This document will continue to evolve as existing sections change and new information is added. All updates appear in the following table:
| Date | Module | Feature | Notes |
|---|---|---|---|
| 20 JAN 2023 | Created initial document. |
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Column Definitions:
Report = New or modified, Oracle-delivered, ready to run reports.
UI or Process-Based: Small Scale = These UI or process-based features are typically comprised of minor field, validation, or program changes. Therefore, the potential impact to users is minimal.
UI or Process-Based: Larger Scale* = These UI or process-based features have more complex designs. Therefore, the potential impact to users is higher.
Features Delivered Disabled = Action is needed BEFORE these features can be used by END USERS. These features are delivered disabled and you choose if and when to enable them. For example, a) new or expanded BI subject areas need to first be incorporated into reports, b) Integration is required to utilize new web services, or c) features must be assigned to user roles before they can be accessed.
| Ready for Use by End Users Reports plus Small Scale UI or Process-Based new features will have minimal user impact after an update. Therefore, customer acceptance testing should focus on the Larger Scale UI or Process-Based* new features. |
Customer Must Take Action before Use by End Users Not disruptive as action is required to make these features ready to use. As you selectively choose to leverage, you set your test and roll out timing. |
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|---|---|---|---|---|---|---|
| Feature |
Report |
UI or |
UI or |
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Financial Crime and Compliance Management
This document provides the high-level enhancements for Release 23.1.1 of Oracle FCCM Cloud Service. For more information about this product, see Documentation. Fixed issues and considerations can be found at MOS.
OFS Compliance Agent (OFSCA) Cloud Service is a new, AI-powered, experimentation platform that allows customers to measure the performance of their transaction monitoring system, discover opportunities and weaknesses, and remediate them to optimize the performance of the system. OFSCA supports use cases that enable better decision-making through improved analytics, deliver potential cost savings, and reduce manual effort.
OFS Compliance Agent provides a rich set of metrics that helps you understand the performance of your system more holistically.
These metrics enable you to measure:
- Overall Performance: Compliance Agent enables you to distill the performance of your entire transaction monitoring system into a single metric by averaging the performance across various segments. This metric is an easy way to monitor the overall performance of your system as you make changes to the transaction monitoring system or add new products to your portfolio. It also lets you quantify the risk you are taking on as an institution in relation to your stated risk appetite.
- Segment-level Performance: Using Compliance Agent, you can evaluate how well the controls you have put in place for a segment are performing. Rather than evaluating the performance of each control or scenario in isolation, Compliance Agent evaluates the collective performance of all the controls in your system. By focusing on segments whose performance is critical, you can invest resources into improving transaction monitoring controls for those segments which are more exposed to AML risk.
- Risks from New Product Offerings: Compliance Agent helps you quantify the incremental risk from adding a new product to your portfolio. Based on this, you can evaluate whether existing controls are sufficient to monitor the product or whether a new control is required.
- Alert Volume Impact of Changes: Any change to a scenario will be accompanied by a change in the volume of alerts. The cost in terms of alert volumes is an important consideration when deciding on threshold changes or adding a new control. Compliance Agent can give you an estimate of the alert volume impact of any proposed scenario or threshold change without having to run the scenario on historical transaction data.
Understanding the performance of your system more holistically allows you to measure what matters, so you can best manage your transaction monitoring system.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
Once you have measured the performance of your system, Compliance Agent reveals actionable insights for you to improve the performance of your transaction monitoring system. Using OFSCA, you can identify:
- Vulnerable Scenarios: Compliance Agent identifies scenarios that are most at risk of being evaded by an intelligent money laundering agent. Tuning these vulnerable scenarios is one way of improving the performance of your transaction monitoring system.
- Vulnerable Products: Compliance Agent identifies vulnerable products or account types that require your attention. By analyzing how an intelligent adversarial agent moves money through your system, OFSCA identifies those account types that are most likely to be abused by a money launderer.
- Vulnerable Channels: Compliance Agent identifies vulnerable channels that require your attention. By analyzing how an intelligent adversarial agent moves money through your system, OFSCA identifies vulnerable channels that require your attention.
In addition, OFSCA enables you to conduct a "what if" analysis and evaluate the performance of different controls before selecting the best option.
Once you have identified gaps or opportunities in your system, you can take action to address these gaps or exploit the opportunities.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
Once you have identified gaps or opportunities in your system, you can take action to address these gaps or exploit the opportunities. OFS Compliance Agent helps translate your insights into action.
You can:
- Tune vulnerable scenarios: If a segment's performance is in the "Critical" or " Warning" bucket, one way to remediate this is by tuning the most vulnerable scenario. Compliance Agent can recommend thresholds for the most vulnerable scenario. You can also choose to run custom experiments with thresholds of your choice to improve the performance of a scenario. These thresholds can then be used for BTL testing on historical data.
- Monitor vulnerable products: Another way to remediate gaps within a segment is by enhancing controls for the most vulnerable product. Compliance Agent can recommend a specific scenario that is most likely to remediate monitoring gaps for this product. Currently, the user should thresholds for the recommended scenario.
- Monitor vulnerable channels: The performance of a segment can also be improved by enhancing controls for the most vulnerable channel. Compliance Agent can recommend a specific scenario that is most likely to remediate monitoring gaps for this channel. Currently, the user should evaluate thresholds for the recommended scenario.
Once you have identified gaps or opportunities in your system, you can take action to address these gaps or exploit the opportunities.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources