An enterprise-wide risk intelligence center analyzes data across multiple systems to prevent fraud, money laundering, and other financial crimes. Nedbank won the FICO Decisions Award for applying AI, machine learning and optimization to financial crime risk management.
Johannesburg, March 21, 2024–(Business Wire)–Fico (NYSE: FICO)
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Nedbank uses FICO technology to build Risk Intelligence Center to enable unified financial crime risk management framework
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The Risk Intelligence Center identified the criminal organization during the testing phase, when initial production data was still being loaded.
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Nedbank wins 2024 FICO Decisions Award for AI, Machine Learning and Optimization
FICO, the global analytics software leader, today announced that Nedbank, one of South Africa's largest banks, will use FICO technology as part of its strategy to stop fraud, money laundering and other financial crimes. announced the creation of a crime risk management framework. Nedbank partnered with FICO to establish the Risk Intelligence Center (RIC), which integrates inter-entity relationships and various financial crime risk factors into one comprehensive view. Nedbank won the 2024 FICO® Decisions Award for applying AI, machine learning, and optimization to financial crime risk management.
More information: https://www.fico.com/en/fico-platform
“Nedbank's strategic collaboration with FICO reflects our dedication to staying ahead of the threat of financial crime, ensuring the safety of customer assets and maintaining the highest standards of integrity.” Leanna Horne, Nedbank's Risk Intelligence Center, said:.
Nedbank has built an integrated financial crime risk management framework that not only strengthens the prevention of financial crime, but also addresses associated reputational and credit risks more comprehensively. Nedbank has partnered with FICO to create a RIC that integrates data from multiple systems and decisions from various committees, streamlining processes such as offboarding relationships and account closures due to financial crimes, and ensuring that this critical information is now available bank-wide.
Partnering with FICO to manage corporate financial crime risk
“We needed the right technology to integrate all of our relationships with businesses and consolidate known financial crime risk factors into a unified view.” horn said. “Working with FICO reshapes the financial crime risk management landscape and provides a comprehensive, interconnected approach to protecting against multidimensional threats.”
FICO technology powers RIC's unified repository through decision services, application studios, and the FICO® ID resolution engine. Decision services reconcile all known risk information to make informed decisions. RIC is designed to enhance existing decision-making engines and detection systems, including client compliance, credit affordability, suspicious transaction monitoring, trade fraud detection, and employment and supplier screening. Masu.
“A key requirement was to establish a robust identity resolution capability that could ingest data from internal and external sources.” add horn. “This is the pivotal role played by the FICO ID resolution engine, which allows us to create a single entity view, cluster links between individuals and organizations, and identify relationships with Nedbank. This allows us to conduct an additional level of investigation: the separation of potential criminal groups from other accounts, staff, suppliers, etc. – the separation of these data allows financial crime to flourish However, the advanced capabilities of FICO technology allow us to proactively address and mitigate these risks.
“RIC's main advantage lies in its flexible design capabilities, which allow new data to be incorporated without requiring a redesign of the core system architecture. You can ingest distributed data into your target architecture.” Horn said.. “The synergies between the FICO platform and our evolving cloud architecture will allow us to seamlessly migrate decision-making services to his FICO platform in the next phase, ensuring data integrity and proactive Efforts to prevent financial crime will be strengthened.”
“Through the Risk Intelligence Center, Nedbank is positioning itself at the forefront of innovation in financial crime risk management and strengthening our commitment to protecting the interests of our customers in an ever-evolving financial landscape.” Nikhil Behr, FICO Chief Marketing Officer, said:. “We are proud to be part of Nedbank’s innovation in tackling financial crime and protecting customers and their reputations.”
“Nedbank’s approach to financial crime risk management is truly outstanding, demonstrating a deep understanding of the interconnectedness of risk across a diverse range of relationships.” Editor Andrew Birmingham said: Mi3 and one of the FICO Decisions Awards judges.. “Establishing robust identity resolution capabilities allows us to understand the clustering of links between individuals and organizations, which is critical to detecting fraud. It also breaks down the siled structure typical of banking. I was also particularly impressed by their innovative thinking.”
About FICO Award
The FICO Decisions Awards recognize organizations that have achieved outstanding success using FICO solutions. An independent panel of judges with deep industry expertise evaluates nominations based on measurable improvement in key metrics. Demonstrated use of best practices. The scale, depth, and breadth of the project. and innovative use of technology. The judges for 2024 are as follows.
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andrew birminghamEditor, Mi3
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eric kavanaghBloor Group CEO and host, internal analysis
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elizabeth lumleyDeputy Editor-in-Chief, bunker
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paul marrSenior Editor; CDO trends
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Laura MartinsEditor, IT forum
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paul robinsonVice President of Credit Management, Canadian Tire Bank (previous recipient)
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Shiv SehgalVP of Audience Analytics at RSG Media (previous recipient)
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Nick VichevDirector, Chartis
FICO Decisions Awards winners will be featured at FICO® World 2024. April 15th to April 18th, 2024, San Diego, California.
About Nedbank Group
Nedbank Group is a JSE-listed bank holding company with a market capitalization of R109 billion as at 31 December 2022. Nedbank is one of Africa's largest banking groups with operations in South Africa, Namibia, Eswatini, Mozambique, Lesotho and Zimbabwe. and off the coast of the Isle of Man and Jersey. We also have representative offices in other African countries, including Kenya, and major global financial centers in London, Toronto and Dubai, providing international banking services to South Africa-based multinationals and high-net-worth clients. I am putting The Group is a diversified financial services provider offering a wide range of wholesale and retail banking services, as well as insurance, wealth management and wealth management solutions.
For more information, please visit https://www.nedbankgroup.co.za.
About FICO
FICO (NYSE: FICO) empowers people and businesses around the world to make decisions that help them thrive. Founded in 1956, the company is a pioneer in using predictive analytics and data science to improve operational decision-making. FICO holds more than 200 U.S. and foreign patents covering technologies that improve business profitability, customer satisfaction, and growth in financial services, insurance, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 100 countries are doing everything from protecting their 2.6 billion payment cards from fraud, improving financial inclusion, and making their supply chains more resilient. Masu. Used by 90% of America's top financial institutions, the FICO® Score is the standard measure of consumer credit risk in the United States and is now available in more than 40 other countries to improve risk management, credit access, and more. , with increased transparency.
For more information, please visit https://www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
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