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SAS Named A FRAML Leader by Chartis - SAS’ Category Leader distinction in Chartis’ inaugural evaluation of FRAML solutions reflects how SAS’ technologies “have become established as leading fraud and AML service offerings” - Chartis-Research.com / SAS.com
SAS Named A FRAML Leader by Chartis

 

PRZOOM - /newswire/ - Cary, NC, United States, 2023/11/30 - SAS’ Category Leader distinction in Chartis’ inaugural evaluation of FRAML solutions reflects how SAS’ technologies “have become established as leading fraud and AML service offerings” - Chartis-Research.com / SAS.com.

   
 
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Lauding the AI and analytics giant’s “in-depth analysis capabilities across all stages of the customer lifecycle,” Chartis Research has declared SAS as a RiskTech Quadrant® Category Leader in FRAML Solutions. SAS scored “high” across all completeness of offering evaluation criteria and notably ranked best-in-class in the analytics and user interface (UI) criterion.

FRAML has evolved from the idea of combining fraud and anti-money laundering (AML) workflows to broader capabilities that enable financial firms and increasingly regulators and governments to follow illicit money flows, examine the connections between different types of financial crimes and gain a more holistic view of risk.

“SAS is unique both in its market maturity and its approach,” said Nick Vitchev, Research Director of Financial Crime and Fraud Markets at Chartis. “SAS’ fraud and financial crime solutions are built on a common AI- and machine learning-driven decisioning architecture. This gives SAS’ clients considerable flexibility. They can deploy specific fraud and AML solutions, bolstering capabilities in a modular fashion, or they can adopt an integrated, end-to-end platform for even greater operational efficiency and optimized risk management.”

Vendor leading practices in fraud and financial crime worldwide

SAS was among 35 vendors whose combined fraud and anti-money laundering solutions were evaluated by Chartis in its quadrant report, FRAML Solutions, 2023: Market and Vendor Landscape. The Vendor Analysis highlights SAS’ many strengths, including:

• Hybrid analytics with embedded AI and machine learning. SAS’ hybrid analytics approach combines techniques like automated business rules, predictive modeling, text mining, exception reporting and network link analysis. Per Chartis, this helps firms “spot more suspicious activity with greater accuracy,” while “embedded AI and machine learning [ . . . ] help firms detect more fraud and reduce false positives.” SAS’ cloud-native AI platform, SAS® Viya®, supports custom SAS models, consortium SAS models and open source models, such as those using R, Python and Lua.
• Robust data management and simplified data integration. From structured and unstructured data to text, documents and images, SAS enables firms to nimbly combine all internal, external and third-party data. Further, as noted in the Vendor Analysis,“SAS has written APIs for more than 20 popular data providers, which deliver intelligence on device reputation, biometric scores, document verification, sanctioned entities and adverse media.”
• “Particularly strong” flexibility, scalability and overall orchestration. According to Chartis, SAS’ self-service capabilities enable firms to “intelligently prioritize alerts for triage, investigation and disposition” and respond to new and evolving fraud threats, which ultimately helps them deliver “a better customer experience while detecting more instances of fraud.

“The convergence of fraud, AML and cybersecurity creates the opportunity for greater collaboration and information sharing among stakeholders,” said David Stewart, Director of Financial Crimes and Compliance at SAS. “The right strategy combined with the right technology can deliver not only a more comprehensive picture of financial crimes risk but also greater operational efficiency and long-term cost savings.

“SAS enables firms to integrate data and processes on-premises or in the cloud, with AI and machine learning-powered solutions that help them advance through the four levels of FRAML convergence: shared investigation, automated triage, orchestration of data and processes, and holistic monitoring.”

Market-leading solutions across financial services

This latest distinction from Chartis complements Category Leader accolades in the firm’s Vendor Landscapes for several other technology categories in recent months, including:

• AML Transaction Monitoring Solutions. (November 2023)
• Know Your Customer (KYC) Solutions. (September 2023)
• Asset Liability Management (ALM) Solutions. (July 2023)
• Enterprise Fraud Solutions. (May 2023)
• Payment Risk Solutions. (May 2023)
• Credit Risk Reporting Solutions. (May 2023)

The strength of SAS’ capabilities in these and other risk, fraud and compliance technologies contributed to SAS’ No. 2 overall ranking in the Chartis RiskTech100® for 2024, the preeminent annual analysis and ranking of the world’s risk technology market.

SAS also topped seven RiskTech100 award categories, including AI for banking, balance sheet risk management, behavioral modeling, enterprise stress testing, IFRS 9, model risk management, and risk and finance integration. Learn more about SAS’ risk management solutions portfolio online.

About Chartis Research

Chartis Research (chartis-research.com) is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis' goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

About SAS

SAS is a global leader in AI and analytics software, including industry-specific solutions. SAS helps organizations transform data into trusted decisions faster by providing knowledge in the moments that matter. SAS gives you THE POWER TO KNOW®.

 
 
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SAS Named A FRAML Leader by Chartis

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