By augmenting our deep domain expertise with emerging AI technologies, we aim to empower our customers with the tools and information they need to stay one step ahead of illicit activities and make faster, smarter risk-based decisions.”
ASAM’s launch also marks a significant milestone in Dow Jones’s commitment to advancing technology in transformative ways. Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal, remarked, “This is an exciting milestone as we continue to expand advanced technologies in new and transformative ways across Dow Jones’s portfolio. The launch of ASAM not only helps us better serve our customers with tools to fight financial crime and manage third-party risk, it is also a reflection of the power of strategic investments aimed at creating additional value for our customers.”
Advanced Screening and Monitoring at Scale
ASAM, powered by Ripjar’s sophisticated machine learning technology, scours data from multiple sources, including Dow Jones’s proprietary structured risk data and unstructured text from thousands of trusted, licensed news sources available through the Factiva business intelligence platform.
What sets ASAM apart is its exceptional scalability, capable of screening against hundreds of millions of names simultaneously. This not only reduces the time required for adverse media checks but also minimizes false positives, which have historically drained valuable time and resources.
The introduction of ASAM strengthens Dow Jones’s strategic partnership with Ripjar, following Dow Jones’s minority equity investment in Ripjar earlier this year. Since 2018, the two companies have been collaborating to assist financial institutions and large corporations in safeguarding their businesses against financial crime risks.
Dow Jones is committed to expanding its suite of compliance-ready, AI-powered risk management tools over the next year, signaling ongoing investment in advanced AI, generative AI, and automation for the compliance sector.
With the launch of ASAM, Dow Jones is poised to redefine the landscape of financial crime prevention and third-party risk management, offering an innovative and powerful solution that empowers businesses to proactively combat illicit activities and enhance their risk-based decision-making processes.