US-based Oracle has announced the launch of Oracle Financial Crime and Compliance (FCCM) Management Monitor Cloud Service, enabling banks to identify financial crime risk. By leveraging Oracle’s solution, banks, fintech firms, and other financial services companies are set to be able to receive a holistic and centralised view over their FCCM efforts, allowing them to recognise possible issues more efficiently and proactively manage risk to mitigate criminal activity and reduce compliance costs.

Delivering granular reporting features, Oracle’s new system focuses on supporting banks in demonstrating optimised FCCM efforts to regulators and other stakeholders utilising tailored, role-based reports that fall in line with Anti-Money Laundering (AML) and FCCM requirements. The newly introduced service comes as an addition to Oracle’s suite of FCCM and AML Software-as-a-Service (SaaS) solutions that can be integrated into a financial institution’s workflow. When commenting on the announcement, representatives from the company mentioned that the Oracle Financial Crime and Compliance Management Monitor Cloud Service was developed to assist banks in better understanding financial crime risk within their organisation so that they can manage and report that potential risk more efficiently. The service intends to bring critical information and access to deeper insights with increased granularity and preciseness.

Oracle FCCM Management Monitor Cloud Service The decision to launch the new service can be attributed to the rise in the overall volume of transactional data in digital banking and the need for augmenting FCCM capabilities amidst evolving financial crime tactics. Through its solution, Oracle equips financial organisations with a comprehensive business analytics reporting system that includes a dashboard approach developed to meet the unique demands, needs, and requirements of chief AML officers and their teams. In addition, the role-based service leverages typologies based on several individuals, companies, and their characteristics considering numerous types of financial crime and offering those responsible for compliance programs access to Key Performance Indicators (KPIs) and metrics. As a result, banks are set to be able to address FCCM issues, assess financial crime risk across several business units, and take proactive action for financial crime risk management and strategic planning.

Other features offered by the Oracle Financial Crime and Compliance Management Monitor Cloud Service include interactive visualisation, with banks being able to choose from a variety of chart types, data filters and drill-down capabilities, as well as report customisation, which enables financial institutions to create reports based on their specific needs.  The launch comes shortly after Oracle partnered with Mashreq, UAE-based bank, to support the latter's global expansion. At that time, Mashreq was set to replace its core system with Oracle solutions to modernise, simplify, and optimise its operations in key international hubs, including Hong Kong, the US, and the UK. Source: Link .