Ascent, a provider of AI-driven solutions that identify and update a company’s regulatory obligations, announced a groundbreaking partnership with Munich Re Group, one of the world’s leaders in providing insurance and reinsurance. For the first time in the market, this partnership provides a way to insure against the potential exposure and costs associated with regulatory risk for all Ascent customers.
Using its proprietary RegulationAI™, Ascent generates the regulatory obligations that pertain specifically to the customer and keeps them updated as rules change, doing automatically what takes individual Risk and Compliance personnel hundreds of hours per regulator to accomplish manually. This automated delivery of targeted regulatory intelligence helps banks and financial services companies reduce their regulatory and reputational risk, avoid fines, and lower their overall cost to comply.
Munich Re Group has tested Ascent’s technology and is insuring it. This enables Ascent to guarantee that any user of the Ascent system is safe from the risk of potential regulatory fines as long as they properly comply with the regulatory obligations that the platform generates.
Brian Clark, Ascent Founder & CEO, commented: “One of the driving factors in founding Ascent was to provide our customers with a platform that makes it easier and less expensive to do the right thing in following their regulatory requirements and managing regulatory change. This exciting agreement with Munich Re Group provides further validation for that notion. Munich Re evaluated Ascent’s groundbreaking approach to the use of AI and machine learning in analyzing regulations and understood that we were an ideal partner for mitigating and eliminating regulatory and compliance risk.”
Greg Barats, Senior Executive at Munich Re and President & CEO of HSB, a Munich Re Group company, commented: “Our partnership with Ascent further underscores our view of the maturation of AI as a tool to limit the probabilities of risk and is a great example of how our bespoke AI insurance and Ascent’s market leading machine learning platform is adding value at all levels. It enables Ascent to offer its RegulationAI™ with a performance protection that is unique to the market and gives them a competitive advantage. Their clients can adopt innovative technology with much more confidence, based on our assessment and the risk-transfer structure developed from it.”
Ascent has been rapidly gaining momentum since its founding in 2015. Since its inception, Ascent has secured $26.7M in funding and doubled its staff. Ascent serves a range of financial institutions, including global financial firms and SMBs in the banking, securities, and derivatives industries.