RiskTech Forum

Citi Works with EY and SAS for Compliance Digitization

Posted: 30 April 2019  |  Source: SAS


Citi announced today its NextGen project, an initiative with EY and SAS, using artificial intelligence (AI) to develop an advanced risk analytics scoring engine. NextGen was created to help streamline the time-consuming, highly manual processes associated with reviewing high volumes of global trade transactions while ensuring regulatory compliance.

"By leveraging innovation, we continue our strategic journey to drive digitization throughout our worldwide operations," said John Ahearn, Global Head of Trade for Citi Treasury and Trade Solutions. "We process 9 million transactions annually, and the NextGen project will help us optimize our processes from the back office to the front, by expanding the use of digitization, automation and advanced analytics.”

“This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front,” said Valeria Sica, Global Head of Trade Services for Citi Treasury and Trade Solutions. “This solution assists in managing and comparing a large number of data points across current and prior transactions, which will provide more context and usable data to aid the decision maker in reviewing global trade transactions, which has traditionally been a very manual process across the industry.”

Citi Global Trade continues to digitize its platforms and processes to optimize the latest innovation available. As a part of this strategy, Citi digitizes over 25MM trade-related pages annually with optical character recognition (OCR). NextGen will continue this legacy by utilizing Artificial Intelligence technology to automate manual processes.

Combining EY’s deep business, risk, and technology consulting experience in the financial services sector with SAS’ leading advanced analytics platform, Citi will use the new service to further digitize its trade compliance process. This project will help to eliminate time-intensive, manual processes and provide a streamlined view of risk activity and insights.

“Trade compliance is a key focus for global regulators, and this drives increasing expectations about the scope and sophistication of a bank’s controls,” said Jake Jacobson, EY US Managed Services CIO. “Many banks still rely on manual, paper-based processes, driving up operational costs and impacting the customer experience. Innovative technology helps change the game entirely.

The new NextGen platform (powered by SAS) is intended to provide:

“Banks face almost overwhelming scale and complexity in the trade-finance sector and in compliance activities,” said Stu Bradley, Vice President of Fraud and Security Intelligence at SAS. “SAS’ sophisticated analytics platform will help Citi drive more effective and efficient monitoring of trade transactions. The resulting performance and enhanced risk insights should lead to a better risk posture, improved response times for monitoring, and reduced operational costs.”

Citi Treasury and Trade Solutions (TTS) enables its clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.