Award wins in Core Technology, Data Management, Financial Crime and IFRS17, substantiates leadership position across Risk, Finance, and Financial Crime.
Chartis Research, an industry-leading research group specializing in analyzing trends, technology, products, and vendors in the global risk technology market, has ranked Oracle as #3 among 100 vendors offering risk management technology. In addition, Oracle won five categories in the RiskTech2021® for Core Technology, Data Integrity & Control, Financial Crime – AML, IFRS 17 - Data Management & Reporting, and Risk Data Aggregation & Reporting.
Now in its fifteenth year, the Chartis RiskTech100® report is the most comprehensive independent study of the world's major players in risk and compliance technology. Banks and Insurance companies acknowledge this global report as the go-to place for clear, accurate analysis of the risk technology marketplace. Together with its accompanying awards, the RiskTech100® ranking provides a valuable assessment and benchmarking tool for all participants in risk technology markets.
Oracle's suite of solutions for financial institutions, including its data management , IFRS 17 , and anti-money laundering offerings were evaluated across the six categories of the RiskTech100® assessment criteria: functionality, core technology, strategy, customer satisfaction, market presence, and innovation. Oracle's category win reflects Chartis analysts' expert opinions, along with research into market trends, participants, expenditure patterns, and best practices. Chartis validated the analysis through several phases of independent verification. View the press release and access the full report and awards presentation video here .
Data and the ongoing waves of requirements
Data has become more powerful to the organization and its stakeholders from financial reporting, to maintaining operational efficiencies, to driving strategic initiatives. However, the majority of financial institutions have yet to harness its full potential. The current economic cycle has sparked the need for better and faster data, especially in risk tech. Oracle's long history in aggregating and integrating risk and finance data, while ensuring its quality and use across the enterprise has helped banks and insurers address critical business challenges.
Oracle Financial Services Data Foundation provides a single source of truth across performance, governance, risk, and compliance to produce insightful analytics. Customers are confidently meeting emerging business and regulatory requirements using existing investments in their data management. As you can see in this diagram, the data commonality across financial applications expedites the use and reinforces analytics's accuracy.
Meeting IFRS 17/LDTI and beyond
The latest accounting standards, IFRS 17 and US GAAP Long-Duration Contract Targeted Improvements (LDTI) have been significant milestones in insurance accounting and insurance risk tech infrastructure. Data management systems will need to provide these essential elements: data repositories, integration & reconciliation, validation, data models, and mapping & tagging. The new calculations require data from actuarial systems, trading systems, claims administration, and accounting systems.
Oracle Financial Services IFRS 17/LDTI Analyzer solution has been recognized over the past two years worldwide for its best-in-class capabilities in data and reporting. With the overhaul of data, select methodology choices, and abundance of technology and process changes to consider, Oracle's approach to IFRS 17/LDTI helps insurers accelerate their implementation with access to prebuilt models, calculations, and disclosure reports.
Fighting financial crime effectively and efficiently for over 20 Years
Since 1996, Oracle Financial Crime and Compliance Management has helped financial institutions protect their organizations' integrity and achieve compliance with the most effective and efficient anti-financial crime solutions suite. Our end-to-end application suite provides customer due diligence, transaction monitoring, investigations, and reporting – all backed by unrivalled data management, advanced analytics, and a robust platform that combines enterprise-grade, resilient architecture with cutting-edge innovations.
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