The Financial Technology Report is pleased to announce The Top 25 Governance, Risk and Compliance Companies of 2024. In the dynamic landscape of modern business, the triumvirate of Governance, Risk and Compliance (GRC) serves as a beacon guiding companies through turbulent waters. Last year, 57% of organizations dedicated more time to risk compliance management — up from only 35% the previous year. As organizations navigate even more advancements in AI and machine learning (ML), as well as a sharper focus on a fully integrated enterprise risk view, the imperative for robust GRC practices has never been more pronounced.
Trust platforms like Forter are relied on by the likes of Nordstrom, Instacart, Adobe, Priceline, and beyond to make decisions on more than $1 trillion in gross merchandise value (GMV). Another awardee, Signifyd, uses big data and ML to provide a 100% financial guarantee against fraudulent charges. And, last but not least, SaaS customers of FinScan are supported in screening more than 300 billion customer names a year.
From cybersecurity threats to regulatory upheavals, the terrain of risk is constantly shifting. In fact, 70% of corporate risk and compliance professionals reported a change from “check-the-box” compliance to a more strategic approach over the past few years. In response, these top GRC companies exhibit agility and adaptability, leveraging cutting-edge technologies and predictive analytics to preemptively identify and address emerging risks.
Please join The Financial Technology Report in recognizing The Top 25 Governance, Risk and Compliance Companies of 2024.
1. NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize’s experts apply innovative technology to protect institutions and safeguard consumer and investor assets by identifying financial crime, preventing fraud, and providing regulatory compliance.
The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence, and insider trading.
More than 100 of the world's top global financial institutions and regulatory bodies rely on NICE Actimize to increase their insight into real-time customer and employee behavior, transactions, and activities. As a result, these organizations have reduced and prevented financial crime activities, minimized money laundering exposure, increased investigator efficiency, and improved regulatory compliance and oversight.
2. Early Warning, LLC
For more than three decades, Early Warning Services has been empowering and protecting consumers, small businesses, and the U.S. financial services ecosystem with cutting-edge risk, fraud, and payment solutions.
A financial services technology leader, they are the company behind Zelle® – which recently reached a $806 billion transaction volume — and the Paze℠ online checkout solution. More than 2,500 companies rely on Early Warning’s intelligence to open new accounts, get in front of fraud, and move to faster payments.
Through their network intelligence and partnerships, they have issued more than 13 billion high-risk transaction alerts while increasing access to financial services and products to securely analyze 65% of all U.S. checking, savings, and payment information. By leveraging bank-contributed data, they offer a full suite of solutions that keeps money moving safely.
3. Regnology
Regnology is a leading technology firm on a mission to bring safety and stability to the financial markets, with an exclusive focus on regulatory reporting. In collaboration with local experts and a strong partner ecosystem, Regnology builds standard software packages and platforms to enable regulators, tax authorities, and firms to increase the efficiency of their regulatory reporting, regulatory management, tax reporting, and data management processes.
More than 34,000 financial institutions, 60 regulators, international organizations, and tax authorities rely on Regnology, making it uniquely positioned to bring greater data quality, efficiency, and cost savings to all market participants. By combining experience with broad technology solutions, they provide a full-service offering across the Regulatory Value Chain to industry players across the globe.
With over 850 employees in 17 countries and a unified data ingestion model powering its work, Regnology's clients are able to efficiently implement and derive value from its solutions and easily keep pace with ongoing regulatory changes.
4. Fenergo
Fenergo develops leading SaaS financial technology solutions to improve client lifecycle management (CLM) and support regulatory compliance. Connecting the world’s financial institutions with their customers, Fenergo aims to transform the overall experience and relationship while making firms feel safe.
Their technology enables financial institutions to transform the end-to-client onboarding and lifecycle experience, continuously monitor risks, ensure regulatory compliance (across AML, ESG, Tax, SFTR, and Data Privacy frameworks), and enhance operational efficiency.
Since 2009, Fenergo has developed best-in-class technology to help future-proof financial institutions across the buy- and sell-sides. Today, with a global footprint across 14 countries, Fenergo continues to create solutions that empower these institutions to operate in complete confidence.
5. Quantexa
Quantexa is a global data and analytics software company depended on by forward-thinking organizations that fuel the global economy. Using the latest advancements in big data and AI, Quantexa’s Decision Intelligence Platform uncovers hidden risks and new opportunities by providing a contextual, connected view of internal and external data in a single place.
