With the constant threat of financial crime, financial institutions must respond and adapt to changing market and consumer demands to solve regulatory, compliance, and fraud issues. Chartis, a leading provider of research covering the global market for risk management technology, recently released the 2014 Chartis Financial Crime Risk Management Report , a study on financial crime risk management systems, and ranked Oracle as a top provider of the solutions firms need to solve these critical issues.
The report, conducted by a leading team of analysts and advisors from the risk management and financial services industry, surveyed 120 respondents globally. For this study, Chartis considered six specific areas of financial crime risk management including: anti-money laundering (AML), know your customer (KYC), sanctions and watch-list monitoring, counter fraud, trade surveillance, and cyber security. Chartis used these six areas of focus to evaluate 28 financial institutions, including Oracle, in four categories including: enterprise fraud technology solutions, AML and transaction monitoring solutions, KYC and client on-boarding solutions, and watch list monitoring solutions. Oracle ranked as a category leader in all four divisions based on the highest market potential and completeness of its offerings. This report follows the Chartis Model Risk Management vendor report, which also ranks Oracle as a category leader, and overall RiskTech 100 rankings where Oracle made the top 10 list (ranked number six).
The study evaluated Oracle Financial Services financial crime solutions including anti-money laundering, enterprise fraud management, know your customer, behavior detection, advanced analytics, enterprise case management, energy and commodities trading compliance, and more. The findings revealed the strength of Oracle’s technology – the OFSAA Financial Crime and Compliance portfolio of applications deliver high-volume and low-latency suspicious transaction detection. Further, OFSAA’s Inline Processing Engine can evaluate and assess transactions in real-time, near real-time, or batch to make quick decisions to hold or release a transaction. Packaged scenarios enable users to match transactions against known fraud patterns – including first party fraud (application, mortgage, or loan fraud), third-party fraud (employee, identity theft, or account takeover), or merchant fraud. All of this information can augment and enable the detection and prevention of financial crime in real-time, saving financial institutions time and money.
These rankings prove Oracle’s commitment to being the market leader and optimal technology partner for financial services institutions when they need solutions to solve specific regulatory, compliance, and fraud issues. We are pleased to be recognized by Chartis as one of the top providers of Financial Services Analytical solutions in the market today. Click here to learn more out our financial services solutions and offerings.
Ambreesh Khanna is the Vice President of Oracle Financial Services Analytical Applications. He can be reached at ambreesh.khanna AT oracle.com.