Core banking system Insight by Temenos aims to combat accounting fraud and aid regulatory compliance
GENEVA & LONDON - A new business intelligence platform from core banking software vendor Temenos has been launched to aid regulatory compliance, reduce latency and combat banking fraud.
The new software, Insight, aims to translate accounting data held by Temenos T24 users into a harmonised format to increase transparency for regulators and highlight potential frauds within customer accounts.
"High-quality, real-time information is clearly a strategic asset for banks and has become even more vital to their survival in this era of economic uncertainty," says Andreas Andreades, chief executive officer at Temenos.
Inefficiency at many firms has meant analysts spend too much time on processing data, with too little time left for picking out risk management trends through analysis.
Too many firms have also concentrated responsibility for data management within the hands of a limited pool of expertise; increasing their op risks during the crisis as staff turnover, redundancies and internal frauds increase.
"Banks across all sectors and geographies will now be able to explore enterprise data in depth, automatically identify trends, implement effective risk management and compliance strategies, and rapidly uncover hidden opportunities," says Andreades.
More on Operational Risk
High-paid employees banned from reporting wrongdoing
Implementation points to LEI benefits and best practices
Regulators must take energy market manipulation seriously, argues Kaminski
Liquidity providers seek to improve electronic price formation
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.