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Banking watchdog adopts AI

12/11/21

Mark Chillingworth

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The Financial Conduct Authority has announced a deal with Aiimi to deploy artificial intelligence  based search and discovery technology.

It will use the company's Aiimi Insight Engine will increase data management and insight for the regulator.

The FCA will use the platform to discover insight from the broad range of datasets and interconnections that FCA regulatory staff use to monitor the financial services sector. The search results can be turned into visualised insights to promote collaboration with non-data specialists within the organisation.

Milton Keynes, headquartered Aiimi won the three-year contract with the FCA following an evaluation process and eight-week testing phase. The deal is reported to be worth £1.3 million. 

The platform’s AI and machine learning capabilities enable the FCA to find and be alerted to risks – such as UK firms showing concerning indicators – before recording and learning from these findings using data training models.

Aiimi Insight Engine offers a secure solution to support the FCA information security access controls. This will ensure that FCA users see only what they are authorised to see – and that all search results inherit the security profile of their respective source systems. In addition, the platform’s ability to track provenance and facilitate evidence-based decision making will help the FCA to prove diligence in the face of external audits.

During the three-year contract, the Aiimi Insight Engine software will be incorporated into the FCA Cloud, so it can integrate with the authority’s enterprise data platform, and Aiimi will provide support and services to the FCA as part of the contract.

Image from iStock, monsitj

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