IdentityMind Global today announced a new risk and compliance tool called RIZE. RIZE allows companies to determine how to maximize revenue by detailing how adjusting their acceptance levels will impact chargebacks and fraud.
Effective and efficient risk management and compliance enable companies to better compete and ultimately remain in business. However, finding the right revenue and risk balance takes constant adjustment. What works today likely won’t work in two months. As a result, companies often face a catch-22 of either lower fraud risk or lower customer growth and satisfaction. RIZE allows risk and compliance managers to effectively minimize the negative revenue impact of risk mitigation and compliance strategies. CFOs and COOs have a tool for validating and measuring the ROI of RegTech platforms.
“All companies want to reduce their risk,” said Kieran Sherlock, CTO of IdentityMind. “However, they don’t want to shut out key customers or inconvenience them in the process. RIZE is built on top of our patented eDNA™ technology. It leverages our global database of identities and transactional data, using supervised machine learning. It enables companies to achieve balance between revenue and risk by playing “what if” scenarios. So, if they want to hit a specific risk level or revenue target, they can. And they can avoid all the guesswork that has traditionally been part of the process.”
“Viewing risk and compliance as merely cost centers is an outdated mindset. Top organizations recognize that there is tremendous value waiting to be unlocked by leveraging risk and compliance data to make other business decisions and ultimately create better products.” – Dasha Cherepennikova, One World Identity Executive Director.
RIZE is the realization of IdentityMind’s efforts to use technology to not only help automate the risk and compliance process, but to make it easier for risk and compliance managers to leverage data to meet their goals. Available as part of IdentityMind’s 1.25 release, RIZE will be discussed by Jose Caldera, IdentityMind’s Chief Marketing Officer, at One World Identity’s upcoming K(NO)W conference starting on June 15th.
About IdentityMind Global
IdentityMind, creator of Trusted Digital Identities™ (TDIs), offers a SaaS Platform for online risk management and compliance automation. IdentityMind continuously validates and risk scores online identities worldwide through its eDNA™ to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build reputations, and allows companies to identify and reduce potential fraud, onboard accounts, perform KYC — identity verification services, and identify suspicious activity for money laundering.
The Identity Bureau is a registered trademark of IdentityMind Global.
For more information, visit: http://www.identitymindglobal.com.