February 19, 2024 • 23 mins
In this episode, Nick Searle and Punit Mathur from LexisNexis Risk Solutions discuss the company's transformative journey in recent years and how they are putting innovation at the heart of operations and customer solutions. Discover how, through the concerted efforts of product teams and innovation leaders, the company navigates the complexities of creating a unified strategy that promises to deliver more value to customers.
DISCLAIMER: The information provided in this podcast is for informational purposes only and is not intended to and shall not be used as legal advice. The views and opinions expressed in this podcast are solely those of the speakers and do not necessarily reflect the views or positions of LexisNexis Risk Solutions. LexisNexis Risk Solutions does not warrant that the information provided in this podcast is accurate or error-free.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Ankit Sharma (00:11):
Good morning, good afternoon and good evening from
wherever you're joining acrossthe world.
Thank you again for tuning intothe REC Tech Pulse podcast from
Lexis Nexus Resolutions.
I'm your host, ankit Sharma.
In the last podcast you heardme talk to two of my wonderful
colleagues and we discussed thefraud nuances in Australia.
Today I'm joined by twogentlemen again in the world of
(00:34):
innovation, and this is one ofthe conversations that I've been
really looking forward to havefor a long time.
So, without further ado, if Icould just quickly request Nick
Searle, the head of innovation,Punit Mathur, the senior manager
for innovation, to quicklyintroduce themselves Over to you
guys.
Nick Searle (00:49):
Hi Ankit, thank you very much for having us on.
I've been with the organizationfor a couple of years now.
I've joined the product org asthe as the head of innovation
for the financial crime,compliance and payments side of
the business.
So when I joined, Punit wasalready running strong with all
(01:10):
of the work that we've beendoing.
But yeah, we've come in andreally tried to make a big shift
in how we work with the rest ofthe business over the last
couple of years.
Punit Mathur (01:19):
Thanks Nick.
I'm Punit Mathur.
Nick is based in London and I'min Singapore.
I'm kind of leading the face ofthe innovation in the APEC
market and kind of leadinginnovation projects we are doing
here as well as kind of heartof talking to customer, getting
inside from customer andcollecting insight in this
(01:41):
region so that we can we canbuild solution for global
audience.
Yeah, my background is startingfrom a journey of a designer
and now into core, into product,focusing on how we can help the
organization to move faster,work on the areas which are not
explored and kind of helping thebusiness to grow faster.
(02:03):
And thanks, ankit, lookingforward to this discussion.
Ankit Sharma (02:08):
Thanks guys.
Likewise, as I said, I mean I'vebeen really wanting to pick
your brains, because being aresponsible REC tech as well as
a fraud partner for any of ourclients is important to have a
solid innovation function within, embedded within, the
corporation.
So you know, thank you for yourtime today.
All right, let's jump straightinto it.
(02:31):
I have a lot of questions thatI want your critical inputs and
critical thinking around.
So, before we kind of getstarted in any of the questions
or topics you know, I think ifwe could, just for the benefit
of our listeners, talk a bitmore about how the journey of
the innovation port has been.
I know it's a global functionwith several pods across the
globe and we have Punit here inSingapore.
(02:52):
We bless with that.
But then, nick, if you couldjust from from as the, as the
head of the organization, justkind of lay the vision or just,
you know, essentially lay how,how, how you guys are
collaborating in the innovationgroup, you know what's the
transformation process lookinglike, and just lay the land,
just you know, over to you.
Nick Searle (03:11):
Well, thanks for the questions, Eckit.
I guess the idea of innovationwithin LNRS is not new.
However, I think one of thevisions that we've had once I
came in was to really have alook at see what all of the
different innovation teams areworking on, what the sort of
(03:36):
general travel direction thedifferent groups are going in
and really step towardsorganizing all of the different
efforts into a single location.
So, from the perspective of allof the teams in the
organization, there's maybe beeneither an ignorance of where to
(03:57):
go to talk to people aboutinnovation or maybe a confusion
as to who to go to.
So really, the vision is aboutbringing everybody together and
collaborating from a singleplace.
So that's what we're workingtowards and I think we've made
really good strides towards thatover the last couple of years.
Punit Mathur (04:19):
Yeah, just just to add a little bit on that front,
right.
So within innovation group, Ithink there's a big journey
which Nick is driving ontransformation within the org
and leading a lab within thisgroup which we have kind of
rebranded and renamed as CarbonLab.
I think a lot of companies havetheir own lab, so we also have
(04:40):
Carbon Lab now where we kind ofemphasizing on how we should
approach on a problem or acustomer requirement, right.
