4CRisk.ai
In this world, nothing is certain except death, taxes, and regulations. The global financial industry has been fined USD 345B in penalties since 2009, while they are spending USD 270B annually on risk and compliance-related activities – What gives? Global financial firms must deal with 900+ regulators, 300+ million pages of rules, many standards, and a regulatory change every 7 minutes. It does not get any better for a national bank or a regional bank operating in the US; they deal with a complex and dynamic regulatory landscape. Enterprises also deal with a myriad of internal changes and factors such as organization structure, the introduction of new products or services, and pending enforcement actions. Throwing more humans at this problem and creating solutions to optimize the workflow between the humans has not worked, as evident by the ballooning cost of compliance and the increasing penalties due to non-compliance. In 2020, the 4CRisk.ai team battle-hardened by 100+years of collective GRC experience and a passion for solving the “unstructured data” problem trained neural networks and used advance AI techniques to encapsulate the intent of regulations into mathematical structures called vectors. These vectors are now being used to emulate human intelligence and augment the human effort at scale to perform activities like regulatory research, automate impact assessments, and mitigate the design weakness of your compliance and risk documentation. We are a data-intelligence platform company on a mission to reduce your cost of compliance and decrease the risk of non-compliance. Our AI-powered solutions augment your human-capital to identify, mitigate, and convert risks into opportunities.
Company Overview
4CRisk.ai is a small business founded in 2019, specializing in software development within the regulatory compliance sector. With a team size of 39, the company operates from its headquarters in San Francisco, California, and maintains a back office in Bengaluru, India. The company focuses on leveraging artificial intelligence to enhance regulatory compliance initiatives, aiming to reduce costs and time associated with compliance processes.
Products and Services
4CRisk.ai offers a range of AI-powered products designed to assist organizations in managing regulatory compliance. Key offerings include a compliance map that identifies policy and control gaps, a regulatory research platform, and the Ask ARIA Co-Pilot, an AI assistant for compliance inquiries. The company also provides tools for automating the tracking and implementation of regulatory changes, as well as a solution for assessing the efficacy of compliance programs.
Specialties
The company specializes in various areas of regulatory compliance and risk management, including Governance, Risk, and Compliance (GRC), Integrated Risk Management (IRM), and Natural Language Processing (NLP). Additionally, 4CRisk.ai employs deep learning and predictive analytics to transform unstructured data into actionable insights, facilitating better decision-making in compliance and risk management.
Funding and Recognition
4CRisk.ai raised $8 million in Series A funding to advance its cognitive technologies for compliance risk management. The company has received notable recognition, being named a finalist in the Banking Tech Awards for the Tech of the Future: Risk and Compliance category and featured on the AIFinTech100 List of Trailblazing Firms Transforming Financial Services. It was also recognized as one of the World's 100 Most Innovative AI Technology Companies in Financial Services.
Technological Innovations
4CRisk.ai utilizes advanced AI techniques to emulate human intelligence, particularly in regulatory research and impact assessments. The company has developed neural networks that encapsulate regulatory intent into mathematical structures, enhancing its ability to provide insights into compliance requirements. Its platform incorporates Trustworthy AI and Zero-Trust Security principles, ensuring secure and efficient compliance management.