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RegTech Supply Chain - Detection

RegTech Supply Chain – Detection Tools

RegTech Supply Chain - Detection

Welcome back to the RegTech Supply Chain Series! This series of posts helps make sense of the RegTech ecosystem; the different sectors, what tools are available, and how they help satisfy compliance requirements and challenges. In the first two parts of the series we looked at onboarding and monitoring tools, two areas that Trulioo is very familiar with.

We have tons of regulations and technologies to consider outside of just the onboarding process. We now move on to Part 3 where we explore detection tools. As we introduced in Part 1 of this series, one way to catalogue all of these tools is by business needs, specifically classifying based on timeframes of the use of the RegTech tool.

Let’s review, what are different timeframes across a process lifecycle?

  • Onboarding
    Tools for the first step of signing up a customer. These are often one time or for new cases (ex. ONC, CDD, and KYC)
  • Monitoring
    Tools for analyzing performance on an ongoing basis
  • Detection
    Tools for flagging potential events, such as risk or fraud. These are occasional in nature but require the utmost of attention
  • Reporting
    Tools to warehouse, organize and send data to regulators at scheduled intervals
  • Process Tools and Controls
    Tools and controls that operate over the entire process lifecycle


After the initial onboarding and monitoring processes, compliance is not complete. There’s a necessity for detection on an ongoing basis. Detection refers to the tools for flagging potential adverse events such as risk or fraud.

There are various activities to keep track of, such as signs of risk signals and fraud flags, and various other market and transaction detection needs.

For financial institutions (FIs), detection of immediate risks is critical long after initial sign up. FIs must use detection tools to ensure fraud is not committed, or that money laundering or terrorist financing funds enter their system that could result in high risks to the financial system.

Trulioo supports the detection process after initial onboarding and monitoring, as we focus on providing the capabilities to quickly detect results for global watch list hits. We check data that a customer provides against our watchlist data sources to see if the information matches and a hit is detected. By performing these checks, FIs are then assured that they are in compliance with their regulatory obligations for this stage on the process.

Here are some other tools that are useful in the detection stage:

Company NameCategoryDescription
Feature SpaceFraud DetectionAdaptive behavioral analytics
MitekFraud DetectionMobile identity capture and verification
NetguardiansFraud DetectionAudits human behavior across channels and transactions
Risk IdentFraud DetectionIntelligent protection against online fraud
Algorithmica Risk Management SystemStress Testing/Capital PlanningUCITS IV and Solvency II simulations
AlgoSaveStress Testing/Capital PlanningCalculates expected credit losses and impairment calculations for accounting and BASEL purposes
AyasdiStress Testing/Capital PlanningMachine learning platform able to process stress testing and capital planning initiatives
OS-ISStress Testing/Capital PlanningCalculating credit risk for stress testing scenarios
PercentileStress Testing/Capital PlanningFirm-wide data aggregation for risk simulation and reporting
SuadeStress Testing/Capital PlanningFocuses on BASEL III capital requirements
SymetricsStress Testing/Capital PlanningBanking stress testing models
AlgodynamixRisk ManagementPortfolio risk analytics that predict disruptive market events
AQMetricsRisk ManagementRisk monitoring solutions for funds and investment banks
Athena Portfolio SolutionsRisk ManagementTracks live market data to generate portfolio risk alerts
Global Fund WatchRisk ManagementDue diligence of fund counterparties
Neo RMRisk ManagementMeasures risk management controls
Open GAMMARisk ManagementPredicts CCP margin requirements
Open RiskRisk ManagementCentralized risk management dashboard
PromappRisk ManagementCentralized risk management dashboard
Risk SystemRisk ManagementRegulatory risk management for funds
Scaled RiskRisk ManagementBig data platform informing risk management processes
Trade InformaticsRisk ManagementTrade counterparty risk management
TraianaRisk ManagementPre and post trade risk management, including credit risk
Visual RiskRisk ManagementProcesses, analyses and displays complex data in a graphical manner for internal treasury functions
AlgodynamixRisk ManagementRisk analytics that detects disruptive events in global financial markets and anticipates price movements
Algorithmica Risk Management SystemRisk ManagementReal-time income pricing analysis and counterparty risk
CorlyticsRisk ManagementDatabase of US fines since 2009 with analytics on fine trends
FintellixRisk ManagementCompliance, Risk & Analytics Products and Solutions for the Global Financial Services Industry
Fortia Financial Solutions (URL error)Risk ManagementSolutions for compliance management, internal control, risk management and reporting
Met FacilitiesRisk ManagementFCA regulatory hosting umbrella for funds, start-ups, fintechs and financial services firms.
Open GammaRisk ManagementTools for multi-CCP margin calculations, what-if analysis and stress testing
OSIS (or OS-IS)Risk ManagementPlatform for credit risk analysis and credit opinions, asset quality review and stress testing
PercentileRisk ManagementData management, risk management and stress testing tool
ProvenirRisk ManagementRisk analytic and decisioning solution.
Scaled RiskRisk ManagementTrading analytics and risk management
SybenetixRisk ManagementSolution to detect and investigate suspicious trading
AlyneCybersecurity/Data PrivacyEnhances cyber security, risk management and compliance capabilities
AprivacyCybersecurity/Data PrivacySecure communications control and analytics
DarkTraceCybersecurity/Data PrivacyIdentifies new emerging threats in real time by detecting anomalies in the system
HelmCybersecurity/Data PrivacyCyber security and data protection compliance assessment for fintech and regulators
Sysnet Global SolutionsCybersecurity/Data PrivacyCybersecurity management for merchants’
VigitrustCybersecurity/Data PrivacyHelps with info security strategy, assessments, and testing

On the next RegTech Supply Chain post we’ll look at reporting tools; what are they, how they can help your business and a survey of suppliers.

As you can see from the list, there are many options to choose from, and the key to picking the solution that is right for your product or service is to understand your current business needs and anticipate and prepare for the regulatory challenges on the horizon.

Market Fintech conducted a RegTech Performance Report where they ranked top performing RegTech suppliers from around the world. If you’re interested in Trulioo’s approach to customer monitoring and how we can help you comply with cross-border requirements with speed, agility and scalability, check out our Product Brochures page.  

Disclaimer: Trulioo provides no warranty that the information contained in this document is accurate, up to date or complete and in no circumstance does such information constitute legal advice. Any person who intends to rely upon or use the information contained herein in any way is solely responsible for independently verifying the information and obtaining independent expert advice if required.

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