The platform helps solve major challenges across data management, Know Your Customer (KYC), financial crime, risk, fraud, and security, throughout the customer lifecycle. Compared to traditional approaches, it enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution.
Founded in 2016, Quantexa now has more than 700 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, Dublin, Brussels, Malaga, UAE, New York, Boston, Toronto, Sydney, Melbourne, and Tokyo.
6. Jumio
Jumio helps organizations to know and trust their customers online. From account opening to ongoing monitoring, the Jumio platform provides advanced identity verification, risk signals, and compliance solutions that help accurately establish, maintain, and reassert trust.
Leveraging powerful technology including automation, biometrics, AI/ML, liveness detection, and no-code orchestration with hundreds of data sources, Jumio helps companies fight fraud and financial crime, onboard good customers faster, and meet regulatory compliance. To date, they have processed more than one billion transactions spanning across 200 countries and territories from real-time web and mobile transactions.
Based in Sunnyvale, CA, Jumio operates globally with offices and representation in North America, Latin America, Europe, Asia Pacific, and the Middle East and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners, and Millennium Technology Value Partners.
7. Forter
Forter is a top trust platform for digital commerce, making accurate, instant assessments of trustworthiness across every step of the buying journey. By applying identity intelligence to digital commerce, Forter is able to filter out fraud and help businesses focus on growing customer lifetime value. Its integrated suite of solutions, known as the Forter Trust Platform, protects identity, payments, chargebacks, and abuse.
Forter helps the world's biggest brands trust the identities they interact with, enabling them to confidently offer every good customer a great experience. This includes faster, easier checkout, simpler returns and refunds, and more valuable promotions. Today, Forter is trusted by Nordstrom, Instacart, Adobe, Priceline, and other leaders across industries to make decisions on more than $1 trillion in GMV.
8. Onfido
Onfido makes digital identity simple, enabling customers to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to individual user and market needs in a no-code, orchestration layer — combining the right mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements.
Onfido Atlas™ AI powers the platform’s fully automated, end-to-end identity verification. Developed in-house for over 10 years, it’s how the company ensures its analyses are fair, fast, and accurate. Now partnering with over 1,200 businesses globally, Onfido helps millions of people access services every day — from billion dollar institutions to hyper-growth startups.
9. Signifyd
Signifyd provides an end-to-end commerce protection platform that leverages its commerce network to maximize conversion, automate customer experience, and eliminate fraud and customer abuse for retailers.
Through big data and machine learning, Signifyd is able to provide a 100% financial guarantee against fraud on approved orders. This effectively shifts the liability for fraud away from e-commerce merchants, allowing them to increase sales and open new markets while reducing risk. The company also protects merchants from consumer abuse by providing a financial guarantee in cases of friendly fraud, such as item-not-received (INR) claims and claims a product was significantly not as described (SNAD).
Based in San Jose, CA, the company has formed strategic partnerships with Salesforce Commerce Cloud, Magento, Shopify, BigCommerce, Netsuite, Miva, Accertify, and ThreatMetrix.
10. Vesta
Vesta provides an instant, end-to-end transaction guarantee platform for online purchases, delivering unparalleled approval rates, a better customer experience, and eliminating fraud for leading brands in telecommunications, e-commerce, travel, and financial services.
Using machine learning backed by more than 25 years of transactional data history, Vesta increases approvals of legitimate sales for its customers while eliminating chargebacks and other forms of digital fraud. This drives the true cost of fraud to zero and transfers 100% of the liability for fraud, including chargeback processing, so customers can focus on increasing sales.
Today, Vesta has a proven track record with a 98% average transaction approval rate, 185 million average transactions approved per year, and $9.8 billion average transaction volume evaluated per year. Founded in 1995, the company is headquartered in Portland, OR, with offices in Atlanta, Miami, Ireland, Mexico, and Singapore.
11. ComplyAdvantage
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crimes.
Through a global, real-time database of people and companies, ComplyAdvantage identifies thousands of risk events daily from millions of structured and unstructured data points. Today, more than 1,000 enterprises across 75 countries rely on the company to understand the risk of who they’re doing business with.
ComplyAdvantage has five global hubs in New York, London, Singapore, Cluj-Napoca, and Lisbon and is backed by Andreessen Horowitz, Goldman Sachs, Ontario Teachers, Index Ventures, and Balderton Capital.
12. Numerix
Since its founding in 1996, Numerix has been at the vanguard of financial technology, providing groundbreaking expertise, quantitative analytics, and software that redefines pricing and risk management in the financial markets. With the strategic acquisitions of FINCAD and PolyPaths, Numerix has further strengthened its leadership position, empowering financial institutions worldwide to transform risk into opportunities with confidence.
