New Oracle Cloud Service Helps Banks Quickly Identify Financial Crime Risk
Oracle has launched the Financial Crime and Compliance (FCCM) Management Monitor Cloud Service, a new solution designed to help banks, fintechs, and other financial services companies better manage financial crime risk and compliance. This cloud-based service provides:
1. A centralized view of FCCM efforts
2. Advanced visualizations and reporting capabilities
3. Customizable, role-based reports aligned with AML and FCCM requirements
4. Interactive dashboards with drill-down capabilities
5. Data filters for focused analysis
The service aims to help financial institutions identify potential issues faster, proactively manage risk, and demonstrate effective FCCM efforts to regulators. It addresses the growing need for improved FCCM capabilities in the face of increasingly sophisticated financial crime tactics and regulatory scrutiny.
Oracle ha lanciato il Servizio Cloud per il Monitoraggio della Criminalità Finanziaria e della Compliance (FCCM), una nuova soluzione progettata per aiutare banche, fintech e altre società di servizi finanziari a gestire meglio il rischio di crimine finanziario e la compliance. Questo servizio basato sul cloud offre:
1. Una visione centralizzata degli sforzi FCCM
2. Visualizzazioni avanzate e capacità di reporting
3. Report personalizzabili, basati su ruoli, allineati ai requisiti AML e FCCM
4. Dashboard interattive con capacità di drill-down
5. Filtro dei dati per analisi mirate
Il servizio mira ad aiutare le istituzioni finanziarie a identificare potenziali problemi più rapidamente, a gestire proattivamente il rischio e a dimostrare sforzi efficaci in FCCM ai regolatori. Risponde alla crescente necessità di migliorare le capacità FCCM di fronte a tattiche di crimine finanziario sempre più sofisticate e a un controllo regolatorio in aumento.
Oracle ha lanzado el Servicio en la Nube para el Monitoreo de Crimen Financiero y Cumplimiento (FCCM), una nueva solución diseñada para ayudar a bancos, fintech y otras empresas de servicios financieros a gestionar mejor el riesgo de crimen financiero y el cumplimiento normativo. Este servicio basado en la nube proporciona:
1. Una vista centralizada de los esfuerzos de FCCM
2. Visualizaciones avanzadas y capacidades de informes
3. Informes personalizables basados en roles, alineados con los requisitos de AML y FCCM
4. Tableros interactivos con capacidades de desglose
5. Filtros de datos para un análisis enfocado
El servicio tiene como objetivo ayudar a las instituciones financieras a identificar problemas potenciales más rápidamente, gestionar proactivamente el riesgo y demostrar esfuerzos efectivos de FCCM ante los reguladores. Aborda la creciente necesidad de mejorar las capacidades de FCCM frente a tácticas de crimen financiero cada vez más sofisticadas y el escrutinio regulatorio.
오라클은 재정 범죄 및 컴플라이언스(FCCM) 관리 모니터 클라우드 서비스를 출시했습니다. 이 새로운 솔루션은 은행, 핀테크 및 기타 금융 서비스 회사들이 재정 범죄 위험과 컴플라이언스를 더 잘 관리할 수 있도록 설계되었습니다. 이 클라우드 기반 서비스는 다음과 같은 기능을 제공합니다:
1. FCCM 노력을 중앙에서 한눈에 보기
2. 고급 시각화 및 보고 기능
3. AML 및 FCCM 요구 사항에 맞춘 역할 기반의 사용자 정의 보고서
4. 드릴다운 기능이 있는 대시보드
5. 집중 분석을 위한 데이터 필터
이 서비스는 금융 기관들이 잠재적인 문제를 더 빠르게 식별하고, 위험을 적극적으로 관리하며, 규제 기관에 효과적인 FCCM 노력을 입증하는 데 도움을 주는 것을 목표로 합니다. 이는 점점 더 정교해지는 재정 범죄 전술과 규제의 감시에 맞서 FCCM 능력을 개선할 필요성을 해결합니다.
Oracle a lancé le Service Cloud de Monitorage de la Criminalité Financière et de la Conformité (FCCM), une nouvelle solution conçue pour aider les banques, les fintechs et d'autres entreprises de services financiers à mieux gérer le risque de criminalité financière et la conformité. Ce service basé sur le cloud offre :
1. Une vue centralisée des efforts FCCM
2. Des visualisations avancées et des capacités de reporting
3. Des rapports personnalisables, basés sur les rôles, alignés sur les exigences AML et FCCM
4. Des tableaux de bord interactifs avec des capacités d'exploration détaillée
5. Des filtres de données pour une analyse ciblée
Le service vise à aider les institutions financières à identifier plus rapidement les problèmes potentiels, à gérer proactivement le risque et à démontrer des efforts FCCM efficaces auprès des régulateurs. Il répond au besoin croissant d'améliorer les capacités FCCM face à des tactiques de criminalité financière de plus en plus sophistiquées et à un contrôle réglementaire accru.
