Soneri Bank de­ploys SAS to curb fi­nan­cial crimes

The Pak Banker - - FRONT PAGE -

Soneri Bank has cho­sen to utilise soft­ware like SAS Anti-Money Laun­der­ing and SAS Credit Risk Man­age­ment for Bank­ing, to help drive in more prof­itabil­ity, es­tab­lish a high per­for­mance risk frame­work and achieve com­pli­ance with set Basel II re­quire­ments.

"Soneri Bank has con­stantly main­tained a strong com­mit­ment to­wards be­ing able to adapt to the emerg­ing trends and tech­nolo­gies in the fi­nan­cial seg­ment," said Amin Feerasta, Coun­try Credit Head, Soneri Bank. "In line with this, we have cho­sen to part­ner with SAS, a known in­dus­try leader in busi­ness an­a­lyt­ics soft­ware. Util­is­ing SAS soft­ware will not only help us achieve our vi­sion to be­come one of the re­gion's lead­ing fi­nan­cial in­sti­tu­tions but will also help us keep true to our prom­ise of meet­ing the bank­ing needs of our cus­tomers."

"We have cho­sen SAS for its proven so­lu­tion ex­per­tise, ma­jor pres­ence across more than 3,100 fi­nan­cial in­sti­tu­tions from around the world and its lo­cal rep­u­ta­tion for a highly cus­tom­ized so­lu­tion," said Haider Devjianie, CIO, Soneri Bank. "Through the years, Soneri Bank has ably po­si­tioned it­self as a strong grow­ing bank. Through the use of SAS soft­ware, we have not only man­aged to re­in­force our op­er­a­tions but are now fully ca­pa­ble of ad­dress­ing key chal­lenges like in­ter­nal data struc­ture re­quire­ments. Truly, SAS gives us a big ad­van­tage by be­ing so uniquely flex­i­ble" Re­cent in­dus­try re­ports have shown that fi­nan­cial crimes are grow­ing ev­ery day. As a re­sult, gov­ern­ments from around the world are now di­rect­ing key ef­forts to re­duce oc­cur­rences of this grow­ing threat. To date, fi­nan­cial in­sti­tu­tions and their boards are un­der in­creased reg­u­la­tory scru­tiny and have im­ple­mented ma­jor steps to en­sure that proper poli­cies, con­trols and pro­ce­dures are met. SAS Anti-Money Laun­der­ing au­to­mates the process of de­tect­ing, in­ves­ti­gat­ing and re­port­ing on ir­reg­u­lar­i­ties. The sys­tem pro­vides a cross-chan­nel view of fi­nan­cial fraud risk, which helps speed up the in­ves­tiga­tive process, iden­tify un­known re­la­tion­ships and pro­vide es­sen­tial and im­por­tant in­for­ma­tion. The so­lu­tion an­a­lyzes trans­ac­tional ac­tiv­ity to iden­tify anom­alies that go un­de­tected by man­ual pro­cesses. The sys­tem's ad­vanced scor­ing and pri­or­i­ti­za­tion ca­pa­bil­i­ties will fo­cus an­a­lysts on the most rel­e­vant fi­nan­cial risks, re­duce wasted re­sources spent on false pos­i­tives and help Soneri Bank in adapt­ing more quickly to newer money risks as they emerge. The use of SAS soft­ware, which is part of the bank's move to ef­fec­tively man­age en­ter­prise risk and strengthen its ef­forts to ad­dress fi­nan­cial fraud, is also ex­pected to help the bank im­prove its rat­ings and lower fi­nance costs. The Basel II frame­work seeks to in­crease fi­nan­cial sta­bil­ity by bet­ter align­ing a bank's reg­u­la­tory cap­i­tal to ac­tual risks. Through Basel II su­per­vi­sion and even­tual com­pli­ance, banks with a lower risk pro­file are re­warded. With this in mind, Soneri Bank has in­te­grated SAS for En­ter­prise Risk Man­age­ment into its risk man­age­ment pro­ce­dures, which had pre­vi­ously been sep­a­rated from the busi­ness lines. Aside from aim­ing to meet Basel II re­quire­ments, the bank is also look­ing into ways on how to im­prove on ex­ist­ing busi­ness

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