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Next generation anti money laundering: robotics, semantic analysis and AIAnti-money laundering taken to it's next level is sometimes referred to as AML 2.0 or AML 3.0. What does this next wave of AML technology look like? What can it do that you can’t do with traditional AML? See the results innovative financial institutions around the globe are already getting.
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The state of insurance fraud technologyA 2019 Coalition Against Insurance Fraud study surveyed 84 companies on their use of anti-fraud technologies and compared results to 2014 and 2016. Get the highlights here.
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How AI and advanced analytics are impacting the financial services industryTop SAS experts weigh in on the topics that are keeping institutions up at night and fraudsters in a job.
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IFRS 17: Waiting is not an optionIFRS 17 is a principles-based accounting standard for the future-oriented valuation of insurance contracts. Designed to increase financial transparency, IFRS 17 requires insurers to report in more detail on how insurance and reinsurance contracts affect their finances and risk.
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Analytics: A must-have tool for leading the fight on prescription and illicit drug addictionStates and MFCUs now have the analytics tools they need to change the trajectory of the opioid crisis by analyzing data and predicting trouble spots – whether in patients, prescribers, distributors or manufacturers. The OIG Toolkit with free SAS® programming code makes that possible.
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Anti-money laundering and counter-terrorist financingTo monitor for financial crimes, an essential element for both anti-money laundering and counter-terrorist financing is using data analysis to detect unusual activity during processing by monitoring transactions, customers and the network of behaviors.
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The analytical CRO and the risk aware CFOTo create a more risk-aware organization, the most important collaborative relationship for the CRO is with the CFO and the finance team. The CFO and CRO – as the executives responsible for budgeting and supervision – tend to get caught in the middle of competing objectives.
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What do drones, AI and proactive policing have in common?Law enforcement and public safety agencies must wrangle diverse data sets to be effective in their operations. Intelligence analysts are using that data to apply machine learning and AI for more proactive policing.
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Fraud detection and machine learning: What you need to knowFrom integrating throughout operations to maintaining customer service, machine learning – supervised and unsupervised – is a critical part of the fraud detection toolkit. Here’s what you’ll need to consider to get started.
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Proactive detection – A new approach to counter terrorTo counter terror, investigative teams can better utilize the data they already have by applying a fresh approach with these steps to proactive detection.
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Top 5 prepaid card fraud scamsThe margin for prepaid cards is slim, so it's particularly important to root out the scams. Here are some tips for combating and mitigating prepaid card fraud.
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Stop contract and procurement fraudFraud affects an estimated 30 percent of organizations' procurement processes. Beyond business rules and anomaly detection, analytics can detect and prevent fraud and preserve the integrity of the procurement process.
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frtb: a wait and see strategy could be riskyFRTB, fundamental review of the trading book, is a regulation that changes how banks analyze market risk in the trading book to address systemic challenges.
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Know your blind spots in tax fraud preventionWhat can tax agencies do differently today than just a few years ago? Find out where fraud may lurk inside your agency – and the role analytics can play in tax fraud prevention.
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A cybersecurity framework: Six steps to empowering your analyticsAre your cybersecurity tools leaving your organization vulnerable? A career risk management professional/college professor explains why and what to do about it.
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IFRS 17 and Solvency II: Insurance regulation meets insurance accounting standardsIFRS and Solvency II encourage comparability and transparency from a regulatory and accounting perspective for insurers, but there are important differences.
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Credit risk management is the answerLending and loan volume is back up to pre-crisis levels. But banks are facing higher delinquencies as well. That's why improving credit risk management is crucial.
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When it matters: Safeguarding your organization from the insideWith evolving threats, fraud detection technologies have to be flexible and nimble, and automated risk detection is a crucial component of decision advantage.
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Improving budgets with government fraud technologyTraditional approaches based on business rules and anomaly detection are good at detecting known patterns of fraud, but they fall short in catching the more sophisticated and evolving fraud schemes we see today.
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How can analytics change the world of 'Narcos'?Surveillance, wire-taps, interrogations, informants… all valuable intelligence gathering techniques. But modern law enforcement and federal agents are now aided by a new technology to zero in on drug trafficking: analytics.