Oracle hat den Cloud-Service für das Monitoring von Finanzkriminalität und Compliance (FCCM) gestartet, eine neue Lösung, die Banken, Fintechs und anderen Finanzdienstleistern hilft, das Risiko von Finanzkriminalität und die Compliance besser zu managen. Dieser cloudbasierte Service bietet:
1. Eine zentrale Übersicht über FCCM-Bemühungen
2. Fortschrittliche Visualisierungen und Reporting-Funktionen
3. Anpassbare, rollenbasierte Berichte, die mit den AML- und FCCM-Anforderungen übereinstimmen
4. Interaktive Dashboards mit Drill-Down-Funktionen
5. Datenfilter für fokussierte Analysen
Der Service zielt darauf ab, Finanzinstitutionen dabei zu helfen, potenzielle Probleme schneller zu identifizieren, Risiken proaktiv zu managen und den Regulierungsbehörden effektive FCCM-Bemühungen nachzuweisen. Er geht auf den wachsenden Bedarf nach verbesserten FCCM-Fähigkeiten angesichts zunehmend raffinierter Finanzkriminalitätstaktiken und regulatorischer Überprüfung ein.
- Launch of a new cloud service to enhance financial crime risk management
- Potential to reduce compliance costs for financial institutions
- Improved ability to demonstrate effective FCCM efforts to regulators
- Integration capabilities with existing financial institution workflows
- None.
Insights
Oracle's new FCCM Monitor Cloud Service represents a significant advancement in financial crime risk management for banks and fintechs. The solution's holistic approach and advanced visualizations address critical pain points in the industry:
- Faster identification of potential issues, enabling proactive risk management
- Customized, visually rich reporting aligned with AML and FCCM requirements, enhancing regulatory compliance
- Granular insights into financial crime risk across business units, supporting strategic decision-making
The role-based dashboard approach, utilizing typologies and KPIs, is particularly valuable for chief AML officers. This could lead to more effective compliance programs and potentially reduced compliance costs in the long run. However, the success of this tool will depend on its integration with existing systems and the quality of data input.
Oracle's new cloud service is a timely response to the increasing complexity of financial crime and regulatory scrutiny. Key technological advantages include:
- Cloud-based SaaS model: Offers scalability and easier integration into existing workflows
- Interactive visualizations and drill-down capabilities: Enhance data interpretation and decision-making
- Customizable reporting: Addresses diverse stakeholder needs
The solution's ability to handle increasing volumes of transactional data in digital banking is crucial. However, banks must consider potential challenges in data migration, staff training and ensuring data security in the cloud environment. The long-term value will depend on Oracle's commitment to continuous updates to keep pace with evolving financial crime tactics and regulatory requirements.
Financial Crime and Compliance Management Monitor delivers advanced visualizations to support banks in managing risk and meeting compliance analysis and reporting requirements
"Oracle Financial Crime and Compliance Management Monitor Cloud Service helps banks understand financial crime risk within their business so they can manage and report that risk more effectively," said Jason Somrak, chief of product, Financial Crime and Compliance, Oracle Financial Services. "With the solution, they will be able to surface critical information and access deeper insights with much more granularity and preciseness."
It is critical for banks, fintechs, and other financial services companies to continue to improve their FCCM capabilities amidst ever-increasing sophistication in financial crime tactics, ongoing regulatory scrutiny, and the rise in the overall volume of transactional data in digital banking.
To address this need, Oracle Financial Crime and Compliance Management Monitor Cloud Service offers a sophisticated and comprehensive business analytics reporting system with a dashboard approach designed to meet the unique needs of chief AML officers and their teams. This role-based solution uses typologies based on various people, organizations, and their characteristics in the context of various types of financial crime, and provides those responsible for compliance programs with access to critical Key Performance Indicators (KPIs) and metrics. This enables banks to address FCCM issues more effectively, assess financial crime risk across various business units, and make proactive decisions for financial crime risk management and strategic planning. Key features include:
- Interactive Visualizations: choose from a variety of chart types, including bar charts, line graphs, pie charts, heat maps, and more, to convey data in the most compelling way for each unique audience.
- Drill-Down Capabilities: obtain more detailed data by clicking on specific elements, which provide deeper insights.
- Data Filters: filter the data displayed on the dashboards to focus on specific time periods, categories, or other criteria.
- Report Customization: create reports based on their specific requirements.
"In today's complex financial crime compliance landscape, institutions grapple with many operational challenges, risking inefficiency and overlooked threats," said Chuck Subrt, Head of Fraud & AML, Datos Insights. "Organizations need innovative strategies that can modernize operations while striking a delicate balance between operational efficiency, effectiveness, and transparency. Oracle's new cloud service provides more real-time visibility into compliance activities, facilitating more precise and comprehensive reporting."
For more information about the new service, visit: https://www.oracle.com/financial-services/aml-financial-crime-compliance/cloud-service/
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.
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SOURCE Oracle
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