So we are building processeswithin that and kind of working
on ideas and making sure that wehave some output out of it and
kind of have plug that kind ofrequirement or the experiment
(05:03):
output within our product line.
So I think what we have changedover a period of time since Nick
joined is basically the workingwith the product team and give
it a light of the idea, becausethere are a lot of innovation
idea which there are, poc happenand then you don't see what
happened after that, right.
So we try to make sure thatwhatever we are working on,
(05:24):
wherever we put our energy on,have some kind of output which
make our customer life easy,right.
And we are parking the ideaswhich are really not have that
much impact right now, sofocusing on idea which are
making an impact and bring valueto the customer.
That's where we are focusing inthe lab and kind of building
(05:44):
within the lab.
We are building an environmentas well, kind of a cloud
environment to run multipleexperiments, because we have
data to play with.
We have a lot of customers whoare interested to work with us,
so that's where we are headingtowards.
Ankit Sharma (05:59):
Really, and that sounds really fascinating and
thanks for sharing on that.
Punit Nick, if I could justkind of develop a bit more on
that.
For example, our systems areembedded into mission-critical
applications for all ourcustomers.
You talked about theenvironment and the functioning
(06:22):
of the lab and you laid down thevision and the thought process
behind setting that up, butit'll help all of us if you
could just kind of elaborate abit more around the environment.
How will it better help orimpact our business and, more
importantly, how is it going tochange the life of our customers
?
Nick Searle (06:43):
Yeah, great question.
I think one of the biggestthings that we have going for us
here at Lexus Nexus RiskSolutions is the fact that we
have grown through very targetedacquisitions of a lot of
companies in the past.
So we've built our customerbase by bringing them in via
(07:08):
different acquisitions andproducts that they've already
been using.
I think one of the big thingsthat we're working towards is
ensuring that we give ourselvesall of the appropriate tools to
really look at experimenting howall of these different products
and data sets can be usedtogether.
(07:30):
So what we've not had in thepast is the tooling the our own
environments in which we canstart ingesting all of the data
that we've got from all of ourproducts, but from our customers
as well.
Although we've gotstate-of-the-art and industry
leading security protocols, whatwe've not done is utilize them
for our own benefits.
(07:51):
So that's really where we'reaiming this vision towards is
ensuring the same level ofsafety and security that we
provide our customers toourselves.
To work on all of the differentdata sets as I said, the
products that we've got out inthe market now, because we've
got so many of them, we've notreally explored the benefit of
(08:11):
adding them together or playingwith how different elements of
different products might enhancesome of the products that our
customers are using today.
So really what we're talkingabout is building our own tools
and then, once we're very happywith what that looks like,
building separate instances tobe able to experiment with our
customers as well not in aproduction environment, so
(08:33):
obviously we don't want toaffect any mission critical
systems that are up and runningnow.
We're creating differentavenues for our customers to
work with us to explore whatdevelopments of our products
would look like going forwards.
Ankit Sharma (08:47):
Work sounds really exciting in your side of the
world, nick.
It sounds like the movie Matrix, one of my favorite movies, the
work that Neo and Morphus usedto do and before we sort of the
red pill.
And if I could direct thisquestion to you, Punit and Nick,
feel free to jump in as wellthere must be a plethora of
(09:08):
these interesting ideas in yourcanvas.
What are the cutting edgetechnologies that your
transformation team is workingon these days?
If you could just elaborate abit more, that are the exciting
ones and on the basis of that,some of our customers may
benefit as to what are thetrends that they can set from a
(09:29):
compliance perspective.
Punit Mathur (09:32):
Yeah, thanks, ankit.
I think even an example ofMatrix.
I've taken that red pill longback and going through this
journey, still going through andthere are technologies which
come, evolve, die and kind ofre-evolve right and then mature,
some mature, some really die,right I think.
(09:52):
In terms of currently what'sgoing on.
There's a lot of hype aboutJNAI Generative AI and we are
also going through that journeyto figure out what that means
for us, for our business, forour customers, how we can, what
kind of experiment we can dowhich, as I said earlier, which
will have an impact to thecustomer right.
So we have kind of divided ourwork into, as normally use
(10:17):
terminology, h1, h2, h3.
So there are a couple of ideaswhich are really far fresh which
we are exploring at the moment.
But for us, being a datacompany and have a lot of data
available with us to play with,as Nick mentioned earlier, we
are working on a couple ofexperiments to make insight of
(10:41):
that data and using JNAI forthat, getting out of what kind
of insight might be reallyhelpful for customer to make
sure that they are not exposedto the risk from the money
launders or terrace financing.
So those are the key area infinancial crime we work on.
