Once upon a time, in the complex realm of Governance, Risk, and Compliance (GRC), a formidable battle was being waged against the insidious forces of corruption, crime, and terrorism. The rules of engagement were constantly evolving, with international laws and regulations tightening their grip, making compliance an ever-more challenging endeavor. This struggle was particularly pronounced in the vast landscape of financial services, where the tendrils of operations reached far and wide across the globe. In this high-stakes environment, the mantra was clear: “Be Sure, Be Right.”
As organizations grappled with the intricate web of regulations, the need to navigate through the labyrinth of customer information became paramount. The realms of Anti-Money Laundering (AML), Know Your Client (KYC), Customer Due Diligence (CDD), and more demanded a meticulous understanding of customers and “third parties.” Enter the protagonist of our tale: Pascal, the AI-powered compliance platform born from the innovative minds at Vartion in 2018.
Pascal was no ordinary tool; it was a cutting-edge fusion of Artificial Intelligence (AI) and Machine Learning (ML), a digital sentinel designed to scrutinize and analyze in real-time an exhaustive array of publicly available data. Its watchful gaze spanned Sanction lists, Political Exposed Persons (PEP) lists, company data, global news articles, and even the intricate revelations buried in the International Consortium of Investigative Journalists (ICIJ) lists, including the Pandora Papers, Paradise Papers, Bahamas Leaks, and more. Moreover, Pascal’s prowess extended to the bespoke and standalone databases housed within the organizational walls.
The magic of Pascal lay in its speed — a force to be reckoned with, capable of slashing the time spent on compliance tasks by a staggering 50%. This not only translated into significant cost savings for organizations but also elevated the hit rate and quality of compliance efforts. Pascal had earned its stripes, receiving the esteemed endorsement of industry giants like KPMG, EY, Loyens & Loeff, and Microsoft.
As the protagonist ventured forth, it found itself in the company of a distinguished clientele — over 85 clients spanning more than 12 jurisdictions. The impact was profound, with Pascal proving to be faster, wider-reaching, more accurate, and more flexible than its counterparts in the realm of compliance support tools. It delivered only the hits that truly mattered, minimizing false positives and maximizing efficiency.
And so, the saga of Pascal continued, an ever-vigilant guardian in the ongoing battle for compliance supremacy. With its impressive track record and a growing legion of satisfied clients, Pascal stood as a testament to the power of innovation in the face of complexity. The question lingered in the air: Would you like to embark on a journey with Pascal? A brief introduction awaited, promising a glimpse into the future of efficient and effective compliance.