20 Nov RISKROBOT™: AI-Driven Modelling as a Service
RISKROBOT™: AI-Driven Modelling as a Service
New York, NY — November 20, 2024 — SPIN Analytics, a global leader in AI-powered credit risk solutions, is revolutionizing the future of banking with RISKROBOT™, a Modelling as a Service (MaaS) platform designed to help banks and financial institutions digitally transform their credit risk modelling processes. By combining the power of Artificial Intelligence with regulatory-compliant credit risk models, RISKROBOT™ enables banks to achieve speed, accuracy, and full regulatory approval—transforming the way credit risk is managed and reported under Basel III, IFRS 9, and CECL.
RISKROBOT™: AI-Driven Credit Risk Models That Meet Regulatory Reporting Standards
RISKROBOT™ is a cutting-edge platform that combines AI and human expert judgment to build credit risk models that not only deliver advanced predictive analytics but also meet the stringent requirements of global regulators. With RISKROBOT™, banks can generate regulatory-quality models that are audit-friendly, transparent, and fully compliant with the evolving regulatory landscape.
The AI component of RISKROBOT™ empowers financial institutions to build, validate, and update credit risk models at scale while ensuring that all outputs remain consistent and approved by regulators. Unlike traditional AI models, which can sometimes function as an opaque “black box,” RISKROBOT™ guarantees transparency, predictability and “explainability”— key factors in meeting regulatory requirements and building trust with authorities.
Key Features of RISKROBOT™:
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AI-Driven Regulatory Compliance: RISKROBOT™ uses advanced AI technology to develop and update credit risk models that are not only accurate but also designed to meet the most demanding regulatory standards. The platform produces comprehensive, submission-ready regulatory documentation — often exceeding 1,000 pages — in minutes, ensuring that model documentation remains always compliant and ready for approval by regulatory bodies.
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Modelling as a Service (MaaS): By offering credit risk modelling as a cloud-based service, RISKROBOT™ eliminates the need for expensive in-house infrastructure. This makes it possible for banks of all sizes to scale their modelling processes and improve time-to-market and speed new product development. This “cloud-native” approach provides banks with real-time updates and continuous model enhancements, all while staying aligned with the latest regulatory requirements and changing market conditions.
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Transparent AI Models: RISKROBOT™ guarantees that its AI-driven models are fully explainable and auditable, ensuring that regulators can easily understand the reasoning behind each model design decision and parameter setting. Unlike opaque AI systems, RISKROBOT™ always produces identical results from consistent inputs, providing complete transparency throughout model design, development, testing and deployment.
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Automated Documentation: RISKROBOT™ automates the creation of all necessary regulatory reports and model documentation, reducing the manual burden on development teams, ensuring consistency between the model and its documentation, and eliminating costly, embarassing errors. The automated documentation process ensures that all compliance-related requirements are met swiftly and efficiently, helping banks stay ahead of regulatory deadlines.
Overall, with RISKROBOT™ model development and validation that once took months can now be completed in weeks or even days. Continuous updates ensure that credit risk models remain relevant and accurate – even in fast-changing market conditions – while speeding product development, enhancing risk management, and improving capital efficiency.
AI + Compliance: The Future of Credit Risk Modelling
In collaboration with Microsoft, SPIN Analytics has integrated RISKROBOT™ into the Microsoft Azure Marketplace to provide a seamless experience for banks to adopt AI-driven regulatory credit risk models. This strategic partnership further enhances RISKROBOT™’s ability to both scale and integrate into each bank’s existing infrastructure, ensuring a secure, regulatory compliant path for the digital transformation of the credit risk model development, deployment, and updating process.
“At SPIN Analytics, our mission is to enable banks to embrace the future of credit risk modelling with AI-powered solutions that meet the highest regulatory standards,” said Panos Skliamis, CEO & Founder of SPIN Analytics. “With RISKROBOT™, banks don’t have to compromise between innovation and compliance. Our platform ensures that every model is regulatory-approved, audit-ready, and built with transparency in mind.
By offering Modelling as a Service (MaaS), we are helping banks accelerate their digital transformation in this mission critical area, improve operational efficiency, and stay compliant with evolving regulatory demands — all while meeting the speed and scalability required in today’s competitive financial landscape.”