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Data management for cybersecurity: Know the essentialsSecurity teams tend to underestimate the importance of data management for cybersecurity. See the seven key reasons data management has been so difficult and five steps to getting it right.
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IFRS 9 and CECL: The challenges of new financial standardsIFRS 9 and CECL will require banks to more accurately
predict expected credit losses (ECLs). This will require new credit loss models based on analytics.
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Analytics for prescription drug monitoringPrescription drug monitoring programs (PDMPs) are a great start in combating abuse of prescription drugs, but they could be doing much more. Better data and analytics can inform better treatment protocols, provider education and policy decisions – and save lives.
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The online payment fraud stops hereBillions of dollars a year are lost to online payment fraud through channels that provide convenient – yet vulnerable – ways to shop and bank. See how to fight back and win with advanced analytics.
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Model risk management: Vital to regulatory and business sustainabilitySloppy model risk management can lead to failure to gain regulatory approval for capital plans, financial loss, damage to a bank's reputation and loss of shareholder value. Learn how to improve model risk management by establishing controls and guidelines to measure and address model risk at every stage of the life cycle.
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Retail cyber risk toleranceManage your data assets just as you would any of your physical assets by putting security plans in place for any and all contingencies.
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The case for cybersecurity analyticsCombining cybersecurity with analytics helps you understand how people are trying to access your systems. Learn how analytics can augment your security program.
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A modern cybersecurity strategy: Building a budgetA cybersecurity strategy requires more than just executive support. Learn how IT can get the tools and training designed to protect you from modern threats.
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Prepare for IFRS 9 convergence with better IT and data practicesAs banks prep for IFRS 9 convergence, it will put added stress on IT systems. Learn how to build an IT framework that meets regulatory challenges.
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Five trends in fraud solutionsLeading financial firms are adopting fraud solutions that use Big Data, high-performance computing and hybrid analytics to more effectively detect threats as they emerge and to run more efficient investigations.
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Is it case management or alert management?Both AML and payments fraud generate alerts and each handles them in different ways. It’s paramount that fraud professionals, vendor representatives and others come to a common understanding of the two terms: case management and alert management.
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Blind to the black swan theory? How a centralized approach applying analytics to financial crime prevention can protect against the unexpected.
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Risk data aggregation: Transparency, controls and governance are needed for data quality and reportingFinancial institutions’ data aggregation and reporting techniques and systems are receiving increased attention both internally and externally. Find out how to take a comprehensive approach to BCBS principles and risk data aggregation and management.
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Risk data infrastructure: Staying afloat on the regulatory floodWhat are the challenges of a risk data infrastructure and how can they be addressed? Here's what you need to know to build an effective enterprise risk and finance reporting warehouse.
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Small-time cheats and organized crime: Benefits fraud re-examinedTo combat benefits fraud, better utilize resources and improve ROI, analytics can detect organized crime rings rather than just small-time fraudsters.
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Don’t let data management issues derail your insurance fraud analytics projectA few data management considerations for your insurance fraud analytics project can improve fraud detection rates, decrease false positives and lead to better investigation outcomes.
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How to lead the digital transformationWith the future of the bank at stake, CEOs must embrace big data and come out in front of the wave of regulatory-driven compliance.
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Can you run the bank AND change the bank together?How to fulfill short-term compliance requirements and still meet longer-term business goals.
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Bridge the gap between financial crime analytics and investigationsHow to manage the escalating analytic demand required to run financial crime platforms.
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Take the stress out of stress testingWhy the main components of stress testing
must be jointly developed and applied by risk and finance teams for greater efficiency and better decision-making.
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La vision d’un dirigeant sur les risques et la fraudeLe directeur international de la gestion des risques de HSBC explique comment la deuxième banque mondiale utilise la gestion des données, l'analyse et les connaissances sectorielles pour lutter contre les délits financiers et d'autres problèmes.
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Are we in control?Banks are undergoing a crisis in profitability. This calls for a fundamental transformation of control and compliance.
