Next steps once you’ve applied for the IBM OpenPages Regulatory Compliance Management Trial Edition
IBM RegTech Innovations Blog | Banking
by Lindsay Wershaw
3y ago
Your information has been processed. Here’s what lies ahead now that you have applied for access to our 30-day trial edition of IBM OpenPages Regulatory Compliance Management.*  An IBM representative will get back to you shortly. If you have come to this post and have not yet applied, learn more about the opportunity here. A quick review: What is IBM OpenPages Regulatory Compliance Management Trial Edition? This is an interactive guided journey where potential customers can see how IBM OpenPages Regulatory Compliance Management Trial Edition integrated with Thomson Reuters Regulator ..read more
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Simplify GRC management with 30-day trial edition of IBM OpenPages Regulatory Compliance Management
IBM RegTech Innovations Blog | Banking
by Heather Gentile
3y ago
The pandemic and its economic disruptions have shown us the world can change in a matter of hours. To keep the public safe, regulatory bodies have scrambled to introduce new measures, often with little notice. According to regulatory compliance experts at Thomson Reuters (TR), the yearly number of regulatory alerts has risen from 8,704 in 2008 to more than 58,000 in 2020. A new regulatory alert is issued every seven minutes and financial institutions must triage more than 220 regulatory alerts every day.   To keep pace, modern enterprises need a proactive approach to regulatory compl ..read more
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Key challenges and priorities for GRC leaders in 2021
IBM RegTech Innovations Blog | Banking
by Arun Kumar
3y ago
As enterprises move their critical workloads to cloud and regulators tighten the norms in the wake of security breaches, the job of Governance, Risk and Compliance (GRC) professionals has become increasingly important and extremely difficult at the same time. We inspect the escalating cost pressures and reflect on some of the key priorities that GRC Executives have in front of them, as we all look forward to move into 2021. The Challenges Cost of data breaches An Accenture report estimated the cost of cybersecurity breaches over five years to be a whopping $700 billion. Another report by Ponem ..read more
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Analytics at Work in Detecting Insurance Fraud
IBM RegTech Innovations Blog | Banking
by Eliza Salkeld
3y ago
With analytic techniques such as business rules, statistical models, and machine learning it can be difficult to understand the role of each approach in identifying fraud. Analytical techniques used in identifying fraud There are a variety of techniques that are used to detect fraud, many of which fall under the umbrella of business rules, statistical models, and machine learning.  Each of these three main approaches have a place in identifying instances of suspicious behavior. Traditionally,   fraud detection has used business rule techniques to achieve beneficial outcomes. The ..read more
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IDC ranks IBM #1 FinTech in Top 25 Enterprise category for fourth consecutive year
IBM RegTech Innovations Blog | Banking
by John Kelly
3y ago
Based on its research and market analysis, IDC Financial Insights announced its annual FinTech Rankings 2020, recently, in two categories – The IDC FinTech Rankings Top 100 and Top 25 Enterprise. We’re proud to share that IBM is identified #1 FinTech in the Top 25 Enterprise category for the fourth consecutive year in the annual IDC FinTech Rankings 2020. The Enterprise category includes enterprise/horizontal technology firms that provide products and services across multiple industries and have significant reported revenue in the financial services industry.  FIS, which has been IBM’s st ..read more
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Claims data quality critical for analyzing insurance fraud
IBM RegTech Innovations Blog | Banking
by Bob Patten
3y ago
As the old saying goes “garbage in, garbage out.” Applying this mentality regarding the quality of the data is critical when building fraud risk detection systems.  While it may seem like a no-brainer, the characteristics of typical insurance data increase the requirement to perform basic data hygiene before any analytics can be executed. A critical step in analyzing insurance claims data Forms for the submission of insurance claims often follow the CMS1500 or AB04 templates for individual practice and institution-based filings.  Although it is 2020, many insurance claims are still i ..read more
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Delivering effective analytics with limited or no ground truth
IBM RegTech Innovations Blog | Banking
by ibmblogs
3y ago
Insurance companies are continually subjected to questionable claims, whether that be actual fraud, waste, or just abuse. Insurance fraud in the U.S. alone represents a USD 32 billion in P&C and USD 84 billion in health care costs per year loss to insurance companies. Each carrier has tens and even hundreds of thousands of claims processed, yet the fraudulent claims are actually a small fraction of the total. This leads to highly unbalanced datasets with sparse data that makes fraud detection especially hard.  Combine that with the fact that new schemes are constantly e ..read more
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The importance of analytic insights for claims fraud prevention
IBM RegTech Innovations Blog | Banking
by ibmblogs
3y ago
149, 542, 782, 974 . . . what do those numbers mean to a claims handler or to an investigator? When analytics programs evaluate claims and/or other insurance objects such as policy holders, body shops, providers, etc., the analytics generate a score to reflect the level of risk of the evaluated objects. That score is presented to the claims handlers who typically work in their claims systems such as Guidewire, DXC Assure, Majesco, and other systems. It also goes to investigators from the SIU who are leveraging a case management application to investigate referred claims. While claims handlers ..read more
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Top 5 takeaways from the digital compliant client lifecycle journeys webinar
IBM RegTech Innovations Blog | Banking
by ibmblogs
3y ago
The pressure on financial institutions to become more efficient, comply with new regulations, and compete with novel technologies and entrants is growing. Financial firms are looking at uncertain conditions due to COVID-19, as well as related increases in financial crime and fraud. The IBM Customer Lifecycle Management (IBM CLM) with Fenergo solution is designed to address these issues. In a timely and relevant webinar for financial institutions, industry experts explore the key criteria that drive successful digital client lifecycle management (CLM) today. In “Powering digital compliant clien ..read more
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IBM Safer Payments recognized as ”Fraud detection and prevention product of the year”
IBM RegTech Innovations Blog | Banking
by ibmblogs
3y ago
On its 25th anniversary, Risk.net Asia recognized IBM Safer Payments as “Fraud detection and prevention product of the year.” This recognition is a testament to the IBM RegTech team’s commitment to bringing next generation risk and compliance solutions to serve clients across the globe and also to meeting geo-specific industry and business needs. IBM Safer Payments won this award specifically for bringing agility to fraud fighting and for its differentiated capabilities. The solution is also well positioned to serve clients in Asia as the region gears up for disruptions from the prol ..read more
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