How does RiskNarrative compare to Abrigo BAM+ Anti-Money Laundering?

RiskNarrative, offered by LexisNexis Risk Solutions, is a comprehensive decision-making platform designed to streamline customer onboarding and risk assessment processes. By analyzing customer data, the platform identifies risks associated with fraud, financial crime, and regulatory compliance in real-time.

The solution integrates seamlessly with internal systems, offering customizable workflows, automated decisioning, and actionable insights. RiskNarrative empowers businesses to enhance onboarding efficiency, mitigate risks, and maintain compliance while delivering an exceptional customer experience.

BAM+ is a configurable anti-money laundering (AML) software tailored to an institution's unique risk profile, customers, and needs. It enhances the detection, management, and resolution of suspicious financial activities. Key features include:

- Data Validation: Ensures accurate ingestion of customer and transaction data.

- Direct Filing: Allows batch filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) directly to FinCEN, streamlining compliance processes.

- Automated Risk Rating: Customizes risk tolerances and applies them across the BSA program for consistent risk assessment.

- **Advanced Reporting**: Provides insights into the AML program, aiding data-driven decision-making.

- OFAC Screening: Integrates watchlist screening to identify alerts from over 25 scanned watchlists, ensuring compliance with sanctions.

- Machine Learning Scenarios: Utilizes AI to uncover anomalies and gain insights about customers or members.

- Customer Due Diligence: Keeps CDD/EDD and Know Your Customer programs compliant and efficient with Due Diligence Manager.

- Cannabis-Related Business Management: Offers tools to navigate the complex landscape of CRBs/MRBs, supporting unique risk profiles.

BAM+ is supported by a team of experts, including former bankers, regulators, and BSA Officers, providing institutions with the expertise needed to maintain compliance and effectively combat financial crime.

• 🏆 Ranked - Strong Performer by Forrester (2024)
• 🏆 Best Overall AI Company by AI Breakthrough Awards (2024)
• 🏆 Named on RegTech100 by FinTechGlobal (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 4 by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 13 by Chartis (2024)

LexisNexis Risk Solutions is a global data and analytics company that provides information-based analytics, decision tools, and data management services to help organizations make informed decisions, stay compliant, reduce risk, and improve operations

brigo, founded in 2000 and headquartered in Austin, Texas, is a prominent provider of compliance, credit risk, and lending software solutions tailored for financial institutions. The company's mission is to "Make Big Things Happen," emphasizing its commitment to assisting community financial institutions in navigating complex regulatory landscapes, resource constraints, and evolving market dynamics.

Over the years, Abrigo has strategically expanded its capabilities through several key acquisitions:

2018: Acquired MainStreet Technologies (MST) and Sageworks, leading to the rebranding as Abrigo in January 2019.
2019: Integrated Farin Financial Risk Management into its portfolio.
2022: Purchased Valuant and BankLabs' Construct and +Pay construction loan administration and funding solutions.
2023: Added DiCOM Software to enhance its service offerings.
2024: Welcomed TPG Software, further expanding its mission-critical solutions for financial institutions.

These acquisitions have bolstered Abrigo's product suite, enabling the company to offer comprehensive solutions that automate processes such as anti-money laundering, fraud detection, credit risk management, and lending services. By integrating these diverse capabilities, Abrigo empowers financial institutions to mitigate risk, streamline workflows, and make informed decisions with confidence.

As of 2024, Abrigo employs approximately 768 individuals across multiple locations, including Austin, Texas; Madison, Wisconsin; and Raleigh, North Carolina.