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Market for Financial Crime Risk Management Technology to Hit $3.75 Billion by 2012
DUBAI — The global market for financial crime risk management technology is projected to grow at an annual rate of 13.1 per cent to hit $3.75 billion by 2012, according to a report by
The ‘Financial Crimes Risk Management Systems 2009’ report has also named SAS, a leading provider of business intelligence and analytical software and services, as among the three global leaders in financial crime risk management technology.
“At present, many major local and international banks and financial institutions in the Middle East like Riyadh Bank and HSBC are using SAS’ fraud, risk management and anti-money laundering technologies,” Peter C. Venn, sales director, SAS, Middle East told Khaleej Times.
“Amidst the current financial crisis and the resultant high-profile failures in the region, leading technology vendors need to provide an integrated enterprise risk management offering that can analyse and report on the gaps and overlaps between credit risk, operational risk and financial crimes,”
he noted.
The report, which specifically covers the market requirements for fraud prevention, risk management and anti-money laundering tools, forecasts of market size, competitive landscape and best practices, has noted SAS’ strengths in managing credit risks and
operational risks.
The SAS Financial Crime Solutions enable accurate scoring of all transactions at the point of sale to stop fraudsters immediately and delivers a cross line of business approach to detecting and preventing sophisticated and dynamic attacks. At present, more than 200 global financial services institutions use this technology.
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