Thomson Reuters Partners With WorkFusion to Help Organizations Reduce Risk and Cut Costs Utilizing AI

Rhea-AI Summary

Thomson Reuters (NYSE/TSX: TRI) and WorkFusion Partner to Automate Sanction and Media Screening for U.S. Organizations

Insights

Financial Analyst

The partnership between Thomson Reuters and WorkFusion represents a strategic move within the financial and risk management technology sector. This collaboration is aimed at enhancing the efficiency and accuracy of sanction and media screening processes for organizations, which is crucial for compliance with regulatory standards and mitigation of reputational risks. The integration of Thomson Reuters' data with WorkFusion's AI technology is designed to streamline the identification of potential risks associated with customers and vendors, thereby potentially reducing operational costs and improving the effectiveness of risk management protocols.

From a financial perspective, the reported 80% reduction in false positives and 400% increase in screened subjects without additional headcount suggest significant cost savings and operational scalability for clients. These metrics, if accurate, indicate a substantial improvement over the industry norm, where such screening processes are often labor-intensive and prone to error. The claimed 3-5x return on investment (ROI) further underscores the potential financial benefits for organizations implementing this solution.

In the long-term, the adoption of such AI-driven solutions could become a competitive differentiator for businesses, particularly in sectors with high regulatory scrutiny such as finance, manufacturing and technology. The ability to swiftly adapt to regulatory changes and manage reputational risks could not only protect but also enhance a company's market position. However, the effectiveness of the solution in real-world scenarios, its adaptability to evolving regulations and the true extent of its impact on operational efficiency will be critical factors determining its success.

Compliance Officer

The collaboration between Thomson Reuters and WorkFusion has significant implications for corporate compliance and risk management. The enhanced capabilities for adverse media monitoring and sanctions screening address key concerns for businesses operating in an increasingly complex regulatory environment. By automating these processes, companies can better ensure adherence to anti-money laundering (AML) and know your customer (KYC) regulations, which are fundamental to preventing fraud and financial crime.

For compliance officers, the reduction of manual workload through AI automation could lead to a more focused and strategic deployment of human resources, where expertise is directed towards complex decision-making rather than routine screening tasks. This shift could improve the quality of compliance operations and reduce the likelihood of human error. Additionally, the ability to continuously monitor and assess the risk profile of customers and vendors aligns with the proactive approach that regulators are advocating for in the current landscape.

However, the reliance on AI technology also introduces new considerations, such as the need for ongoing validation of the AI models to ensure they remain accurate and unbiased, as well as the importance of transparency in automated decision-making processes to maintain regulatory compliance and stakeholder trust.

Technology Analyst

The partnership highlights a growing trend in the integration of AI and automation technologies within business operations, particularly in areas traditionally dominated by manual processes. The use of WorkFusion's AI Digital Worker, Evelyn, represents an advancement in the application of AI for risk and compliance functions. The technology's ability to significantly reduce false positives and increase the volume of screened entities suggests an advanced level of machine learning capability that can discern complex patterns and anomalies that humans may overlook.

For technology stakeholders, the key benefits of this offering include scalability, efficiency and the potential to unlock new insights through the analysis of vast datasets. The AI's continuous learning process means that it can adapt to new threats and regulations, potentially offering a dynamic solution that evolves alongside the threat landscape. However, the success of such AI implementations hinges on the robustness of the underlying algorithms, data privacy considerations and the seamless integration with existing systems and workflows.

It is also important to monitor the long-term performance of such AI systems, as they may require periodic recalibration to maintain accuracy and effectiveness. The technology's impact on the labor market within compliance and risk management functions will also be an area of interest, as AI could reshape job roles and skill requirements in the sector.

Joint offering automates sanction and media screening of potential customers and vendors

TORONTO and NEW YORK, Dec. 19, 2023 /PRNewswire/ -- Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, and WorkFusion, a leading provider of AI digital workforce solutions, today announced a partnership to help U.S. organizations prevent fraud and more effectively uncover and manage hidden risks.

