Oracle has unveiled its new financial crime and compliance (FCCM) management monitor cloud service, designed to provide banks, fintechs, and financial services firms with a centralised platform to enhance their FCCM efforts.
The solution allows institutions to identify potential issues more rapidly, manage risks proactively, and combat criminal activity while reducing compliance costs.
Besides, the system’s granular reporting capabilities also help organisations demonstrate their compliance efforts to regulators and other stakeholders through customised, role-based reports that align with anti-money laundering (AML) and FCCM requirements.
The latest offering is part of Oracle’s broader suite of FCCM and AML software-as-a-service (SaaS) solutions, which can be integrated seamlessly into existing financial workflows.
According to Oracle, its FCCM management monitor cloud service addresses the challenges faced by financial services firms and banks with a comprehensive business analytics reporting system.
It provides a dashboard view tailored to the specific needs of chief AML officers and their teams.
The role-based solution uses financial crime typologies linked to individuals, organisations, and their behaviours, offering compliance teams access to key performance indicators (KPIs) and metrics.
This allows institutions to handle FCCM issues more efficiently, assess financial crime risk across business units, and make informed decisions to manage risk and plan strategically.
Oracle financial services financial crime and compliance product chief Jason Somrak said: “Oracle Financial Crime and Compliance Management Monitor Cloud Service helps banks understand financial crime risk within their business so they can manage and report that risk more effectively.
“With the solution, they will be able to surface critical information and access deeper insights with much more granularity and preciseness.”
Key features of the new solution include interactive visualisations, which offer various chart types such as bar charts, line graphs, pie charts, and heat maps, allowing data to be presented in the most effective format for the audience.
The service also offers drill-down capabilities to provide more detailed insights, data filters to focus on specific periods or categories and report customisation options to meet the unique needs of each institution.