So working on those areas andusing JNAI to make it more
(11:05):
meaningful insight for thecustomer, rather than just
throwing alerts or doing somerisk analysis, but making that
more meaningful.
So those experiments we aredoing currently internally.
I think one interesting projectwe are exploring at the moment
is around languages as well.
I'm not saying that's not beingexplored worldwide, but I think
(11:29):
what we are looking basicallyfrom a lens of what it means for
our customer being present inAIPAC.
I think that's where the alllanguages Chinese, japanese,
Vietnamese, thai all are there.
Even if I talk about Indiancontext, there are so many
regional languages.
So I'm not saying we aretackling all, but what I'm
(11:50):
saying here is there is achallenge to be solved.
There have been companies whohave tried it out, but I think
we are looking more from acontext of what kind of
challenges our customers arefacing.
So we work on an angle, alwaysthat what it means for our
customer, what are thechallenges they are facing and
how we can help using thiscutting edge technologies from
(12:12):
generative AI as well as themachine learning models, how
those can merge together to helpsolve those challenges.
So I think we are focusing onthat as well, in terms of
screening capabilities andhaving running experiment on
those.
So yeah, there are a lot ofinteresting stuff going on
within the lab.
(12:32):
We are here to talk tocustomers as well.
Feel free to reach out to usand happy to collaborate on that
front.
Ankit Sharma (12:45):
Brilliant.
You raised a very interestingpoint on languages, because
every 100 kilometers in Asia,for example, the language
changes, the culture changes,the compliance maturity, the
fraud index, all these otherthings change.
So I can completely appreciatewhere you're coming from and I'm
sure that's the need of the Rfrom a customer standpoint as
(13:06):
well.
But myself, being a student ofcompliance and being involved
into understanding more ofmacroeconomic parameters, if you
could just maybe talk a bitmore on where you're seeing
trade compliance or trade-basedmoney laundering involved within
the region, because in thepost-pandemic world we've seen
(13:27):
that trade is so important forany economy overall.
So what are your views on that?
Punit Mathur (13:34):
Thank you for this question.
This is something close to myheart because when I started
work in the financial domain andthat was one of my first
project, right, and we have gonethrough this journey Going back
to the history, when MS came upwith the regulation around
Western tracking it all startedthere, right, and since then I
am being working on this area,kind of looking out on the new
(13:57):
regulation, how the customerlandscape is changing,
regulatory landscape is changing, what are the requirements
coming up, and even the industryhas evolved a lot, right, we
have a lot of experiment done onblockchain, on DLT, to bring
trade, trade transactions there.
Apart from that, there are newregulations which are keep
coming on, like the one which iscame by OFAC around May 2020,
(14:21):
which kind of not just involvedfinancial institution but kind
of expanding the remit on theother side of the, the kind of
actors which are involved in thetrade transaction, right, like
Marine Time Insurance Company,the flag registry, shipping
industry, ship owners, operatorsso it's kind of expanding right
(14:43):
the trade liability or the riskaround trade and and the
partners involved within thetrade transaction and the
responsibility of them.
So I think for trade, it's notjust Responsibility of one, one
unit, like maybe, for example,financial institution, but also
the responsibility of thepartner involved, right, uh, so
(15:05):
so I think we are focusing onthose as well.
And what are the challengesthey face?
Right?
So, not just talking aboutvessel tracking and do is good
screening, but more lookingholistically of overall journey
of the trade, the, the hiddenrisks which are there, which
which are our customers areexposed to, unknowingly.
(15:26):
Right, like the, the UBOrelationship of a sanction of a
of a maybe shipping company oreven the vessel company or ship
owners linkages with any kind ofmoney laundering activity,
adverse media or or evendirectly into the sanction.
Right, and, given this, warsgoing on in the world nowadays
there are this, this is sodynamic and evolving, right,
(15:48):
there are everyday new, newcompanies getting sanctioned or
new, new vessel gettingsanctioned, vessel going to
North Korea getting sanctioned,and there are a lot of kind of
illicit activities happening,given that the ship shipping
operators playing around withAIS transponders, spoofing and
all those things, right.
So, yeah, I think we areheavily invested in this and
(16:11):
kind of working with, with thedata we have and Kind of our
sanctioned expertise we havearound around the companies,
around the owners, around thevessels and whatnot.
So, yeah, there is a lot goingon and recently we have Looking
further down the line, not justvessels but talks about
containers and whatnot, right.
(16:33):
So a lot of stuff happening andkind of working with the
ecosystem, all the, all theparties which are getting
involved, working with them,understanding their challenges
and and walking them through thejourney of how not just related
to sanction but also towardsthe money laundering which is
(16:53):
happening and what kind oftypologies which are coming.
