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Unformatted text preview: ously these examples are highly simplistic, with the real fraud
and crime situations being far more complex, but in essence pattern-matching is a major part of detection, or
even prevention. Business rules and events can be defined to represent these patterns in terms of activities and
data sources. The event processing correlation engine can continually search for a match with the specified
occurrences and trigger the required rules if a problem is detected. However, financial crime is an area where
the criminal community continues to become ever more inventive, and it will be essential to allow new events
and rules to be written and modified constantly by the business experts so that the bank can keep up.
Fortunately, the speed of change for these rules and events meets this demand.
Other governance benefits flow from the formalization and automation of decision-making, the visibility of
current decision-making procedures, the agility to change these decisions quickly and the ability to track and
measure the decisions and their outcomes more effectively. Consider the area of loans handling. In most
countries, there are regulations governing the provision of loans, ensuring that loan offers are not made until the
consumer has been provided with a range of different pieces of documentation. With the advent of multichannel banking, some of this may have been provided at the branch, some through the internet and some via
the consumer’s mobile. A rule can be created that ensures the offer is not made until all the various pieces of
documentation have been provided and signatures obtained, no matter which channels are involved. This
ensures compliance with regulations.
Similarly, certain regulations such as SEPA demand that consumers using the bank for securities trading
services should be presented with specific documentation for each trade, together with regular account
updates. In this case, rules can be combined with events to ensure that all requirements are met. This ensures
the bank is looking after its customers properl...
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This note was uploaded on 01/29/2014 for the course ACC 230 taught by Professor Xia during the Winter '13 term at Bloomsburg.
- Winter '13