Fortent, a risk and compliance information and technology specialist, has been named one of the top innovators of 2008 by Bank Technology News, the leading magazine for senior financial technology executives. Earning exclusive recognition in the Compliance category, Fortent was the sole anti-money laundering specialist on the publicationâs âFutureNowâ innovation list, which recognizes â10 companies that set themselves apart for the security innovations they brought to market.â
With special mention of the âsea change in regulatory oversight,â Bank Technology News said of the FutureNow winners: âFor many players, the hard work completed in the areas of risk management and compliance will position them well for what new rules and regulation come their clientsâ way.â
Fortent was recognized for its product Fortent Inform, a regulatory information management tool designed to help financial institutions cut through the large volume of anti-money laundering (AML) and other compliance âlegs and regsâ produced by 154 different governmental and policy-making entities.
Fortent Inform was launched in 2007 as the first product of its kind in the marketplace, allowing organizations to reduce costs associated with keeping track of these regulations â costs that can account for 25-35% of overall compliance budgets.
âThis recognition is a tribute to the legacy of innovation and workflow automation that Fortent has brought to the field of regulatory compliance,â says Sandy Jaffee, CEO of Fortent. âIt speaks to our commitment to meeting clientsâ needs for efficiency and effectiveness in all their compliance processes â from AML and fraud transaction monitoring to Know Your Customer detection to case management.â
As regulations get more complicated, says Ms. Jaffee, âfinancial institutions are searching for ways to manage the information overload, reduce expenses, and ensure that the right people in their organizations know exactly what they need to be doing for the regulators. Bankers need technology solutions that take costs out of the compliance process â but also ensure that all requirements are being met.â