Meet Darren Cade - CEO of Arctic Intelligence
Arctic Intelligence is a multi-award-winning global RegTech firm that has developed multi-jurisdictional enterprise risk assessment software enabling regulated businesses to better assess, document and manage their financial crime risks. Our vision is to be global leaders helping to raise the bar on financial crime risk management by innovating and transforming financial crime risk assessments in an accessible and affordable way to all. We are very passionate about and committed to providing affordable technology solutions that make it easier for companies to reduce their financial crime risks and adhere to their international compliance obligations.
Who are your clients and what types of regulatory challenges are they facing?
Today, we’re trusted by hundreds of financial services organisations of all sizes from small-medium enterprises to multi-national corporations and from across a diverse range of industry sectors including banking, insurance, credit unions, foreign exchange, money remittance, digital currencies, wealth and asset managers, and gaming.
The challenges of conducting financial crime risk assessments vary depending on the size and complexity of organisations but can include:
• Lack of benchmarking with industry and peers
• Keeping up to date with regulations and guidance
• Assurance that everything has been included
• Using data points to make risk assessments less subjective
• Effectively obtaining input from many busines units and stakeholders
• Quickly being able to report across an enterprise and draw out observations and insights
The Arctic solutions solve these challenges.
What type of emerging technology do you think will have the greatest impact on your business/industry?
Arctic Intelligence’s mission is to transform how risk assessments are performed to protect businesses and society from financial crime matters. The vision is to take what is often a laborious, manual process, into a dynamic, fully automated, real-time assessment that will generate analytical risk scores and create reports to evidence and defend those results. And Arctic is well on the way to achieving this goal, with current solutions that can aggregate and report risk outcomes across business units and risk areas in real time. But that is not all. Arctic Intelligence wants to help organisations to do away with the spreadsheet-based projects taking up to 6 months to complete. The planned enhancements in 2021 will deliver the ability for organisations to interface their own systems, allowing the Arctic Intelligence solutions to draw out the relevant insights and feed the risk model and scoring.
Why did you join the CRTA? How do you think the CRTA will help your business (industry)?
Arctic Intelligence is a founding member of the Australian RegTech Association. Its network endeavours to create a centre of excellence for RegTech stakeholders by raising awareness of RegTech, linking buyers and sellers and promoting the RegTech ecosystem. We have witnessed a shift in awareness and demand for the industry and similarly, we want to support the Canadian RegTech Association’s mission to help solve regulatory challenges in Canada and internationally. Financial crime is a global issue and Arctic understands the importance of developing a global RegTech network.