Recommended skills:
Challenge description:
Sanctions is one of tools to achieve political, economic or security goals. Those add restrictions not only for appropriate goods or commodities, but persons, organizations, governments. Sanction application estimation is important task in logistics. Direct or indirect participation in transfer of forbidden cargos, trade with sanction affected parties is not allowed. Therefore, logistic companies have to monitor legal acts related to sanctions in difference countries. This have to be done systematically, to get the updates. Analysis of documents in all related countries have to be included as sanctions apply both for outgoing as well as incoming cargos. Automation solutions would help to simplify the process and reduce the analysis time for each new cargo.
We are looking for innovative IT solutions to unify and automate the process of verifying counterparties and commodity codes using Artificial Intelligence (AI).
Main tasks
To understand the challenge better, some hints related to the possible tasks are the following:
- The solution must be able to retrieve data from both open sources and paid databases. The solution should be capable of screening counterparties and goods codes by accessing various databases, including international sanctions lists, EU regulations, UK and US sanction lists, and other relevant sources like (OpenSanction.com, other sources) and paid databases (e.g. Dow Jones, Lexis Nexis).
- Risk Assessment Capability: the solution must be based on a mathematical model for risk assessment, which calculates the level of risk on the basis of which the date for re-examination is determined.
- Continuous Monitoring: the implementation of continuous monitoring based on the risk analysis. Periodic rechecking functionality should be built into the solution, allowing users to schedule regular rechecks of counterparties and goods codes according to intervals to be set and determined by the risk-based assessment. A useful feature would be to send notifications to the user when the status of the counterparty changes and if the code is included in the list of sanctioned goods indicating the introduction of new restrictions.
- Ease of Implementation: Unlike existing tools that require extensive IT knowledge for implementation, our application prioritizes ease of implementation. It is designed to be user-friendly and flexible, allowing any user, regardless of their technical skills, to implement and customize the application to suit their company’s needs.
- Incorporate features for automated reporting, generating comprehensive reports based on the screening results, which can be easily integrated into companies’ internal systems.
- The solution should be able to integrate with other solutions that assess the financial health and credit score of the counterparty (e.g. via APIs or similar).
- Integration with Internal Systems: The application seamlessly integrates with existing internal systems within the company, allowing for smooth data exchange and collaboration through API. This integration enhances efficiency and ensures that the application becomes an integral part of the company’s operations.
Under development of a good idea this application could revolutionize the way companies manage risk assessment and monitoring, making it accessible, customizable, and seamlessly integrated into their internal workflows. Join us in this exciting project to develop your skills, contribute to something innovative, and be part of a team dedicated to creating impactful solutions in the realm of AI and compliance technology. Let’s embark on this journey together and make a difference!
Main skills
You will be able to achieve more meaningful results in this challenge, if you will have the following features:
- Interest and Enthusiasm: We are looking for students and individuals passionate about exploring AI and machine learning technologies to extract and analyze data. Your eagerness to learn and contribute to a cutting-edge project is crucial.
- Curiosity for Database Management: While prior expertise in database management is not required, a willingness to dive into the world of data storage, retrieval, and integration is essential. We encourage you to explore various database technologies and their applications.
- Design Thinking for Scalability: We encourage creative thinking and problem-solving to address challenges related to handling large volumes of data effectively.
- Desire for Skill Development: This project offers an excellent opportunity for skill development and practical learning in a dynamic and challenging environment.