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Fraude en ligne : avec des interactions en temps réel, les menaces s'intensifient Face à la multiplication des opérations bancaires en ligne, la fraude est une menace réelle et urgente. Les actes frauduleux évoluant en permanence, l'analyse est un gage de détection précoce et précise.
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How to prevent procurement fraudCriminals know that the data you need is scattered everywhere, which will make it hard for you to see them. To uncover these guys, you need to trade your manual defenses for a hybrid analytical approach.
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How to help ‘stressed out’ banksBanks can generate long-term value from a clear understanding of risk exposure, but for now they need to re-engineer and upgrade their stress testing processes to meet regulatory demands. It's possible to reduce the manual effort to inventory, manage, document, communicate, monitor and audit all of your bank’s models and share information for effective top-down model risk reporting.
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Taking pre-emptive action to stem the tide of VAT fraud lossesEU countries lost an estimated €177 billion in VAT revenues in 2012. The solution? Hybrid analytics technology.
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Talking trade: Money laundering and fraud – the silent side of trade financeTrade finance fraud costs millions. Agencies are overwhelmed with data, much of which is unstructured. Here's how Hadoop combined with analytics could help.
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RegCap vs. E-Cap: Getting It rightStress tests don’t produce a fourth type of capital - it is regulatory capital. And it gives regulators a view into capital planning where they had none before.
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Basel III doesn’t have to be a big pain for community banksBasel III isn’t going away. An investment now, rather than later, in a tool that gives you repeatable processes – and updates automatically when the rules change – will be well worth the time and effort.
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Transaction monitoring: To segment or not?A typical anti-money laundering transaction monitoring program has scenarios that monitor the customers and accounts that pose the most risk. The fact is … this one-size-fits-all methodology isn’t very effective because customers transact differently based on many factors. So how do you incorporate that into your program?
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Five myths and misconceptions community banks have about Basel IIIMyth No. 1: Basel II didn't pertain to us, so Basel III won't either. Wrong. The US Basel III Final Rule provides capital frameworks commensurate with bank size, so the rules apply to nearly all banks in the US. Myths 2-5...
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Basel’s US history and what it means to community banksThe US Basel III Final Rule marks the first time that the US regulatory system is adjusted to the size of the bank. Tara Skinner talks through the history of Basel III and what institutions are impacted today.
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Putting an end to pay and chaseSophisticated technology-driven approaches can not only root out fraud in social benefits programs, but find it before payment is made. A proactive approach can reduce the 5 to 7 percent of government dollars that end up in fraudsters’ pockets.
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There's more to gain from regulations than just complianceThe things you are doing now to prepare for Solvency II implementation can benefit your business in many other ways. For instance, do you know which customers, regions or products are your most profitable? Do you know where you are leaking profits? Get the most from your compliance efforts.
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Two biggest challenges banks face in regulatory complianceA recent Longitude Research survey of more than 100 senior banking officials across Europe and the US found that the majority of banks still don’t use stress testing outcomes to inform strategic decision making.
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Five steps you can take to beef up cybersecurityAnyone with Internet access and programming skills can invade a country or bring down a corporation. Cybersecurity expert Ray Boisvert shares five actions organizations can take to defend against cyberattack.
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Finding a balance that's good for businessSanjiv Talwar, Head of Risk Capital and Stress Testing at the Bank of Montreal, talks with Tom Kimner and the Argyle Journal about the difficulties banks face with meeting regulatory requirements. He also shares his philosophy for approaching those difficulties - build a growth strategy based on the lessons learned from the regulatory exercises.
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Are you good at scoring?Credit scoring is the foundation for evaluating clients who apply for a loan (or other types of exposure for the bank). It is not unusual for it to take up to 12 months to build and deploy a new credit scoring model. Reforming the process will help minimize losses, increase earnings and reduce operational risk.
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Data privacy can be used for evil, tooThe anonymity of digital currency transactions perfectly suits the criminal element. Are bitcoins and other cyber currencies a threat to our global financial system?
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People, process, culture – and technologyData governance requires measurement and constant improvements of data quality. That’s a mountain of a job without clearly defined roles and responsibilities. This is the second in a series of risk management videos discussing risk management. In this installment, Peyman Mestchian, Managing Partner at Chartis Research, and Tom Kimner, Head of Americas Risk at SAS, talk about data governance and the need for specialized departments, technology and skills.