So, yeah, there's a lot goingon on the trade side of things.
Ankit Sharma (17:01):
That's good to hear.
I mean, obviously we are in thebusiness of making the world
better and safer place foreveryone and really appreciate
you sharing those insights, nick, in the last 10, 15 minutes.
I mean, one thing I've reallygathered by speaking to the both
of you is that we really areplacing our customers at the
heart of you know what you guysare trying to do, really working
with them, but I know that youknow even some of the newer
(17:25):
conversations around.
You know some of the new gentechnologies or prospects or the
new verticals that the companyis trying to open.
You guys are also kind of opentowards working With those
organizations and institutionsat large.
But if you could just kind ofsimplify this, this framework,
this lab framework or your teamsframework for us, I think it
(17:45):
will be really useful for alllisteners.
Nick Searle (17:50):
Yeah, thanks, no problem, I am.
I'll try to keep it simple.
So we've got a couple of liveexamples at the moment and,
although we're looking at thelatest and greatest technologies
, the biggest impacts that we'reseeing are really looking at
the combination of our productsthat we've got today.
(18:13):
So the best example that we'vegot is we've got, obviously, our
list screening engines and ourproducts associated with those,
but we've also brought inproducts from acquisitions that
are looking at refining resultscoming out of the back of
screening engines.
So what we've not done in thepast is work directly with our
(18:36):
customers that have been usingone of our products pre
acquisition and then, afteracquisition, realize that
they're actually using multipleproducts from our organization.
Our products really haven'tbeen necessarily fully blended
together and working together.
So we've got two live exampleswith customers both in the US
(18:56):
and in Europe where we'relooking at how we're seamlessly
improving the end result for ourcustomers by combining our
products in an experimentationenvironment and ensuring that
the results are up to par withwhat our customers are expecting
and far exceeding the resultsthat they've been getting from
us in the past.
Ankit Sharma (19:18):
That's good to hear and, as they say, all good
things must come to an end, sohas our time for this
conversation.
I think we need to do a serieswith you guys, because you guys
are across so many things in somany domains, I think, in order
for all of us to extract morevalue.
I think we'll definitely haveto do another podcast in a few
weeks, or probably will comeback in a month or two.
(19:40):
But again, before I let youguys go, you know if, if, if you
were to take out your crystalballs, which I'm sure you have
somewhere hidden in your homesor offices Can you please share
some, some trends that you guysare really actively tracking, or
is there anything that'skeeping you up at night, nick,
if you could just start withthat.
Nick Searle (20:01):
I have a question.
I'm I'm maybe in the minorityI'm hopefully not, but I look at
all of the change as excitingand the fact that new
opportunities always presentthemselves.
So we've been through hypemachines before.
You can see I'm.
(20:22):
I'm gray and lacking enough hairto showcase that we we've been
through these before, so thehype machine doesn't really
necessarily bother me because Iknow that we as a, as a people,
generally are responsible forthe way that we do the weed out
the bad actors well ahead oftime.
(20:43):
So I think that we come withebbs and flows and understanding
our technology on a wide scale.
So the gen generative AI, the AIboom at the moment, does
present itself with lots ofopportunities, but at the same
time, we do have to beresponsible with it.
Although I won't say it keeps meup at night, I know that our
(21:05):
group specifically, we take itvery seriously, so we're not
rushing into things that youknow it responsibly.
We've got experiencesignificantly with blockchain,
crypto in the organization andso I think some of the
underlying technologies there,with distributed ledgers and the
advent or the advance oftechnology to allow for
(21:27):
distributed ledgers to really bebe useful.
So I think we're.
We're sort of at the point thatwe're we're able to start
playing with some of thesethings, not necessarily
deploying them at the cuttingedge right at the start, but
really making use of them oncewe see some of the benefits that
they come across the across thepopulation.
(21:52):
So I'm I'm really excited withwith with what some of these
technologies can present to us,and I'm not necessarily losing
sleep over over the overhype atthe moment, so long as we
maintain that responsibleapproach to using it.
Ankit Sharma (22:14):
Absolutely fascinating.
Thank you so much.
I mean, as I said, I was reallylooking forward to this
conversation.
You know, and as visionaries,you've really helped me dip my
toes into what lies ahead, notjust from an organization
perspective, but also from wherethe market is heading, to what
our customers are, you know,asking us to co create, working
with them.
Thank you again, guys, thankyou for me.
(22:34):
Thank you, nick, for your time.
I really enjoyed thisconversation.
Thank you for sharing yourinsights.
Thanks so much.
Punit Mathur (22:39):
Thank you for having us.
Thank you Thanks again.
Ankit Sharma (22:43):
Alright, thank you all for tuning in.
