Oracle Financial Services Compliance Agent
identifies and remediates vulnerabilities to lessen banks AML
threats and improve evidence-based decisions to mitigate model
risk
HOLLYWOOD, Fla., April 8,
2024 /PRNewswire/ -- ACAMS The Assembly
Hollywood -- With $5.05
trillion expected to be laundered this year alone, banks are
struggling to keep up with the cost and complexity of compliance.
To help address this massive challenge, Oracle Financial Services
today introduced Oracle Financial Services Compliance Agent. The
AI-powered cloud service enables banks to run inexpensive,
hypothetical scenario testing to adjust thresholds and controls to
sort through transactions, identify nefarious activity, and meet
compliance requirements more effectively.
"AI and machine learning have tremendous potential to increase
the effectiveness of anti-money laundering and other financial
crime detection programs to deliver higher efficiencies in the
transactional modeling process," said Jason
Wynne, global vice president of finance, risk and compliance
product development, Oracle Financial Services. "Putting Compliance
Agent in the hands of financial-crime compliance officers will help
enable banks to thwart potential money laundering opportunities
more quickly and economically."
Part of Oracle Financial Services portfolio of anti-money
laundering (AML) and financial crime and compliance solutions,
Compliance Agent is designed to help financial institutions
holistically assess and optimize the performance of their
transaction monitoring systems (TMS) more cost-effectively and
gather empirical evidence to support business decisions. With the
service, banks can:
Assess risk profile of new banking products
Compliance
Agent can objectively evaluate and measure the AML risk profile of
new products and evaluate controls to mitigate these risks
cost-effectively, thereby reducing the time to market for new
products. The solution also provides the statistical
basis needed to reduce conservative bias in deciding AML controls
for new products. This is a win for banks that are under pressure
to introduce innovative products but must do so without exposing
the bank to new avenues of money laundering and incurring extensive
and costly assessments.
Proactively assess and mitigate risks from high-risk
typologies
Compliance Agent can also proactively assess and diminish risks
from high-risk typologies, such as human trafficking. For example,
based on the results of an experiment, a user can tune the controls
and make the TMS more capable of catching these types of suspicious
transaction patterns. Fortifying the TMS for potential high-risk
typology behaviors keeps banks proactively prepared for the unknown
potential attacks specific to those typologies. This is critical in
helping banks stay in good standing with regulators and
customers.
Make cheaper, faster, and evidence-supported decisions for
risk modeling
In addition, Compliance Agent helps compliance
teams provide evidence to model risk teams and regulators so that
they have the best controls in place for monitoring transactions
efficiently and updating those controls to fight the continuously
advancing trends in money laundering tactics. Banks can use
Oracle's AI-powered analytics to make evidence-based compliance
decisions faster and cheaper. The "what-if" capabilities of
Compliance Agent allow users to evaluate multiple options and help
them select the most suitable and optimal option. It can also
provide insights about controls, such as transaction limits for
banking products, for stronger transaction monitoring.
To learn more about Oracle Financial Crime and Compliance
Management solutions
visit: https://www.oracle.com/financial-services/aml-financial-crime-compliance/compliance-agent/
About Oracle Financial Services
Oracle
Financial Services provides solutions for retail banking, corporate
banking, payments, asset management, life insurance, annuities, and
healthcare payers. With our comprehensive set of integrated digital
and data platforms, banks and insurers are empowered to deliver
next-generation financial services. We enable customer-centric
transformation, support collaborative innovation, and drive
efficiency. Our data and analytical platforms help financial
institutions drive customer insight, integrate risk and finance,
fight financial crime, and comply with regulations. To learn more,
visit our website at https://www.oracle.com/financial-services.
About Oracle
Oracle offers integrated
suites of applications plus secure, autonomous infrastructure in
the Oracle Cloud. For more information about Oracle (NYSE: ORCL),
please visit us at www.oracle.com.
Trademarks
Oracle, Java, MySQL and NetSuite are
registered trademarks of Oracle Corporation. NetSuite was the first
cloud company—ushering in the new era of cloud computing.
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SOURCE Oracle