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Mobile payments, smurfs and emerging threatsM-payment remittances are replacing traditional banks and money services that have historically charged high fees for small transfers. The advantages and pitfalls of these M-payments for law enforcement and financial services are many. Former US Treasury Special Agent John Cassara maps what he sees in the road ahead and gives advice for protecting your firm.
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What are banks top CCAR hurdles?With CCAR, regulators will hold bank holding companies to more stringent standards for capital planning and stress testing. We asked our banking customers what their biggest struggles are with compliance and how they are addressing them.
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Data quality: The Achilles' heel of risk managementGiven the tightly regulated environment banks face today, the importance of data quality cannot be overstated. Beyond the obvious benefits of staying one step ahead of regulatory mandates, having accurate, integrated and transparent data will drive confident, proactive decisions to support a solid risk management foundation.
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A new arms race: Analytics for commodity market complianceRogue trading and dodgy deals are not the only things keeping chief risk officers awake. Today’s regulators now employ big data analytics to uncover troubles in the commodity swaps market. Staying ahead of innocent compliance errors – and quickly identifying the occasional bad actor from within – will require some tough analytics of your own.
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How to uncover common point of purchaseFor issuing banks, a critical aspect of controlling card fraud is CPP analysis. CPP analysis identifies the likely merchant location where card numbers were stolen, allowing banks to mitigate future fraud on other compromised cards.
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Four focus areas for successful stress testingStress testing is not new to the risk world. But the increased complexity, expected frequency and firm-wide nature of scenarios present new challenges. That being said, to deliver a successful stress testing program, there are four key areas you should address.
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Understanding capital requirementsCredit risk classification systems have been in use for a long time, and with the advent of Basel II, those systems became the basis for banks’ capital adequacy calculations. What is needed going forward is an efficient and honest dialogue between regulators and investors on capitalization.
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Less talk, more actionLast week's announcement by The European Banking Authority of its 2014 EU-wide stress test triggered an uproar of divergent opinions and criticism that will rumble for some time. This new methodology will profoundly impact how the European and global economies evolve.
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Experts: Nothing simple about meeting regulatory requirementsExperts discuss the trends and technologies that affect how financial institutions handle the growing number of regulations and regulatory agencies. They answer the question of how data and analytics help.
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Are you covering who you think you’re covering? How rigorous are you in determining membership eligibility? If you are not diligent enough, you may be letting money slip out the door. In fact, by some estimates, between 4 and 18 percent of all health plan benefits are paid out in error due to eligibility fraud issues.
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How data visualization helps crack down on crimeAcross the world, law enforcement agencies are making more intensive use of data visualization technologies. They gain a real-time view of locations, layered with crime, traffic, geospatial, weather and other data. This means decisions are based on solid, robust data and resources allocated to guide intervention and crime prevention. Data visualization can make this possible for you too.
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Fighting cyberwars with cyberanalyticsMike McConnell, former US Director of National Intelligence, told the US Senate, “If the United States were at cyberwar, it would lose.” If that is even remotely true, cyberdefenders need to be outfitted with the most effective weapon for winning the war – analytics.
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Attitudes toward liquidity risk have changedIn 2008, most banks took for granted that they would always have access to liquidity, and so they didn’t worry too much about liquidity risk. Even regulators worried little about it – until the danger was exposed.
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What is a risk model?Banks use multiple models to meet a variety of regulations (such as CCAR and Basel III). With increased scrutiny on model risk, bankers must establish a model risk management program for regulatory compliance and business benefits. Begin the planning by clearly defining what a risk model is.
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Why it's so easy to steal from insurance companies – and what to do about itThe former leader of a successful and sophisticated fraud enterprise that operated in Southern California recently spoke to a group of leading fraud investigators in Florida about how he was able to steal so much money from them, who does it and why it's so easy.
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How big data analytics can be the difference for law enforcementThe real value in big data analytics is that you don’t have to know what you’re looking for before you start. This is a huge benefit to law enforcement agencies that are facing tighter budgets and scarcer resources.
