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
[email protected]
Jessica Cassady
WorkFusion
+1 610.247.0898
[email protected]
SOURCE WorkFusion
