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 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.”
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.”
As noted in the update, Oracle Financial Services provides solutions “for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers.”
With their comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services.
They enable customer-centric transformation, “support collaborative innovation, and drive efficiency.”
data and analytical platforms help financial institutions “drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations.”