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Oracle Advanced Analytics Help Banks Battle Financial Crime

February 2020 by Marc Jacob

With $5.7 billion in global money laundering fines issued in 2019[i], growing threat sophistication, and rising compliance costs, financial institutions need advanced analytics to deter financial crime. To help banks meet this challenge, Oracle Financial Crime and Compliance Management (FCCM) suite of products now includes an integrated analytics workbench, 300-plus customer risk indicators, and embedded graph analytics visualizations. These capabilities build on Oracle’s more than 20 years of market leadership and innovation to help financial institutions fight money laundering and achieve compliance.

These new advanced features can help chief compliance officers and data scientists to increase overall program effectiveness, detection accuracy and investigation efficiency through:

• An integrated analytics workbench that allows data scientists to run graph analytics, data visualizations, machine modeling, scenario authoring, and testing on all of their data in one place;

• The ability to augment traditional rules-based behavior detection models with machine-based models and 300-plus out-of-the-box customer risk indicators, which enhance the accuracy of models and reduce false positives;

• Embedded graph analytics visualizations and 30-plus pre-built graph algorithms for advanced case investigations, entity resolution, and discovery of hidden networks. Graph analytics capabilities also support network pattern analysis and deep learning to automate case decisions and provide recommendations to investigators.

Global financial institutions continue to select Oracle for its enterprise-grade, anti-financial crime platform, which is regulator-accepted and based on a common data foundation that takes inputs from any transaction system. This single source of truth enables data sciences’ teams to consume data and leverage the advanced analytics to monitor, detect and investigate as needed. With Oracle FCCM, compliance teams can also increase overall program effectiveness, and optimize compliance operations – at scale.

In 2019, Oracle was named a Category Leader in the Chartis RiskTech Quadrant® for:
• AML/Watchlist Monitoring Solutions
• Artificial Intelligence in Financial Services – Data Management
• Artificial Intelligence in Financial Services – Packaged Applications

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