Bellevue, WA USA — (October 14th, 2022) – Velocity announced the launch of their most efficient, convenient and comprehensive Risk Assessment tool ever – the Velocity Country Risk Rating (VCRR) for Individual Professionals. Customers will be able to experience the full line of features with help from Industry-led experts ready to offer personalized support and advice.

Velocity Country Risk Rating platform captures the risk of doing business in a country by taking a comprehensive approach in evaluating specific uncertainties arising within the country from a multitude of risk dimensions. Arising out of various global and systemic factors related to geo-political, macro-economic, social, and legal environments of a country, these uncertainties capture broader regulatory risks germane to a country while placing particular focus in money laundering and terrorist financing risks, among a host of other risks, ranging from global regulatory, to structural terrorism, to systemic regulatory risk and several other risk factors in between.

This Country Risk Rating engine draws its power from a rich data source consisting of 40+ publicly available sources, and 400+ independent sources, including databases, risk perception surveys, sanction lists, country information portals, and relevant current events and surveys, which are utilized by the in-house subject matter experts (SMEs) to develop country risk rating on more than 250 countries using a rare combination of qualitative, quantitative and hybrid data that is normalized for homogeneity, processed for consistency, and corroborated via cross-verifications and triangulations. The multi-faceted country risk rating platform can assess country risk across multiple dimensions, such as for Global regulatory, Narco-terror, Structural terror, Systemic corruption, Systemic regulatory and Systemic legal risk indices. With the best Risk Assessment tool at hand, Velocity’s customers can now use it for a plethora of reasons including Customer Risk modelling for KYC processes, Transaction monitoring for delineating higher risk jurisdictions and Overall enterprise risk assessment and geographical business planning.

The platform introduces a rare combination of granularity, comprehensiveness and depth in risk perception and calculation enabling companies to engage in multiple functionalities, including Granulated Risk categorization, Customized Views, Comprehensive Global Coverage and Active Monitoring of Risk Events. Due to the highly modular, transparent and equation driven calculations that the VCRR platform employs, all risk dimensions are readily apparent to the user, providing significant flexibility in either including or excluding a specific risk dimension, based on user’s application requirements. At its core, the Velocity Country Risk Rating model is a stand-alone reality driven comprehensive risk management tool that can be used by all types of corporate entities and institutions.

With its robust, nuanced, calibrated and standardized Risk Rating assessment, Velocity Country Risk Rating tool is the perfect solution for institutions looking to manage the inherent risks in their international activities. Velocity’s hybrid approach combines qualitative constructs with quantitative scores, making the Risk Rating model and country database highly effective in capturing, categorizing and combating not only stand-alone ML/TF risks but also other types of risks, such as systemic regulatory, systemic legal, global regulatory risk, etc. The Country Risk Rating model goes through a rigorous process and follows CMMi5 Level industry process standards. Expanded granularity in risk description provides the benefit of capturing comprehensive risk for the country being analyzed. The risk review is based on verifying the quality of data, comprehensiveness of coverage, consistency of methodology, and robustness of risk ratings. Thus, providing a multi-dimensional risk view that assesses the potential for a lack of enforcement and support of various emerging regulatory regimes, while enabling corporations and financial institutions to develop and embed fully functioning risk and compliance frameworks.

About Velocity
Alacer’s Velocity FinCrime Solutions Suite is a powerful and scalable set of modules designed specifically for financial institutions to comply with AML (anti-money laundering), BSA (Bank Secrecy Act), and FATCA regulations with ease and simplicity. The solution is built using AI (artificial intelligence), ML (machine learning), and Big Data capabilities, which help to reduce risk and improve efficiency.
Velocity is designed to meet international regulatory compliance accurately and consistently. Each module is highly scalable and offers seamless integration, which helps management to improve efficiency and productivity.

About The Alacer Group
Founded in 2009, The Alacer Group is a business and IT consulting firm providing a comprehensive suite of products and services for financial institutions world-wide. Headquartered in Bellevue, WA., Alacer works with clients to increase their quality and productivity of operations, reduce risk, and achieve compliance.
The Alacer Group is a trusted resource for Fortune 1000 companies and growing organizations. With the application of the right mix of people, process, and technology, Alacer helps to improve efficiency and deliver results – fast.