Amplified by today's global events, businesses face heightened pressure to understand the parties with whom they are doing business and assess the suitability of those relationships. Thomson Reuters and WorkFusion are collaborating to provide businesses with industry-leading data combined with cutting-edge automation and AI technology. The collaboration brings two market-leading products together, CLEAR – Thomson Reuters investigative solution – with WorkFusion's AI Digital Worker, Evelyn, an AI-powered adverse media and sanctions screening alert review analyst. The combined offering reveals whether parties of interest are featured negatively in news articles and/or are included on lists covering sanctions, Politically Exposed Persons (PEPs), or State-Owned Entities (SOEs).

Adverse media monitoring and sanctions screening have been highly manual, expensive, and time-consuming tasks, plagued with high volumes of false positives. This joint offering assists financial institutions, manufacturing companies and software & technology organizations by automating screening, reducing false positive alerts, and continuously evaluating their entire customer base. It provides greater visibility and monitoring of potential risks with current and prospective customers, vendors and counterparties.

"We are delighted to partner with Thomson Reuters to amplify the power of Thomson Reuters market-leading adverse media and sanctions data with our AI Digital Worker, Evelyn, an AI-powered adverse media and sanctions screening alert review analyst," said Adam Famularo, CEO of WorkFusion. "Organizations that have implemented Evelyn have seen more than 80% reduction in false positives requiring manual review, and 400% increase in screened subjects of interest without added headcount. It improves the customer experience during onboarding and ongoing account management and provides 3-5x ROI while also satisfying regulators' expectations."

"Reputational risks to businesses and pressure from regulators are increasing every day," said Dori Buckethal, vice president, Thomson Reuters Risk & Fraud Solutions. "Timely, reliable and actionable alerts are essential. This exciting combination of WorkFusion's AI Digital Worker and Thomson Reuters data means businesses can have greater confidence about the parties with whom they are doing business, and be alerted when situations change. This partnership combining our trusted data insights with WorkFusion's cutting-edge AI automation technology sets a new standard for efficiency and task automation. With this powerful combination, businesses can significantly boost their teams' productivity and achieve new heights of risk management excellence."

Thomson Reuters

Thomson Reuters (NYSE / TSX: TRI) ("TR") informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

About WorkFusion
WorkFusion is the leading provider of AI digital workforce solutions for Fortune 500 enterprises, healthcare, transportation, banking, and financial services companies. Its AI Digital Workers augment traditional teams by performing highly skilled and decision-centric work in operations areas including anti-money laundering programs such as sanctions screening alert review, adverse media monitoring, and know your customer; customer service and onboarding; account opening and transaction monitoring; and other document-intensive compliance activities. Organizations can hire pre-built or configurable AI Digital Workers or choose to build their own using the company's Work.AI platform. WorkFusion enables organizations to increase workforce capacity, save money, enhance customer experience, improve employee satisfaction, and ensure ongoing compliance. For more information, visit workfusion.com.

Contact:
Dave Moran
Thomson Reuters
+1 647 285 3815
dave.moran@tr.com

Jessica Cassady
WorkFusion
+1 610.247.0898
jcassady@workfusion.com

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SOURCE WorkFusion

FAQ

What is the partnership between Thomson Reuters and WorkFusion about?

The partnership aims to help U.S. organizations prevent fraud and effectively manage hidden risks through automated sanction and media screening.

What are the products involved in the collaboration?

The collaboration combines Thomson Reuters' CLEAR investigative solution with WorkFusion's AI Digital Worker, Evelyn, for adverse media and sanctions screening.

How does the joint offering benefit businesses?

It automates screening, reduces false positive alerts, and continuously evaluates the customer base, providing greater visibility and monitoring of potential risks.

What are the results of implementing Evelyn, the AI-powered adverse media and sanctions screening alert review analyst?

Organizations have seen more than an 80% reduction in false positives requiring manual review and a 400% increase in screened subjects of interest without added headcount.

Why is this partnership important for businesses?

It helps businesses have greater confidence in understanding the parties with whom they are doing business and assess the suitability of those relationships, especially in the face of increasing reputational risks and pressure from regulators.