Today, more than 550 clients and 90 partners across 52 countries rely on Numerix analytics and their extensive network across the Americas, EMEA, and Asia-Pacific for localized support. Headquartered in New York City with global offices in several financial centers, the company provides immediate access to the latest trends, innovations, and thought leaders in the industry.
13. Socure
Socure is a leading provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with data intelligence to verify identities in real-time. As the only vertically integrated identity verification and fraud prevention platform with both IAL-2 and FedRAMP Moderate certifications, Socure is able to deliver advanced levels of assurance and the highest standards for security and compliance.
In total, the company has more than 2,300 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including top banks, the top credit bureau, and more than 400 fintechs. Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Varo, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention.
14. FinScan
FinScan is a solution created through Innovative Systems, Inc. in the late 1990s. It offers advanced Anti-Money Laundering (AML) and KYC compliance software and consulting solutions trusted by leading organizations worldwide. Built on decades of experience in data quality and cognitive matching technologies, FinScan provides a data-first approach to ensure unparalleled accuracy in identifying risk, minimizing false positives, and reducing the risk of missing true hits.
In the aftermath of the tragic 9/11 attacks, when AML and Counter-Terrorism Financing (CTF) regulations were strengthened in the US, EU, and other countries around the world, FinScan was already an established screening solution, able to accurately match client files against government lists. Their comprehensive offerings include sanctions, PEP, securities, and adverse media screening, UBO due diligence and screening, Swift/transaction screening and monitoring, ID authentication, data enrichment, and advisory services for implementing a holistic compliance program.
With offices in Pittsburgh, London, Mexico City, and Dubai, FinScan offers flexible deployment through SaaS, on-premise, and hybrid options. Their global services empower SaaS customers to screen more than 300 billion names a year.
15. Prove
Prove is the modern way for businesses to enable their customers to verify their identities. Offering phone-centric solutions that enable its customers to acquire new consumers and engage with their existing consumers, Prove removes friction while bolstering security and enhancing consumer privacy and consumer choice.
With over one billion consumer and small business identity tokens under continuous management, Prove’s Phone-Centric Identity™ platform helps companies mitigate fraud while accelerating revenue and reducing operating costs across all channels. Today, Prove’s omnichannel solutions are used in 195 countries by more than 1,000 businesses across diversified industries, including banks, financial services, healthcare, insurance, and e-commerce. Top clients include Visa, Starbucks, Bilt, Ameritrade, DocuSign, and more.
16. Sift
Sift is an AI-powered fraud platform securing digital trust for leading global businesses.
With deep investments in machine learning and user identity, a data network scoring one trillion events per year, and a commitment to long-term customer success, the platform empowers more than 700 customers to grow fearlessly.
Seeing fraud as an opportunity to win, Sift helps top fintech companies accelerate growth despite increasing global fraudulent activity. The software makes it simple and easy for partners to join forces and bring essential fraud-fighting and revenue-generating technology to customers. Brands including DoorDash, Yelp, and Poshmark rely on Sift to deliver seamless consumer experiences by securing every transaction, stopping fake signups, and improving engagement.
17. IDnow
IDnow is a leading identity verification platform provider in Europe with a vision to make the connected world a safer place. The platform provides a broad portfolio of identity verification solutions ranging from automated to human-assisted and from purely online to point-of-sale — all optimized for user conversion rates and security.
IDnow’s portfolio of over 900 international clients spans a wide range of industries and includes leading international players, such as UniCredit, Telefonica, Sixt, Crédit Agricole, BNP, and Munich Re, as well as digital champions like N26, Solarisbank, Younited Credit, Boursorama, Klarna and Tier mobility. The company has offices in Germany, the U.K., and France and is backed by renowned institutional investors, including Corsair Capital and Seventure Partners.
In 2021, IDnow acquired the French market leader for identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers one of the broadest identification solutions through a single, integrated platform.
18. Alloy
Alloy is the only end-to-end identity risk management platform dedicated specifically to supporting the world’s leading banks, fintechs, and other companies offering financial products. Beginning with origination and account opening, Alloy provides banks and fintechs with a scalable, flexible platform to manage identity risk throughout the customer lifecycle.
Nearly 500 companies trust Alloy to take control of risk and grow with the clearest picture of their customers. Their configurable solutions for fraud, credit, and compliance risk, as well as dedicated expert guidance and a vast ecosystem of data partners, help companies deliver great financial products to more customers around the world.
