IBM and Deloitte Financial Crime Strategy and Response Network have teamed on mitigating financial crime in Asia.
Deloitte will use the IBM Counter Fraud Management (CFM) platform to deliver advanced financial crime data analytics services across the region.
IBM CFM is an integrated set of solutions that are designed to address all phases of enterprise financial crime measures.
A modular set of analytics, intelligence, and visual technologies will expand and reinforce the fight against financial crime.
"Financial Crime is a stay awake issue for Financial Services c-suite executives because of the accelerating scrutiny of both foreign and domestic regulators," said Tim Phillipps, Asia Pacific leader of Deloitte's Financial Crime Strategy and Response Network. "Now, significant technological advances in analytics, and cognitive computing, can help these financial services companies understand and mitigate exposure. For us, IBM's platform is the leading edge of that advance."
Application of models
Deloitte's global forensic capabilities and the CFM platform will enable the application of financial crime analytic and intelligence models for the identification of actions that may suggest financial crime in a financial institution.
Banks and other financial institutions will now be able to proactively respond to immediate issues for minimising damage to their operations and their brand.
They will also be able to control financial cost and effort of responding to incidents of financial crime.
Other benefits include reduction of the negative impact on operations and regaining control & responsiveness to the financial institutions' clients.
"With financial crimes on the rise, our CFM platform is designed to help organisations quickly and accurately detect, investigate and respond to potential financial crimes," said Bob Griffin, general manager, IBM Safer Planet. "IBM's leading platform gives enterprises the unique insights needed to take a strategic and operational approaches to managing financial crime risks, and to address challenges as quickly as they're detected."
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