HSBC Innovates Transaction Monitoring with Featurespace to Win the Celent 2021 Model Risk Manager Award


Celent, the leading research and advisory firm focused on technology for financial institutions globally, has named HSBC as the winner of its Model Risk Manager Award for Legacy and Ecosystem Transformation, enabled by the ARIC™ Risk Hub from Featurespace.

Learn More: Watch the video or download the case study here.

Announced at Celent’s 15th annual Innovation & Insight Week 2021, the award recognizes how HSBC innovated transaction monitoring for its insurance business with ARIC. It is the first AML technology deployed within the bank to use industry-leading rules and machine learning models – specifically designed by Featurespace – to generate alerts automatically and deliver:
· Reduced false positives and improved alert quality;
· Reduced overhead in alerts screening;
· Mitigated risk in missing genuine cases of money laundering; and
· The ability to identify new risk scenarios and typologies earlier than before.

In addition to the award, Celent has published an in-depth case study that details HSBC’s strategy, implementation, benefits and learnings with ARIC (“HSBC: Insurance-Focused Transaction Monitoring Solution Powered by Machine Learning and Cloud“).

Araliya Sammé, head of Financial Crime at Featurespace, said: “This award is a true testament to HSBC’s ongoing commitment to safeguard society from financial crime. Constantly pioneering, their innovative spirit is setting the bar in money laundering prevention and detection, also serving as a beacon of best practice to inspire others.”

“HSBC’s transaction monitoring processes were already compliant and effective; with the implementation of Featurespace’s ARIC solution, the bank prioritizes AML alerts to increase efficiency and it enables the bank to adapt to emerging behaviors and position it to confidently deal with future AML challenges,” said Arin Ray, Senior Analyst with Celent’s Risk and Compliance practice.

Celent’s annual Model Risk Manager Awards recognize the best practices of technology usage in different areas critical to success in Risk. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: the degree of innovation, technology or implementation excellence, and demonstrable business benefits.

Learn More: Watch the video or download the case study here.


About Featurespace –

Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.

ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.

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