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Situational awareness – ‘seeing’ your security gapsIn the past, financial services organizations and government agencies have looked at cybersecurity as an IT problem. Today we know that we have to look at it as a risk management problem. Situational awareness should be part of the broader risk management strategy because cybersecurity isn’t just an IT problem.
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Six ways big data analytics can improve insurance claims processingWhy make analytics a part of your claims processing? Because adding analytics to the claims life cycle
can deliver a measurable ROI. Just a 1 percent improvement in the loss ratio for a $1 billion insurer is worth more than $7 million on the bottom line.
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How police forces can use data to prevent crimePolice need to be given better access to data that will drive actionable intelligence and free up time to concentrate on investigating crime on the front line rather than dealing with time-consuming administrative tasks behind the scenes
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Four themes running through the BCBS 239 principlesThe 14 principles of BCBS 239 cover a lot of ground, from IT infrastructure and governance to reporting. Understanding the four themes may aid in compliance. Donna Howe and Renzo Traversini outline those for you in this article.
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New payment methods fuel cyberattacksNew payment methods are fueling a rush of cyberattacks across the world, so collaboration between law enforcement and financial institutions is critical to protecting consumers’ money. Ellen Joyner discusses the latest research from Javelin Strategy & Research and Juniper Research, and provides best practices for arming your organization while protecting your customer relationships.
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20/20 vision of riskBanks need a holistic view of their data in order to accurately detect risk. They also must overcome the challenges associated with poor data quality and the "noise" generated by existing control systems. Laura Hutton, Director of Banking and Solutions at SAS, explains how technologies can improve a bank's visibility into operational risk.
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Are US banks ready for Basel III?The newly released Basel III final rules for capital adequacy will pose a challenge for banks that aren't prepared. But banks that are prepared stand to gain real business benefits from these evolving regulations. So what constitutes being prepared? Tom Kimner, head of the Americas Risk Practice at SAS, weighs in on the three things you need.
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Supercharging capital markets with real-time data and visualizationBy performing deeper analyses on data captured in-stream, and then injecting the results back into the business in real time, firms can better manage market risk, liquidity and counterparty credit risk during the trading day.
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How to analyze hedge fund risk with sparse dataIn the world of early-stage hedge funds, hedge fund managers are reluctant to share position-level data, because they don't want to reveal their strategies. That means that firms like Larch Lane Advisors must augment the limited data from these funds with information from hedge fund databases. And that's precisely why they chose SAS – for fast, reliable risk results from limited data.
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Using social media to tackle crimeSocial media channels were once seen as a quick and easy way to communicate. Today, they can be a powerful channel for active group psychology – powerful enough to overthrow governments. Law enforcement agencies can no long stand on the sidelines – but how do you sift the useful information from the mundane chatter?
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New data on the latest digital fraud trendsGet a quick, fact-filled view of what ISMG, Longitude Research and Javelin discovered in recent studies of fraud trends and anti-fraud strategies.
Containing health care costs: Analytics paves the way to payment integrityFor payment integrity, health care organizations need to uncover a wider range of abuse, waste and errors and data-driven analytics is making that possible.
Riding the avalanche of regulationA well-planned, integrated data strategy can improve banks’ ability to generate revenue, manage risk and gain a competitive advantage.
Risk capital and lessons from the TitanicEconomic capital is that something extra that senior management needs for staying financially afloat in tough economic times. Tara Skinner uses the tale of the Titantic to describe risk capital risk management best practices.
Rethink Customer Due DiligenceGiven recently enacted compliance laws like the Foreign Account Tax Compliance Act (FATCA ), there’s never been a better time to re-examine your current CDD processes and enabling technology. Automated analytical tools can help you accurately segment and identify customers by the risk they represent so you can monitor them appropriately and make the best use of investigative resources.
Reducing the CCAR pain Theoretically, CCAR submissions can be developed and submitted using your existing risk and finance infrastructure. But there are some challenges to that approach. An analytic solution that is built to facilitate collaboration between risk and finance can produce some significant technical and business benefits.