A unified data platform that enables analysis of reliable and consistent information from across the organization will form the lynchpin of FCRM in the future.
Cary, NC (PRWEB) April 15, 2016
SAS, the leader in analytics, placed as a category leader in Chartis’ RiskTech Quadrant for enterprise fraud technology. SAS is also a leader in the RiskTech Quadrant for anti-money laundering, transaction monitoring solutions, know your customer, client on-boarding solutions, and watch list monitoring solutions.
One of the key findings over last year’s report, according to Chartis, is a difference in spending. This year, none of the report respondents expect a decrease in their technology spending for financial crimes risk management (FCRM), and over 35 percent of the respondents plan to increase their spending between 25 percent and 50 percent. One of the drivers for technology spending is the continued growth and implementation of financial intelligence units (FIUs), with 43 percent of respondents either having an FIU in place or planning to do so within the next year. Key challenges organizations face when trying to implement an FIU are the same issues that plague successful FCRM implementations: quality of available data, completeness of data recorded electronically, and access to internal data.
“Regulators continue to pressure firms to devote greater resources to assessing and reporting on financial crime and conduct risk. However, the majority of institutions have not integrated their FCRM processes,” said Peyman Mestchian, Managing Partner at Chartis Research. “A unified data platform that enables analysis of reliable and consistent information from across the organization will form the lynchpin of FCRM in the future.”
“By combining advanced analytics and domain expertise, SAS gives our clients the confidence to help prevent fraud and protect their customers,” said David Stewart, director for Financial Crimes and Compliance at SAS.
According to the report, SAS’ enterprise approach is a key differentiator among report respondents. SAS® data aggregation, combined with advanced analytics and forensic investigation, provides capabilities to support a holistic view of financial crimes risk. Stewart added that SAS’ visual analytic tools also use in-memory architecture to allow data scientists to utilize machine learning strategies for faster hypothesis testing.
The report uses in-depth independent research and a clear scoring system to explain which technology solutions meet an organization’s needs. Leading vendors were ranked based on completeness of offering and market potential. Results of Chartis’ global survey included more than 120 respondents. Other sources of information were 21 interviews with senior risk and compliance professionals, briefings by 30 financial crime technology vendors, and roundtable interviews and discussions with leading domain experts and practitioners.
To learn more about SAS’ fraud and compliance portfolio, visit the SAS fraud and security intelligence website.