ElysianNxt Uses Generative AI and AWS to Help Financial Services Businesses Better Analyze Risk

Building an Integrated Risk Management Solution Using AWS

When ElysianNxt was founded in 2017, the industry standard for risk analysis was overnight batch processing. This was time-consuming and inefficient. ElysianNxt wanted its customers to be able to run thousands of what-if analyses in the same time that they used to run one.

From the outset, ElysianNxt designed its platform for the cloud, choosing AWS for its simplicity and powerful capabilities. “Following the onset of the COVID-19 pandemic, we observed an increasing demand in software-as-a-service deployments,” says Matthias Coessens, managing director at ElysianNxt. “This shift accelerated our cloud-first strategy, empowering us to scale and meet rising customer demands.”

Improving Ease-of-Use and Speed-of-Risk Simulations for Customers

ElysianNxt runs its microservices on Amazon Elastic Kubernetes Service (Amazon EKS), which is the trusted way to start, run, and scale Kubernetes. Using Amazon EKS, the company can seamlessly add nodes and scale containers to meet customer demands. The architecture follows a distributed microservices approach for optimal flexibility and scalability across services. To handle near real-time data processing and communication between services, ElysianNxt uses Amazon Managed Streaming for Apache Kafka (Amazon MSK), a service that helps securely stream data.

Using ElysianNxt’s .NXT solution, customers can run risk simulations, what-if analyses, and stress tests to deal with future risk scenarios faster and without technical expertise. For example, one customer reduced the total calculation time for regulatory compliance data, in this case IFRS 9, from 24 hours to less than 1 hour. By using the elasticity of the cloud, customers can run multiple simulations within a few minutes.

Quicker calculations mean better ease of use in submitting regulatory compliance numbers by strict deadlines. With ElysianNxt’s solution, this includes full lineage from source to calculation results for submitted data.

The company is building an artificial intelligence assistant integrated into its platform to help customers analyze their risk calculation results by converting text into insights and configurations while automating data quality checks. To achieve this, ElysianNxt is using Amazon Bedrock, the easiest way to build and scale generative AI applications, which it implemented to the point of testing in 3 months.

“Regulatory compliance is the bare minimum of what we provide,” says Coessens. “Customers can use our solution to make their organizations safer and be ready for the future, by running multiple what-if analyses and for internal risk management.”

Expanding AWS Use and Improving Solutions

ElysianNxt will continue to use AWS to improve its offerings and is on its way to becoming an AWS Partner and providing its solution on AWS Marketplace.