Singapore/Hong Kong, 9 December 2021 – Oracle Financial Services was Highly Commended in the PEPs & Sanctions Screening category in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.
Oracle was credited for bringing together the two key screening paradigms – name screening and payments screening – to provide a holistic solution that helps banks guard against the risks associated with PEPs and sanctioned individuals and entities, as well as other financial crime risks.
The solution leverages what is considered one of the industry’s best matching engines, enabling Oracle to support global clients with more than 100 million records that need to be screened daily. This is achieved through horizontal scaling of Oracle’s detection engines and segregation of the data being screened.
The solution also offers high configurability to enable firms to define the rules that determine which records are considered for matching. Changes to screening configurations are recorded and maintained within an audit file, providing certainty that regulatory compliance can be demonstrated and screening policies are applied consistently across the organization.
The solution also features a ‘weighted average algorithm’, which scores matches based on various data attributes to aid in decision making and minimise the need for additional reviews. “The queue management system Oracle has introduced also helps to optimise workflows across a bank’s workforce,” one judge noted. “Oracle’s data management capabilities are part of its DNA. This is clearly reflected in its screening capabilities and how Oracle is able to scale.”
About the Regulation Asia Awards for Excellence 2021
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2021 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.