The firms say the artificial intelligence software will “provide an efficient and cost-effective way for companies to perform risk assessments on both individuals and corporations” in an area that is often labour-intensive and time-consuming.

They add the software also provide companies with “automated workflows with built-in audit trails to keep track of past risk assessments”. 

The software includes such features as artificial intelligence-powered extraction of information from documents, risk assessment models able to respond to updated regulations, real-time risk assessment and user dashboards as well as recommendations on next actions.

The software producers say it is best suited to “firms that are looking to improve their customer or client financial crime risk assessments but traditionally haven’t had the tools or technical expertise to do so internally”.

They plan to release the product in the first quarter of next year.

Nexus FrontierTech chief executive Danny Goh says: “With Kaizen’s deep knowledge of the anti-money laundering and risk assessment space and our vast experience providing machine learning and deep tech solutions for clients in the legal and financial tech services sector, this tool will be a highly effective first step into the digital transformation of many small and medium-sized enterprises in need of streamlining their processes.”

Kaizen co-founder and chief operating officer Neil Marshall adds: “We have fostered a strong relationship with Nexus over a period of time working on proof of concepts and Beta tools.”