Written by 7:50 pm Latest news

### SAS Acknowledged by Chartis for Advanced AI and ML in Financial Fraud Detection

CARY, N.C., Jan. 22, 2024 — Attesting to SAS’ “tremendous amount of institutional…

Attesting to SAS‘ extensive institutional expertise spanning various fields from fraud to compliance, Chartis Research has recognized the AI and analytics powerhouse as a Category Leader in its publication titled AML Transaction Monitoring Solutions, 2023: Market and Vendor Landscape.

Out of the 25 providers of anti-money laundering (AML) transaction monitoring solutions assessed by Chartis, SAS secured the most “best-in-class capabilities” accolades, excelling in analytical modeling, model quality and validation, as well as workflow automation. Additionally, SAS demonstrated proficiency in risk typology modeling and data and systems integrations.

Nick Vitchev, the Research Director of Financial Crime and Fraud Markets at Chartis, highlighted SAS’ over two-decade-long expertise in AML transaction monitoring, catering to a wide range of institutions from G-SIBs to smaller financial entities. He commended SAS’ cloud-native, language-agnostic solutions for their adaptability in addressing evolving fraud, money laundering, and terrorist financing risks.

The recent recognition adds to SAS’ achievements, following its prior acknowledgment as a Category Leader in FRAML solutions by Chartis and its elevation to the second position in the Chartis RiskTech100 ranking.

Chartis’ assessment underscored several key strengths of SAS’ anti-money laundering solutions:

  • Real-time precision to the millisecond: SAS’ financial crime decisioning platform offers real-time data enrichment and a patented signature-based profiling approach known for its millisecond-level accuracy, beneficial for institutions aiming to manage risks throughout the customer lifecycle.
  • Compliance-centric monitoring: SAS’ risk typology monitoring enables the development of compliant transaction monitoring systems with ease, meeting stringent regulatory standards.
  • Innovative algorithms for enhanced efficiency: SAS’ workflow automation within Financial Crime Decisioning received high praise for its advanced AI and ML algorithms, reflecting the company’s substantial investment in tailored AI solutions.

David Stewart, Director of Financial Crimes and Compliance at SAS, emphasized the inadequacy of rules-based monitoring systems in combating modern financial crimes and regulatory challenges. He highlighted SAS’ AI- and machine learning-driven solutions as instrumental in automating processes, expediting event detection, and streamlining decision-making procedures.

SAS’ modular approach, consolidated under the AI-powered SAS Viya platform, empowers organizations to enhance operational efficiency and effectiveness across the risk management spectrum, preparing them proactively for future system convergence.

For organizations seeking to enhance their AML capabilities, SAS offers insights on modernizing strategies to detect financial crime threats efficiently while optimizing processes and reducing expenses. To explore further, download Next-Generation AML: 6 tips to modernize your fight against money laundering.

About Chartis Research

Chartis Research, a division of Infopro Digital, specializes in analyzing the global risk technology market to support enterprises in enhancing risk management, governance, and compliance practices, aiding informed decision-making through comprehensive research and advisory services.

About SAS

SAS, a prominent player in AI and analytics software, delivers industry-specific solutions to empower organizations in leveraging data for informed decision-making. With a focus on providing actionable insights when they matter most, SAS enables organizations to harness THE POWER TO KNOW.

Visited 1 times, 1 visit(s) today
Last modified: January 23, 2024
Close Search Window