Asia Awards 2022: Best risk management initiative—Standard Chartered

Standard Chartered wins the category for the best risk management initiative in this year’s WatersTechnology Asia Awards thanks to its Quantexa trade surveillance platform, which uses big data and artificial intelligence to enhance the bank’s ability to detect first-party fraud and cut down on financial losses resulting from fraudulent behavior. Backed by an analytics solution using entity resolution and graph scoring, it reduces fraud-related losses and credit-related impairments through the identification and profiling of data corresponding to trade finance, payments, customers, related parties, and external third-party data.

To enhance Quantexa, Standard Chartered’s team analyzed its entire receivable services product suite and observed that additional effort would lead to significant savings in testing and implementation. Such efforts included analyzing the scenarios for new products during the development phase to assess real coverage; helping testing teams on global product coverage, leading to a significant reduction in testing time; and enacting changes to embrace new product sets and the coverage of new systems.

Standard Chartered implemented a number of enhancements to Quantexa as a means of reducing risk ratings from high to medium across all its markets. These include: global level access for all users; extract, transform and load (ETL) improvements; intelligent sampling; and introducing a bad entity analyzer.