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Transforming risk assessment techniques

Historically risk assessments have been subjective, inefficient, slow, and infrequent. Moreover, they are the cornerstone to any robust risk and compliance framework. Most GRC platforms do not provide the “know-how” or the content or the data-driven approach, resulting in organizations defaulting back to spreadsheets – until now. Bridging this gap is Arctic Intelligence, a company that provides the technology to calculate and present firm-wide risk profiles, identifying and highlighting high-risk areas and control gaps or weaknesses to manage financial crime vulnerabilities.

In a nutshell, Arctic is a RegTech pioneer in providing a digitized risk assessment platform, expert content, and the “how” for organizations to assess their risks and control effectiveness. Instead of traditional risk assessment methods, businesses can utilize the Arctic’s advanced risk assessment platform. The company has combined industry knowledge and practice with innovative smart workflows to simplify the risk assessment process resulting in increased efficiency and effectiveness. “Organizations can leverage our specialist content risk modules and ratings or customize or upload their own content for AML, bribery, corruption, fraud, sanctions, modern slavery, human and wildlife trafficking, and country risk ratings based on relevant regulations and guidance.  We monitor for changes and update our templates and ratings regularly creating a community of organizations using a best practice approach,” begins Darren Cade, CEO.

Arctic’s innovative solutions disrupt the traditional spreadsheet-based risk assessment method and enable risk and compliance professionals to easily obtain information from and track progress across the business. Administrators can also customize or leverage modules/risk ratings designed with leading industry practitioners which produce board-level reports using the data-driven inputs, while calculating risk ratings in real-time. The output from the platform presents the findings clearly and helps customers to understand the risks and demonstrate their compliance.

Arctic Intelligence’s intrinsic value is creating a simple solution to a global problem. Risk management requires multiple lines of defence to combat risk domains such as financial crime and modern slavery. By implementing Arctic’s proprietary award-winning technology, organizations can simplify the risk assessment process. Risk methodologies and risk ratings have been trialled and tested by leading institutions across the world.

“We are different from the rest – not just a library of risks for someone to subjective rate but a methodology to calculate a risk score based off data from the organization. We are transforming how risk assessments are performed and our solutions will enable faster, more efficient, more robust, and more frequent outcomes,” says Cade.

Darren Cade, CEO of Arctic Intelligence

Since opening its doors in 2017, Arctic has been providing solutions that offer business-wide risk profiles based on answers and data points provided by the organization. The team also enables organizations to assess separate entities, divisions, products, channels, third parties, etc – whatever level they need to assess. Thus, providing Arctic with a unique data set which customers can use to benchmark against their industry. The company’s annual benchmark report, a mix of qualitative and quantitative data, is due to be released in May 2022. A public version of the report will be available with a subset of this data.

Today, Arctic Intelligence is scaling across the UK, North America, and APAC. “Our risk assessment solution continues to evolve from customer and market demands and our available content now boasts 8 financial crime risk domains. We are also strengthening our partner ecosystem and strategic alliances with local consultants and financial crime specialists across the globe,” concludes Cade.

Article written by GRC Outlook March 2022 here. Arctic Intelligence was featured as a Top 10 Innovator in Risk Management Solution Providers in 2022.

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