“SAS has traditionally been a data company. “I really love SAS Visual Analytics,” Jensson says. It was a manual and reactive way to report on data.
This replaces a more manual reporting system, which was based on extracts from data sources into Microsoft Excel spreadsheets. Landsbankinn uses SAS Visual Analytics to build dashboards and reports that allow non-technical users to access – and gain insights from – critical financial data. It wanted to share more information throughout the bank, helping more people make data-centric decisions. Tuning the algorithms that are the core of SAS Anti-Money Laundering is only part of Landsbankinn’s data story. Making information accessible – and visually appealing Our team can run more efficiently, and people who were once sifting through false positives can work on other things.” “We can change the parameters of the scenarios so that the bank can flag things more effectively.
“It’s important to create new scenarios, then adjust them to different situations,” Jensson says. This effort, combined with a powerful enterprise data warehouse, gave the compliance team the basic components needed to conduct more effective anti-money laundering efforts. The company ran tuning exercises with SAS to refine the solution to meet their needs. The fewer false positives we get, the more time we can focus on the true positives.” “Within months, we got that number down to about 100 per day. “We wanted the number of false positives to be much lower,” says Skuli Jensson, Head of Risk Solutions at Landsbankinn. With a limited number of investigators, lowering that number to focus on truly suspicious claims was a goal. “We need a system like SAS to help us do pattern analysis to identify suspicious transactions to be referred for investigation.”īefore turning to SAS, Landsbankinn had a screening system that flagged about 1,000 false positives transactions each day – positives that the previous system flagged but were not actually illegal or out-of-limits. “It’s not possible for us to look manually at all transactions,” Orlygsson says. That’s where the company’s compliance team comes in. While a vast majority of the transactions that Landsbankinn processes won’t trigger any alerts, a handful may point to suspicious activity. Landsbankinn also uses SAS Visual Analytics to provide data visualization capabilities for analysts across the organization. The company chose SAS Anti-Money Laundering to identify patterns in its data. “And to meet those demands, we need to have a sophisticated and robust solution.” “Landsbankinn seeks to fulfill the strictest requirements in regards to money laundering, criminal financing and other illegal activities,” says Thordur Orlygsson, Chief Compliance Officer for Landsbankinn.
0 kommentar(er)