Expansion into the US Market with NJFAST
As part of its continued growth, SPIN Analytics is proud to announce its US expansion through its partnership with the New Jersey Financial and Technology (NJFAST) initiative. This collaboration supports SPIN Analytics’ mission to provide cutting-edge, AI-driven credit risk solutions to the US banking sector by strengthening the company’s capabilities to accelerate the digital transformation efforts for US-based financial institutions.
“Our expansion into US through New Jersey with the NJFAST initiative marks an exciting new chapter in our journey to transform the US banking sector,” said Panos Skliamis, CEO & Founder of SPIN Analytics. “The NJFAST initiative offers us the perfect platform to scale our AI-powered credit risk modelling solutions, bringing unprecedented development speed coupled with regulatory compliance to US banks. With our flagship platform, RISKROBOT™, we can help US institutions digitally transform their credit risk modelling processes, improving operational efficiency, and stay ahead of the increasingly complex regulatory landscape.”
“Powered by Plug and Play, the largest innovation platform in the world, and supported by Stevens Institute of Technology, one of the leading technology universities in the USA, the New Jersey Economic Development Authority, and Prudential Financial, NJ FAST is poised to be the leading fintech accelerator in the country. Professor Gregory Prastacos, the former dean of the Stevens Business School who was instrumental in putting together the program, says “We are very pleased to be the anchor academic partner of NJ FAST, the NJ Fintech Accelerator at Stevens. We are fully committed, and we will contribute student and faculty talent, as well as resources to make this accelerator a success. Our location right across Wall Street, the fintech knowhow of Stevens and the experience of Plug and Play together with the financial support of the State of NJ and the vision of Governor Murphy are guaranteed to make this a success. We wish to congratulate SPIN Analytics for getting selected among hundreds of applications, and we will support them to succeed. We invite more fintech startups from the UK and all over the world to participate in this unique effort to grow fintech entrepreneurship and change the fintech landscape.” [Professor Gregory Prastacos, the former dean of the Stevens Business School]
“SPIN Analytics represents the type of transformative innovation that NJFAST aims to champion,” said Jim Gunton, Managing Partner at Tech Council Ventures. “Their AI-driven approach to regulatory credit risk modelling, paired with their scalable Modelling-as-a-Service, is exactly what the financial sector needs to efficiently meet modern compliance challenges while enhancing product development and growth. By choosing New Jersey as a launchpad for expansion, SPIN Analytics is tapping into our vibrant ecosystem of technology, finance, and academic collaboration, reinforcing our state’s position as a leader in fintech advancement.” [Jim Gunton, Managing Partner at Tech Council Ventures]
“We’re thrilled that SPIN Analytics has chosen New Jersey as the home for their North American presence,” said Tyler Lange, Director of Partnerships at NJ FAST powered by Plug and Play. “As a member of our first NJ FAST cohort, this decision not only underscores New Jersey’s appeal as a growing fintech hub, but also reflects the success of our collaboration with NJEDA, Stevens Institute of Technology, and Prudential in supporting impactful startups that drive economic growth and technological advancement in the region.” [Tyler Lange, Director of Partnerships at NJ FAST powered by Plug and Play]
About SPIN Analytics
SPIN Analytics is redefining credit risk management with its revolutionary AI-powered Modeling as a Service (MaaS) platform. At the core of this transformation is RISKROBOT™, our flagship solution that accelerates digital transformation for banks and financial institutions. By delivering unmatched speed, precision, and compliance, RISKROBOT™ empowers clients to stay ahead in an evolving financial landscape.
We’re not just addressing today’s regulatory challenges—we’re creating a scalable future for global finance. Leveraging the power of AI and the flexibility of cloud technology, SPIN Analytics offers a robust, cost-efficient solution that dramatically reduces time to market, enhances operational efficiency, and ensures compliance with global regulations.
2024 marked a breakthrough year for SPIN Analytics. We earned a spot in the TechCrunch Top 200, were named a Rising Star in the 2024-2029 Credit Risk Analytics Global Report by Research and Markets, and were finalists in the US Banking Awards by RevTechLab. Additionally, we were recognized as the “Future of Credit Risk Modeling” in industry-defining reports by leading System Integrators, Cloud Providers, and Management Consulting firms.
With rapidly growing market demand and proven scalability, SPIN Analytics is positioned to capture a significant share of the multibillion-dollar global credit risk analytics market. Our platform is not just a tool—it’s a transformative force for financial institutions worldwide.
At SPIN Analytics, we believe innovation is the key to unlocking growth and delivering outsized returns. Together, we’re building the future of credit risk management.
