New Oracle Cloud Service Helps Banks Quickly Identify Financial Crime Risk

Financial Crime and Compliance Management Monitor delivers advanced visualizations to support banks in managing risk and meeting compliance analysis and reporting requirements

Oracle announced Oracle Financial Crime and Compliance (FCCM) Management Monitor Cloud Service. With the new solution banks, fintechs, and other financial services companies can gain a holistic, centralized view of their FCCM efforts, enabling them to identify potential issues faster and, proactively manage risk to thwart criminal activity and reduce compliance costs. With its granular reporting capabilities, the system also helps banks demonstrate effective FCCM efforts to regulators and other stakeholders using customized, visually rich role-based reports aligned with anti-money laundering (AML) and FCCM requirements. The new solution is part of Oracle’s suite of FCCM and AML SaaS solutions that can easily be integrated into any financial institution’s workflow.

“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.”