For Regulators Border Risk Management, Revenue Assurance,
and Trade Facilitation
Illicit trade threatens the safety, sovereignty, and economic health of every country. Trillions of dollars worth of illicit goods flow across national borders every year. Companies evade trillions more in trade-related taxes and duties – especially in the countries most in need of government revenue.
To address illicit trade, customs and revenue authorities today primarily employ watchlists and heuristics – working across disorganized and unconnected data collected at the border – in order to flag shipments for inspection or audits. We believe that effective border management requires connected data from across the global trade network, in order to see more of the world, and machine intelligence to selectively, and accurately, target high risk shipments and facilitate legal trade.
Altana helps regulatory and enforcement agencies to
- Strengthen risk management and compliance systems by cleaning, enriching, and connecting domestic data
- See beyond their borders and identify transnational risk by connecting global data to domestic data
- Collaborate with the private sector and with other nations while preserving data sovereignty, security, and privacy for all parties
- Analyze the risk of every shipment, border crossing, and trade network through sophisticated artificial intelligence
as a result, governments are able to
- Greatly improve the accuracy and efficiency of border inspections
- Facilitate and expedite legal trade
- Ensure tax and tariff revenue compliance, and capture unpaid revenues
- Interdict illegal activity
- Automatically counteract evolving threats when bad actors adapt their behavior and new forms of risk emerge
For Financial Services Providers Trade Risk Management and Underwriting
Financial services providers struggle to authenticate parties across the global trade network, and to price and manage the risk in cross-border transactions. The associated costs are staggering: there is an estimated trade finance gap of $1.5 trillion dollars*, where companies cannot access financial products to transact internationally; more than $25 billion dollars of money laundering and sanctions fines have been levied against global financial institutions since 2008**; insurers and reinsurers have no way of monitoring accumulation risk across marine cargo policies; and, the underwriting of insurance and financial products in global trade is slow, document-intensive, and underperforming.
Today, financial services providers primarily rely on extensive document requests from their clients – mostly in paper form – in order to ensure regulatory compliance and underwrite risk. Financial service providers can unlock new markets and improve the profitability of trade finance and marine cargo insurance by fusing data from across the global trade network and leveraging machine intelligence to manage and price risk.
Altana helps financial service providers to
- Employ machine intelligence to reduce document submission and incorporate automated, sophisticated risk scoring to underwriting processes
- Efficiently identify and qualify international clients for regulatory compliance, and reduce false positives in compliance alerting systems
- Clean, resolve, and connect data from within their operations and from across the global trade network to create a rich, contextualized picture of applicant and client activity
- Gain visibility across their portfolio in order to model accumulation risk, analyze insurance claims, and analyze repayment and default risk
As a result, financial service providers are able to
- Open and serve new markets by qualifying new international customers
- Gain market share through faster, more efficient product issuance
- Improve the profitability of trade finance and marine cargo insurance products
- Minimize compliance risk and reduce false positives in financial investigation alerts
- Monitor, model, and manage risk exposure across their trade-related portfolios
*Asian Development Bank Survey, 2017 **Fenergo
For Global Enterprises Supply Chain Risk Management and Brand Integrity
Global enterprises struggle to identify, prevent, and address bad actors and illicit shipments in their supply chains. Trillions of dollars in counterfeit goods, grey market merchandise, and harmfully-made products move through global supply chains every year.
Proactive targeting and interdiction of these supply chain threats has been nearly impossible due to poor visibility on illicit shipments and the networks behind them. Retroactive investigations are costly and time-intensive, with typically low success rates and low payoffs. Global enterprises can change the supply chain risk management paradigm by connecting data across the global supply chain and employing machine learning to proactively target and interdict illicit activity.
Altana helps global enterprises to
- Connect data from across the supply chain - including bills of lading, purchase orders, audits and investigations, ownership records, and other data - to help map and target illicit networks at their central nodes
- Collaborate with other enterprises in targeting shared threats by making portions of each party’s data accessible to machine learning without sharing data directly
- Target and interdict illicit shipments at the border
As a result, global enterprises are able to
- Minimize revenue erosion from grey market and counterfeit sales
- Preserve and enhance the integrity of their brands
- Ensure product quality and safety
For LOGISTICS PROVIDERS Data Fusion and Compliance Automation
The pace and interconnectedness of global commerce grow every year, and so does the complexity. Data is handled across fragmented systems throughout the supply chain in highly variable formats and quality, making true visibility and interoperability out of reach. The varying compliance requirements across international jurisdictions create hassle, risk, and administrative expense in importing and exporting goods. These data management and compliance challenges create costly delays in moving goods across borders.
We believe that the way to move greater volumes across borders more quickly is through harmonizing and fusing data, and leveraging machine intelligence for regulatory compliance.
Altana helps logistics providers to
- Create clean, integrated data assets by normalizing, enriching, validating, and connecting purchase orders, bookings, bills of lading, declarations, and other records across internal and external systems
- Gain visibility of their own operations, and of the broader supply chain, by automatically connecting third party data with internal data
- Proactively identify fraud, security threats, and other risks in cargoes and clientele
- Automate labor-intensive customs entries through machine learning systems that work across languages, scripts, and jurisdictional requirements
As a result, logistics providers are able to
- Streamline compliance processes and unlock operating efficiencies
- Move goods across borders more quickly and efficiently
- Achieve data interoperability across internal systems, customer systems, and regulatory entry systems