Chartis: SAS is a RiskTech Quadrant® category leader for enterprise fraud management
SAS also a category leader in anti-money laundering, transaction monitoring technology
In addition to cinching the top spot in Chartis’ RiskTech Quadrant for enterprise fraud technology, SAS is also a leader in the RiskTech Quadrant for anti-money laundering (AML) and transaction monitoring solutions. Both listings are part of Chartis’ Financial Crime Risk Management Systems 2014 report.
“It’s crucial for organizations to tackle financial crime through integrated risk and compliance,” said Peyman Mestchian, Managing Partner at Chartis. “SAS is well positioned with respect to the key technology requirements around data management, advanced analytics, and integrated alert and case management as well as offering a leading enterprise approach to fraud and financial crime.”
“Leading financial institutions are rethinking their organizational structures to manage financial crime risk more effectively,” says the report. “The integration and alignment of risk and compliance functions will be crucial if the financial services sector is to address the broader sources of financial crime risk and tightening regulation to which it is exposed today.”
With SAS® Security Intelligence, organizations defend against fraud and financial crime through an enterprise approach based on a common data management, analytics and reporting platform, offering solutions for fraud, customer due diligence, anti-money laundering and case management. With streamlined monitoring, data visualization, triage and investigation capabilities, institutions can uncover suspicious activity efficiently through a complete view of threats across the organization.
Chartis notes that establishing financial intelligence units (FIU) improves the effectiveness and efficiency of financial crime risk management programs through better use of disparate sources and available internal and external intelligence. “The leadership ranking is a testament that SAS is leading the way in working with clients to create FIUs,” said Mestchian. “The depth of their data quality and management capabilities combined with the breadth of their analytic capabilities strongly positions SAS to solve this complex problem.”
The report highlighted model risk management and governance as key requirements, since financial crime risk management systems demand transparency. Regulators require evidence that systems work through demonstration and proof of non-discrimination. Chartis explains that “risk management and model governance are an important part of these requirements for greater transparency.” SAS is the only vendor that ranked in Chartis’ leaders quadrant for both enterprise fraud/AML and model risk governance.
“Centralized management of fraud and financial crime is critical to protect against attacks that encompass multiple channels and geographies. They are imperative to fully understand exposure across money laundering and fraud operations,” said Stu Bradley, Senior Business Director from the Security Intelligence Practice at SAS. “SAS provides an integrated financial crime platform to enhance prevention, better mitigate risk, drive efficiency and increase transparency, which ultimately results in greater customer and investor confidence.”
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’ 2014 global financial crime survey, also part of the report, included responses from over 100 financial institutions, interviews with risk and compliance professionals, briefings with vendors, and roundtable discussions with leading domain experts and practitioners.
The report is available at chartis-research.com.
Read about SAS financial crime solutions.
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