You know you heard Nick andPunit share their innovation
journey.
You also heard them talk aboutwhat are the trends that they're
tracking and what are some ofthe technologies that they're
working with.
Thank you for tuning into LexusNexus Resolutions.
Rec Tech Pulse podcast.
Do connect with us, do follow,follow with us on social media
platforms and it's goodbye fromnow and thank you again.
Good morning, good afternoon and good evening from
wherever you're joining acrossthe world.
Thank you again for tuning intothe REC Tech Pulse podcast from
Lexis Nexus Resolutions.
I'm your host, ankit Sharma.
In the last podcast you heardme talk to two of my wonderful
colleagues and we discussed thefraud nuances in Australia.
Today I'm joined by twogentlemen again in the world of
(00:34):
innovation, and this is one ofthe conversations that I've been
really looking forward to havefor a long time.
So, without further ado, if Icould just quickly request Nick
Searle, the head of innovation,Punit Mathur, the senior manager
for innovation, to quicklyintroduce themselves Over to you
guys.
Nick Searle (00:49):
Hi Ankit, thank you very much for having us on.
I've been with the organizationfor a couple of years now.
I've joined the product org asthe as the head of innovation
for the financial crime,compliance and payments side of
the business.
So when I joined, Punit wasalready running strong with all
(01:10):
of the work that we've beendoing.
But yeah, we've come in andreally tried to make a big shift
in how we work with the rest ofthe business over the last
couple of years.
Punit Mathur (01:19):
Thanks Nick.
I'm Punit Mathur.
Nick is based in London and I'min Singapore.
I'm kind of leading the face ofthe innovation in the APEC
market and kind of leadinginnovation projects we are doing
here as well as kind of heartof talking to customer, getting
inside from customer andcollecting insight in this
(01:41):
region so that we can we canbuild solution for global
audience.
Yeah, my background is startingfrom a journey of a designer
and now into core, into product,focusing on how we can help the
organization to move faster,work on the areas which are not
explored and kind of helping thebusiness to grow faster.
(02:03):
And thanks, ankit, lookingforward to this discussion.
Ankit Sharma (02:08):
Thanks guys.
Likewise, as I said, I mean I'vebeen really wanting to pick
your brains, because being aresponsible REC tech as well as
a fraud partner for any of ourclients is important to have a
solid innovation function within, embedded within, the
corporation.
So you know, thank you for yourtime today.
All right, let's jump straightinto it.
(02:31):
I have a lot of questions thatI want your critical inputs and
critical thinking around.
So, before we kind of getstarted in any of the questions
or topics you know, I think ifwe could, just for the benefit
of our listeners, talk a bitmore about how the journey of
the innovation port has been.
I know it's a global functionwith several pods across the
globe and we have Punit here inSingapore.
(02:52):
We bless with that.
But then, nick, if you couldjust from from as the, as the
head of the organization, justkind of lay the vision or just,
you know, essentially lay how,how, how you guys are
collaborating in the innovationgroup, you know what's the
transformation process lookinglike, and just lay the land,
just you know, over to you.
Nick Searle (03:11):
Well, thanks for the questions, Eckit.
I guess the idea of innovationwithin LNRS is not new.
However, I think one of thevisions that we've had once I
came in was to really have alook at see what all of the
different innovation teams areworking on, what the sort of
(03:36):
general travel direction thedifferent groups are going in
and really step towardsorganizing all of the different
efforts into a single location.
So, from the perspective of allof the teams in the
organization, there's maybe beeneither an ignorance of where to
(03:57):
go to talk to people aboutinnovation or maybe a confusion
as to who to go to.
So really, the vision is aboutbringing everybody together and
collaborating from a singleplace.
So that's what we're workingtowards and I think we've made
really good strides towards thatover the last couple of years.
Punit Mathur (04:19):
Yeah, just just to add a little bit on that front,
right.
So within innovation group, Ithink there's a big journey
which Nick is driving ontransformation within the org
and leading a lab within thisgroup which we have kind of
rebranded and renamed as CarbonLab.
I think a lot of companies havetheir own lab, so we also have
(04:40):
Carbon Lab now where we kind ofemphasizing on how we should
approach on a problem or acustomer requirement, right.
So we are building processeswithin that and kind of working
on ideas and making sure that wehave some output out of it and
kind of have plug that kind ofrequirement or the experiment
(05:03):
output within our product line.
So I think what we have changedover a period of time since Nick
joined is basically the workingwith the product team and give
it a light of the idea, becausethere are a lot of innovation
idea which there are, poc happenand then you don't see what
happened after that, right.
