Corlytics, a leading RegTech innovator, has made history by becoming the world’s first company to secure ISO 42001 certification for AI governance.
This trailblazing achievement positions Corlytics at the forefront of ethical, transparent, and risk-aware artificial intelligence within the financial sector and beyond.
What Is ISO 42001? A New Global Gold Standard for AI Governance
ISO 42001, unveiled by the International Organization for Standardization (ISO) in late 2024, is the first international standard that provides a rigorous framework for AI governance systems. It lays out best practices to ensure AI systems are trustworthy, accountable, transparent, and aligned with ethical principles.
The certification requires organizations to demonstrate excellence across several dimensions:
- Risk management and accountability.
- Data privacy and security.
- Bias mitigation and fairness.
- Transparency and explainability.
- Continuous monitoring and improvement.
Dr. Fiona Maxwell, Lead Auditor at CertSure, the independent body overseeing Corlytics’ certification, commented:
“Corlytics has set a global benchmark by showcasing exceptional diligence in AI governance. Their leadership in integrating compliance, ethics, and innovation is inspiring and critical for the RegTech industry.”
A Leader in AI-Driven Compliance Solutions
Founded in 2013, Corlytics has established itself as a pioneer in regulatory intelligence, compliance automation, and risk management. Leveraging AI and advanced analytics, the company empowers financial institutions to navigate the fast-changing regulatory landscape confidently and precisely.
AI tools are used by global banks, insurance firms, and regulators to:
- Monitor regulatory changes.
- Assess compliance risk.
- Automate reporting and auditing.
John Byrne, CEO of Corlytics, stated:
“Achieving ISO 42001 is more than a milestone; it’s a validation of our commitment to trustworthy AI. We are proud to lead the charge in raising standards for ethical AI and providing peace of mind to our clients and their stakeholders.”
Why ISO 42001 Certification Matters
In an era where AI is deeply integrated into compliance and risk management, the need for strong governance has never been greater. The financial services industry, in particular, faces:
- Increased regulatory scrutiny of AI systems.
- Rising concerns around algorithmic bias and fairness.
- Growing demands from stakeholders for transparency and accountability.
By securing ISO 42001 certification, Corlytics provides its clients with:
- Enhanced trust in its AI solutions.
- Assurance of global compliance standards.
- A competitive edge in demonstrating due diligence to regulators.
Samantha Lee, Head of Compliance at a top-tier European bank, shared:
“Corlytics’ certification reinforces our own compliance posture. We are better equipped to respond to regulators’ questions about AI governance and to ensure our risk frameworks are watertight.”
Inside the Certification Journey
Corlytics’ road to ISO 42001 certification spanned eight months of intensive preparation and evaluation, including:
- Gap Analysis: Identifying areas for enhancement in AI governance.
- Policy Overhaul: Strengthening internal guidelines on data privacy, ethics, and model validation.
- Staff Training: Comprehensive upskilling on AI governance principles.
- Third-Party Audits: Thorough inspections by CertSure, covering processes, documentation, and AI system behavior.
The certification covers end-to-end AI lifecycle governance, from data ingestion and model training to deployment and post-deployment monitoring.
Real-World Impact: A Client Case Study
One of Corlytics’ long-term clients, a global investment bank, reported a 30% reduction in compliance breaches after implementing Corlytics’ AI governance tools. The client highlighted:
- Improved detection of regulatory risks.
- Enhanced audibility and explainability of AI decisions.
- Smoother interactions with regulators, thanks to transparent governance documentation.
What’s Next?
The company is investing in:
- AI Explainability Tools: Enhancing the transparency of complex models.
- Cross-Border Compliance Solutions: Addressing jurisdiction-specific governance needs.
- Client Education Programs: Helping financial institutions build their own AI governance frameworks.
John Byrne concluded:
“Our vision is to make trustworthy AI the global norm. ISO 42001 is just the first step toward that goal.”
A New Era for Responsible AI
Corlytics’ ISO 42001 certification marks a watershed moment in the evolution of AI governance. As the first RegTech company to reach this milestone, Corlytics has set a powerful precedent for ethical, transparent, and accountable AI in financial services and beyond.
