Some financial institutions remain concerned about the use of AI, according to a report by the World Economic Forum. Using its Compliance Studio application, Oracle Financial Services has added new AI governance capabilities to help financial institutions utilize AI responsibly. Banks can apply AI to fight money laundering and other financial crimes more effectively with a new visualization canvas that facilitates more inclusive machine learning (ML) model creation, alerts for sensitive issues, and new in-memory simulations. PwC’s Model Edge solution will soon include these new management and governance capabilities.
John Edison, group vice president, software development, Oracle Financial Services, said, “There is a clear consensus across financial institutions that AI and machine learning have tremendous potential to increase the effectiveness of anti-money laundering and other financial crime detection programs, and deliver higher efficiencies in the investigative process. However, there are hurdles to ensuring that AI is used responsibly and ethically in a way that is fair, transparent, and easily understood. The new capabilities in Oracle Financial Services Compliance Studio provide the right governance and controls required to meet these objectives.”
The Oracle Financial Services Compliance Studio is an advanced analytics tool for financial institutions that enhances the effectiveness of due diligence, the monitoring of transactions, and the investigation of money laundering operations. With built-in capabilities for machine learning, graph analytics, and AI, it’s part of Oracle’s broader suite of Financial Crime and Compliance Management applications.
In financial crime, the compliance processes surrounding AI adoption are sometimes disconnected, error-prone because of manual steps, and resource-intensive. These obstacles can be removed through the new updates in Compliance Studio, allowing banks to address regulatory and governance requirements more effectively.