So we try to make sure thatwhatever we are working on,
(05:24):
wherever we put our energy on,have some kind of output which
make our customer life easy,right.
And we are parking the ideaswhich are really not have that
much impact right now, sofocusing on idea which are
making an impact and bring valueto the customer.
That's where we are focusing inthe lab and kind of building
(05:44):
within the lab.
We are building an environmentas well, kind of a cloud
environment to run multipleexperiments, because we have
data to play with.
We have a lot of customers whoare interested to work with us,
so that's where we are headingtowards.
Ankit Sharma (05:59):
Really, and that sounds really fascinating and
thanks for sharing on that.
Punit Nick, if I could justkind of develop a bit more on
that.
For example, our systems areembedded into mission-critical
applications for all ourcustomers.
You talked about theenvironment and the functioning
(06:22):
of the lab and you laid down thevision and the thought process
behind setting that up, butit'll help all of us if you
could just kind of elaborate abit more around the environment.
How will it better help orimpact our business and, more
importantly, how is it going tochange the life of our customers
?
Nick Searle (06:43):
Yeah, great question.
I think one of the biggestthings that we have going for us
here at Lexus Nexus RiskSolutions is the fact that we
have grown through very targetedacquisitions of a lot of
companies in the past.
So we've built our customerbase by bringing them in via
(07:08):
different acquisitions andproducts that they've already
been using.
I think one of the big thingsthat we're working towards is
ensuring that we give ourselvesall of the appropriate tools to
really look at experimenting howall of these different products
and data sets can be usedtogether.
(07:30):
So what we've not had in thepast is the tooling the our own
environments in which we canstart ingesting all of the data
that we've got from all of ourproducts, but from our customers
as well.
Although we've gotstate-of-the-art and industry
leading security protocols, whatwe've not done is utilize them
for our own benefits.
(07:51):
So that's really where we'reaiming this vision towards is
ensuring the same level ofsafety and security that we
provide our customers toourselves.
To work on all of the differentdata sets as I said, the
products that we've got out inthe market now, because we've
got so many of them, we've notreally explored the benefit of
(08:11):
adding them together or playingwith how different elements of
different products might enhancesome of the products that our
customers are using today.
So really what we're talkingabout is building our own tools
and then, once we're very happywith what that looks like,
building separate instances tobe able to experiment with our
customers as well not in aproduction environment, so
(08:33):
obviously we don't want toaffect any mission critical
systems that are up and runningnow.
We're creating differentavenues for our customers to
work with us to explore whatdevelopments of our products
would look like going forwards.
Ankit Sharma (08:47):
Work sounds really exciting in your side of the
world, nick.
It sounds like the movie Matrix, one of my favorite movies, the
work that Neo and Morphus usedto do and before we sort of the
red pill.
And if I could direct thisquestion to you, Punit and Nick,
feel free to jump in as wellthere must be a plethora of
(09:08):
these interesting ideas in yourcanvas.
What are the cutting edgetechnologies that your
transformation team is workingon these days?
If you could just elaborate abit more, that are the exciting
ones and on the basis of that,some of our customers may
benefit as to what are thetrends that they can set from a
(09:29):
compliance perspective.
Punit Mathur (09:32):
Yeah, thanks, ankit.
I think even an example ofMatrix.
I've taken that red pill longback and going through this
journey, still going through andthere are technologies which
come, evolve, die and kind ofre-evolve right and then mature,
some mature, some really die,right I think.
(09:52):
In terms of currently what'sgoing on.
There's a lot of hype aboutJNAI Generative AI and we are
also going through that journeyto figure out what that means
for us, for our business, forour customers, how we can, what
kind of experiment we can dowhich, as I said earlier, which
will have an impact to thecustomer right.
So we have kind of divided ourwork into, as normally use
(10:17):
terminology, h1, h2, h3.
So there are a couple of ideaswhich are really far fresh which
we are exploring at the moment.
But for us, being a datacompany and have a lot of data
available with us to play with,as Nick mentioned earlier, we
are working on a couple ofexperiments to make insight of
(10:41):
that data and using JNAI forthat, getting out of what kind
of insight might be reallyhelpful for customer to make
sure that they are not exposedto the risk from the money
launders or terrace financing.
So those are the key area infinancial crime we work on.
So working on those areas andusing JNAI to make it more
(11:05):
meaningful insight for thecustomer, rather than just
throwing alerts or doing somerisk analysis, but making that
more meaningful.
So those experiments we aredoing currently internally.
I think one interesting projectwe are exploring at the moment
is around languages as well.
I'm not saying that's not beingexplored worldwide, but I think
(11:29):
what we are looking basicallyfrom a lens of what it means for
our customer being present inAIPAC.