Founded in 2015, Alloy now partners with some of the biggest, most trusted brands in the finance industry including LexisNexis, SentiLink, and fellow awardee on this list, Socure.
19. MyComplianceOffice
MyComplianceOffice (MCO) provides integrated and comprehensive compliance software for financial services firms worldwide. MCO’s mission is to help these firms effectively manage and mitigate compliance risk on a singular platform. They offer a unique combination of employee surveillance, transaction monitoring, and third-party oversight, ensuring that compliance obligations are not only met but exceeded.
Founded in 1998, MCO is headquartered in Dublin with offices in London, Singapore, Hyderabad, New York, Chicago, and Fort Worth. Today, more than 1,300 client companies across over 105 countries use MyComplianceOffice to move away from manual processes and disparate systems and towards more strategic compliance.
20. Kaizen
Kaizen is made up of a team of regulatory and data specialists who are on a mission to revolutionize compliance, ultimately making it easier for financial firms to work within regulations. Their solutions help clients reduce costs, improve data quality, and meet their compliance obligations.
Today, many of the world’s leading financial institutions rely on their automated ReportShield™ assurance services to identify their reporting issues. By combining regulatory expertise with advanced technology, Kaizen has also developed its Single Rulebook digital platform and several award-winning automated services for trade and transaction reporting assurance, research and surveillance, and shareholding disclosure. Their forensic focus on data accuracy sets the company apart, leading to the trust and business of the world’s largest banks, asset managers, hedge funds, and brokers — including the London Stock Exchange Group, Elixirr, Alpha FMC, and more.
22. DataVisor
A comprehensive fraud and financial crime prevention platform powered by sophisticated AI and modern machine learning capabilities, DataVisor empowers customers to protect against future attacks before they happen. By detecting and acting on rapidly evolving fraud patterns in real-time, their adaptable solution and data-driven approach provide more than four billion user accounts with unparalleled protection in an ever-evolving digital landscape.
DataVisor’s award-winning solutions and continuous innovation make them the trusted partner of choice for Fortune 500 companies and leading organizations worldwide, specializing in financial services, banking, credit unions, fintech, and payments. Some of their clients include Affirm, Western Union, Galileo, and more. DataVisor was founded in 2013 and has offices in Mountain View, CA, and Toronto, Canada.
23. Bureau ID
Bureau is a no-code, identity decision-making platform that offers businesses the complete range of risk, compliance, and ongoing fraud monitoring solutions innovated with AI. The platform helps businesses achieve growth, operate efficiently, and curtail fraud attacks as well as regulatory risks, ultimately saving businesses millions of dollars.
Using next-generation orchestration, Bureau ID provides businesses with contextualized insights and network validation that leads to absolute decisions about digital identity trustworthiness. This makes it easy for consumers to transact while preventing bad actors from slipping by, so companies can focus on onboarding high-quality users and generating more revenue.
Headquartered in San Francisco, Bureau ID has a global presence with offices in India, Singapore, and Dubai. Some of their partners include Quona, XYZ, Okta, and more.
24. Vneuron
Vneuron is a leading provider of advanced AML compliance technology, offering innovative solutions to help financial institutions mitigate risks and combat financial crime effectively. With a commitment to excellence and innovation, the company is dedicated to supporting its clients in safeguarding their operations and upholding the integrity of the global financial system. Leveraging cutting-edge technologies such as AI, ML, and data analytics, Vneuron empowers compliance teams with the tools they need to stay ahead of evolving threats and regulatory requirements.
Founded in 2007, their global presence includes offices in Tunisia, France, Cameroon, and Qatar. Today, Vneuron helps hundreds of worldwide financial institutions achieve full compliance from more than 45 countries in Europe, Africa, the USA, and the Middle East.
25. SentiLink
SentiLink empowers institutions and individuals to transact confidently with one another by preventing synthetic fraud, identity theft, and emerging forms of first-party fraud at the point of account application. Its solutions enable these secure transactions by leveraging a deep understanding of identity and risk, and are informed by machine learning models and insights from a team of top risk analysts.
SentiLink serves more than 300 financial institutions, from the largest U.S. banks and leading credit unions to fintech unicorns, to help stop fraudulent activity at account opening and beyond. Founded in 2017 by Naftali Harris and Max Blumenfeld, they have come a long way from an original sole focus on synthetic fraud and were the first organization in history to use and offer eCBSV — a fee-based Social Security number (SSN) verification service.
To date, SentiLink has raised $85 million from investors such as Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others.
