Accenture Launches Risk-Management Tool For U.S. Banks

AccentureLeading global management consulting firm Accenture has launched a cloud-based data analytics utility to improve the risk-management of U.S. banks.
In collaboration with industry consortium Mid-Sized Bank Coalition of America (MBCA), the Accenture Financial Crime Analytics Utility focuses initially on risk-management capabilities, including anti-money-laundering (AML) compliance.
In the future, it will add more features, including the ability to run analytics-intensive operations for a wide variety of other bank functions such as cyber security and third-party risk management.
The platform allows banks to upload their data efficiently and gives access to an application store and data marketplace that provides analytics tools, data models and reports, and application program interfaces (APIs).
Scott Nathan, Managing Director in Accenture’s Banking
Scott Nathan, Managing Director in Accenture’s Banking

Scott Nathan, a managing director in Accenture’s Banking practice, said: “Our new utility helps level the playing field for mid-size banks, enabling them to leverage analytics at scale and apply data-driven insights as only larger banks previously could. Clients can take advantage of the most advanced analytics as a fully supported service to transform their data into actionable insights to improve performance and outcomes — and compete more effectively in today’s digital world.”


Among the key benefits that the new utility can provide participating banks are:
• Enhanced productivity. Through analytics-driven insights, the utility enables banks to make decisions more quickly and reduce false positives.
• Lower compliance costs. The solution can augment the productivity of people working in financial crime prevention and reduce or eliminate reliance on third-party providers for software and system changes, enabling the bank to reallocate resources to higher-value activities.
• A reduced overall risk profile. By enabling deeper, actionable intelligence and defensible statistics, the utility can help banks fine-tune their policies, standards, processes, and procedures to better monitor and control for BSA/AML risks.
• Shared and customizable data visualization capabilities. By providing access to platform-driven research from participating members, the utility eliminates the need for banks to start from scratch, while also enabling them to use existing data from the platform to create and customize their own risk-mitigation dashboards and scenarios.
• Standardized data structure. The utility creates a standardized data model to support consistency between key reporting frameworks and regulatory requirements, integrating dynamic updates as regulations change.
Brent Tjarks, MBCA’s Executive Director
Brent Tjarks, MBCA’s Executive Director

Brent Tjarks, MBCA’s executive director, commented: “Mid-sized financial institutions are looking to become more agile and efficient without investing heavily in isolated systems that are increasingly difficult to maintain. By empowering banks, regulators and the end-user law enforcement community with access to intelligence derived from a larger data set, the new utility will enable banks to improve compliance processes and reduce risk management costs while helping ensure a safe and flexible financial system.”