I think that's where the alllanguages Chinese, japanese,
Vietnamese, thai all are there.
Even if I talk about Indiancontext, there are so many
regional languages.
So I'm not saying we aretackling all, but what I'm
(11:50):
saying here is there is achallenge to be solved.
There have been companies whohave tried it out, but I think
we are looking more from acontext of what kind of
challenges our customers arefacing.
So we work on an angle, alwaysthat what it means for our
customer, what are thechallenges they are facing and
how we can help using thiscutting edge technologies from
(12:12):
generative AI as well as themachine learning models, how
those can merge together to helpsolve those challenges.
So I think we are focusing onthat as well, in terms of
screening capabilities andhaving running experiment on
those.
So yeah, there are a lot ofinteresting stuff going on
within the lab.
(12:32):
We are here to talk tocustomers as well.
Feel free to reach out to usand happy to collaborate on that
front.
Ankit Sharma (12:45):
Brilliant.
You raised a very interestingpoint on languages, because
every 100 kilometers in Asia,for example, the language
changes, the culture changes,the compliance maturity, the
fraud index, all these otherthings change.
So I can completely appreciatewhere you're coming from and I'm
sure that's the need of the Rfrom a customer standpoint as
(13:06):
well.
But myself, being a student ofcompliance and being involved
into understanding more ofmacroeconomic parameters, if you
could just maybe talk a bitmore on where you're seeing
trade compliance or trade-basedmoney laundering involved within
the region, because in thepost-pandemic world we've seen
(13:27):
that trade is so important forany economy overall.
So what are your views on that?
Punit Mathur (13:34):
Thank you for this question.
This is something close to myheart because when I started
work in the financial domain andthat was one of my first
project, right, and we have gonethrough this journey Going back
to the history, when MS came upwith the regulation around
Western tracking it all startedthere, right, and since then I
am being working on this area,kind of looking out on the new
(13:57):
regulation, how the customerlandscape is changing,
regulatory landscape is changing, what are the requirements
coming up, and even the industryhas evolved a lot, right, we
have a lot of experiment done onblockchain, on DLT, to bring
trade, trade transactions there.
Apart from that, there are newregulations which are keep
coming on, like the one which iscame by OFAC around May 2020,
(14:21):
which kind of not just involvedfinancial institution but kind
of expanding the remit on theother side of the, the kind of
actors which are involved in thetrade transaction, right, like
Marine Time Insurance Company,the flag registry, shipping
industry, ship owners, operatorsso it's kind of expanding right
(14:43):
the trade liability or the riskaround trade and and the
partners involved within thetrade transaction and the
responsibility of them.
So I think for trade, it's notjust Responsibility of one, one
unit, like maybe, for example,financial institution, but also
the responsibility of thepartner involved, right, uh, so
(15:05):
so I think we are focusing onthose as well.
And what are the challengesthey face?
Right?
So, not just talking aboutvessel tracking and do is good
screening, but more lookingholistically of overall journey
of the trade, the, the hiddenrisks which are there, which
which are our customers areexposed to, unknowingly.
(15:26):
Right, like the, the UBOrelationship of a sanction of a
of a maybe shipping company oreven the vessel company or ship
owners linkages with any kind ofmoney laundering activity,
adverse media or or evendirectly into the sanction.
Right, and, given this, warsgoing on in the world nowadays
there are this, this is sodynamic and evolving, right,
(15:48):
there are everyday new, newcompanies getting sanctioned or
new, new vessel gettingsanctioned, vessel going to
North Korea getting sanctioned,and there are a lot of kind of
illicit activities happening,given that the ship shipping
operators playing around withAIS transponders, spoofing and
all those things, right.
So, yeah, I think we areheavily invested in this and
(16:11):
kind of working with, with thedata we have and Kind of our
sanctioned expertise we havearound around the companies,
around the owners, around thevessels and whatnot.
So, yeah, there is a lot goingon and recently we have Looking
further down the line, not justvessels but talks about
containers and whatnot, right.
(16:33):
So a lot of stuff happening andkind of working with the
ecosystem, all the, all theparties which are getting
involved, working with them,understanding their challenges
and and walking them through thejourney of how not just related
to sanction but also towardsthe money laundering which is
(16:53):
happening and what kind oftypologies which are coming.
So, yeah, there's a lot goingon on the trade side of things.
Ankit Sharma (17:01):
That's good to hear.
I mean, obviously we are in thebusiness of making the world
better and safer place foreveryone and really appreciate
you sharing those insights, nick, in the last 10, 15 minutes.
I mean, one thing I've reallygathered by speaking to the both
of you is that we really areplacing our customers at the
heart of you know what you guysare trying to do, really working
with them, but I know that youknow even some of the newer
(17:25):
conversations around.
