Insights on Business

A new era of technology enabled financial risk management (Part 1)

Insights on Business

In this series of blogs, we will focus on four transformative technologies with emerging risk applications that can help banks and financial institutions grow profitability and protect the enterprise.

AI and the rise of digital humans in financial services

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“AI is not going to replace managers, but managers who use AI will replace the managers who do not,” Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019. [1]

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Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

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Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc.

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Beware of data “science projects” turned fraud prevention solutions

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As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work.

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Solve your quota setting challenge: Start with Design Thinking

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You’re probably familiar with philosopher George Santayana’s admonition: “Those who cannot remember the past are condemned to repeat it.” While that’s hard to dispute, most of us will admit to occasionally falling short.

Stop money laundering with a proactive AML approach

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The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception.

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Thinking Forward: Financial Services and the AI Revolution

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Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services.

IBM and Thomson Reuters join forces to simplify how financial institutions tackle regulatory compliance challenges

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In the financial services industry in the United States, one thing remains constant – change. Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. As recently as two weeks ago, the U.S.

How AI is redefining financial crimes detection technologies

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Is your sales performance management mid-year correction strategy effective?

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Building a strategy and doing the right planning in order to achieve corporate objectives is the key to any business, and no doubt, planning sales compensation plays a crucial role in meeting those goals.

Is “openness” the next big word in financial crime?

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About a month ago, I attended the IBM RegTech Summit in London, which brought together a mix of financial services professionals, regulatory experts and technologists. But the terminology was markedly different than most financial crime and compliance events I’ve attended.

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The top five challenges and opportunities for AI in RegTech

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In the span of a just few years, artificial intelligence (AI) has gone from a niche, relatively abstract concept, to entwining itself in multiple aspects of our daily lives.

Ground attack or air strike: Winning the banking customer battle

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You have the mission to grab territory. You called in the lieutenants to devise a strategy. The Air Force general makes a strong case to efficiently blanket the territory with air campaigns. The Army favors the tried-and-true approach of gaining ground inch-by-inch.

Artificial Intelligence is a game-changer, but are you AI-ready?

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How financial services firms are using chatbot technology to transform their businesses

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The IBM Watson Assistant team has been busy in the past year helping clients implement state-of-the-art chatbots. The financial services industry is one of the fastest adopters of this technology. As a result, at IBM Think 2019 you’ll be able to find a number of client-led sessions.

How banks are using incentive compensation management to help increase revenue and drive growth

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In a competitive financial marketplace, banks are turning to incentive compensation management (ICM) solutions for competitive advantage.

Five common sales performance management implementation mistakes

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Has your company recently invested in a sales performance management (SPM) solution? If so, you are likely feeling a mix of relief and anticipation at achieving this milestone.

Stop waiting to apply AI for financial crimes

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Challenges from financial crime incidents and penalties grow. Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding.

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IBM in “Leaders” Quadrant of 2019 Gartner Magic Quadrant for IT Risk Management, fourth report in a row

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Our goal has always been to provide our customers with the tools and insights that help them meet their governance, risk and compliance (GRC) needs, and we do so, by leveraging the innovation of IBM within a single ecosystem.

Why real cross-channel payment data integration matters

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According to the 2019 AFP Payments Fraud & Control Survey , Automatic Clearing House (ACH) payment fraud increased significantly in 2018, reaching a new record with 82% of organizations reported incidents.

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Risk.net names IBM for “Financial Crime Product of the Year” and “Best Vendor for Innovation”

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While there is no prize for stopping financial crime (though, arguably there should be), occasionally there is recognition for being an integral and pioneering part of the overall financial crime management effort.

Lessons learned from recent incentive compensation management war stories

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In my travels to clients, I hear many war stories. Recently, these have come from new clients with recent wounds. These wounds often go deep – there are tales of long days, lost weekends, and swaths of frustrated team members.

Sales stories from the front lines: Lessons from clients in driving sales behavior

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Sales is the lifeblood of business.

Three reasons for risk analysts to get ready for quantum

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Rather than explain how quantum systems work, let’s discuss what quantum will do. For the financial industry, how is quantum computing helping? What problems will it solve in the future? How and why are financial institutions getting ready for quantum now? For more insights see my ).

Celebrating International Women’s Day with more than 100 years of IBM empowering women

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“If the bringing of women – half the human race – into the center of historical inquiry poses a formidable challenge to historical scholarship, it also offers sustaining energy and a source of strength.” ” – Dr. Gerda Lerner.

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Taking a risk-based approach to compliance management

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While deregulation has been a trend over the past few years, compliance monitoring and regulatory change management remains a top focus for financial institutions of all sizes.

The challenge of managing hundreds of daily GRC alerts

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Today we are inundated with alerts, breaking news, celebrity scandals and what their neighbor had for lunch. The feeds are not limited to one medium; your computer, your television, your phone, your tablet and now even the watch you wear on your wrist.

Capitalizing on Open Banking as a catalyst for digital transformation

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There’s a new normal in financial services. Regulations such as the second payment services directive (PSD2) and the Open Banking project spearheaded by the UK’s Competition and Market Authority (CMA) are driving disruption in the banking value chain.

Advancing Innovation in the Global Financial Services Industry

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IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries.

GRC is Everyone’s Business

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In my May 2019 blog, “Has GRC Reached Its Tipping Point? Observations From The Front Lines” , I described a set of common patterns that are driving business initiatives in Governance, Risk & Compliance.

IBM Open Banking Platform launch: Key takeaways

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In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models. To address this need, IBM introduced the IBM Open Banking Platform.

The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

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How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic.

IBM Algo FIRST becomes IBM FIRST Risk Case Studies

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In the continued evolution of the IBM Governance Risk and Compliance (GRC) product line, I am pleased to announce that effective today, Algo FIRST (FIRST) is rebranded to IBM FIRST Risk Case Studies.

The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

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How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic.

It’s time to embrace customer data privacy and security

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Customer data is the modern enterprise’s most valuable asset. For years, enterprises have collected and stored it without giving it a second thought. Now, new technology, business and regulatory challenges are forcing them to rethink how they collect and manage that data. Customer data drives innovations like artificial intelligence and blockchain solutions. For most companies, it fuels increases in their share of existing markets, and it’s the key to unlocking new ones.

Accelerate sales productivity with an AI digital assistant

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Digital assistants today can deliver far more services beyond sophisticated call routing. Infusion of artificial intelligence (AI) functionalities adds the potential to increase seller field time, improve sales performance and help lift HR productivity.

Succeeding in the future of payments

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Embracing the future in the age of instant gratification. The payments industry is at an inflection point. Customers increasingly demand new payment options like real-time payments and P2P payments, underpinned by security and trust.

Ask the expert: 20 questions fraud fighters want to know

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In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience.

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You can’t manage what you don’t measure

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“I don’t have enough data,” is something that I have never heard from a client. The real challenge today is finding the right data. Fundamental to sales performance management (SPM) is what we call Sales Performance Measurement.

Payments modernization: Addressing threats and assessing new opportunities

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Payments modernization initiatives around the globe have long been a topic of huge interest and are at different stages of implementation in different countries. Time and again, it has proven to be a catalyst for transformation that has fueled innovation.

IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice

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This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions.

Overpayments: A costly SPM mistake

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People make mistakes in all aspects of life; it’s not exactly headline news when it happens.

Where is the Financial Services Industry in the digital transformation journey?

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At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row.