The new solution, which is powered by the Oracle Financial Services Analytical Applications infrastructure, provides financial services organizations with a single, enterprise-wide case management platform to meet the diverse demands of their business-specific investigation functions. It gives financial institutions a 360-degree-view of their financial crime and compliance management initiatives.
Organizations can automatically share channel-specific information, such as online banking, ATMs and payments, to collaborate with analysts across all financial crime units in the enterprise, building a consolidated repository of investigations for increased analytical insights and information sharing. At the same time, they can preserve, without compromise, their existing financial crime detection and prevention investments, such as anti-money laundering (AML) and fraud solutions.
In addition to gaining increased visibility into investigations across the enterprise, Oracle Financial Services Enterprise Case Management helps banks reduce operational costs associated with managing compliance and financial crime. With the enterprise-wide case management platform, they can consolidate technology costs from multiple financial crime and compliance programs and leverage technology expertise and resources across various lines of businesses.
Oracle Financial Services Enterprise Case Management provides flexibility and the ability to extend financial crime processes, enabling financial crime and compliance management stakeholders to continue to enhance their investigation process amid a continually changing regulatory and technology environment. In addition, the platform’s extensibility allows business groups to keep evolving their specific investigation program without impacting other groups.
“Oracle Financial Services Enterprise Case Management helps organizations gain a comprehensive view of financial crime investigations across their enterprises, enabling new levels of collaboration and insight,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “At the same time, this enterprise approach helps organizations to control the rising operational costs associated with financial crime investigations and compliance by enabling them to consolidate technology costs, preserve existing fraud and AML IT investments, and share IT resources across various business groups.”