You know some of the new gentechnologies or prospects or the
new verticals that the companyis trying to open.
You guys are also kind of opentowards working With those
organizations and institutionsat large.
But if you could just kind ofsimplify this, this framework,
this lab framework or your teamsframework for us, I think it
(17:45):
will be really useful for alllisteners.
Nick Searle (17:50):
Yeah, thanks, no problem, I am.
I'll try to keep it simple.
So we've got a couple of liveexamples at the moment and,
although we're looking at thelatest and greatest technologies
, the biggest impacts that we'reseeing are really looking at
the combination of our productsthat we've got today.
(18:13):
So the best example that we'vegot is we've got, obviously, our
list screening engines and ourproducts associated with those,
but we've also brought inproducts from acquisitions that
are looking at refining resultscoming out of the back of
screening engines.
So what we've not done in thepast is work directly with our
(18:36):
customers that have been usingone of our products pre
acquisition and then, afteracquisition, realize that
they're actually using multipleproducts from our organization.
Our products really haven'tbeen necessarily fully blended
together and working together.
So we've got two live exampleswith customers both in the US
(18:56):
and in Europe where we'relooking at how we're seamlessly
improving the end result for ourcustomers by combining our
products in an experimentationenvironment and ensuring that
the results are up to par withwhat our customers are expecting
and far exceeding the resultsthat they've been getting from
us in the past.
Ankit Sharma (19:18):
That's good to hear and, as they say, all good
things must come to an end, sohas our time for this
conversation.
I think we need to do a serieswith you guys, because you guys
are across so many things in somany domains, I think, in order
for all of us to extract morevalue.
I think we'll definitely haveto do another podcast in a few
weeks, or probably will comeback in a month or two.
(19:40):
But again, before I let youguys go, you know if, if, if you
were to take out your crystalballs, which I'm sure you have
somewhere hidden in your homesor offices Can you please share
some, some trends that you guysare really actively tracking, or
is there anything that'skeeping you up at night, nick,
if you could just start withthat.
Nick Searle (20:01):
I have a question.
I'm I'm maybe in the minorityI'm hopefully not, but I look at
all of the change as excitingand the fact that new
opportunities always presentthemselves.
So we've been through hypemachines before.
You can see I'm.
(20:22):
I'm gray and lacking enough hairto showcase that we we've been
through these before, so thehype machine doesn't really
necessarily bother me because Iknow that we as a, as a people,
generally are responsible forthe way that we do the weed out
the bad actors well ahead oftime.
(20:43):
So I think that we come withebbs and flows and understanding
our technology on a wide scale.
So the gen generative AI, the AIboom at the moment, does
present itself with lots ofopportunities, but at the same
time, we do have to beresponsible with it.
Although I won't say it keeps meup at night, I know that our
(21:05):
group specifically, we take itvery seriously, so we're not
rushing into things that youknow it responsibly.
We've got experiencesignificantly with blockchain,
crypto in the organization andso I think some of the
underlying technologies there,with distributed ledgers and the
advent or the advance oftechnology to allow for
(21:27):
distributed ledgers to really bebe useful.
So I think we're.
We're sort of at the point thatwe're we're able to start
playing with some of thesethings, not necessarily
deploying them at the cuttingedge right at the start, but
really making use of them oncewe see some of the benefits that
they come across the across thepopulation.
(21:52):
So I'm I'm really excited withwith with what some of these
technologies can present to us,and I'm not necessarily losing
sleep over over the overhype atthe moment, so long as we
maintain that responsibleapproach to using it.
Ankit Sharma (22:14):
Absolutely fascinating.
Thank you so much.
I mean, as I said, I was reallylooking forward to this
conversation.
You know, and as visionaries,you've really helped me dip my
toes into what lies ahead, notjust from an organization
perspective, but also from wherethe market is heading, to what
our customers are, you know,asking us to co create, working
with them.
Thank you again, guys, thankyou for me.
(22:34):
Thank you, nick, for your time.
I really enjoyed thisconversation.
Thank you for sharing yourinsights.
Thanks so much.
Punit Mathur (22:39):
Thank you for having us.
Thank you Thanks again.
Ankit Sharma (22:43):
Alright, thank you all for tuning in.
You know you heard Nick andPunit share their innovation
journey.
You also heard them talk aboutwhat are the trends that they're
tracking and what are some ofthe technologies that they're
working with.
Thank you for tuning into LexusNexus Resolutions.
Rec Tech Pulse podcast.
Do connect with us, do follow,follow with us on social media
platforms and it's goodbye fromnow and thank you again.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.