Lombard Risk, the second largest global provider of specialised solutions that improve the management of regulatory compliance and collateralised trading, today announced a new release of STB-Detector, a global financial compliance solution for mid-sized financial institutions.
STB-Detector offers the most comprehensive, proactive AML, fraud and market abuse detection with advanced event checking to improve the management of an institution's unique risk policies and address the ever changing regulatory requirements.
As criminals are constantly changing their ways, a tremendous amount of effort goes into tracking and investigating unusual transactions leaving very little time left to even think about keeping up with global regulations. Further, given today's challenging market conditions, compliance officers and other bank resources at mid-market financial service organisations are stretched to the limits. STB-Detector helps combat the major challenges facing compliance officers today of identifying potential crime exposure based upon their unique risk-based policies and capturing all of the vital information needed to support investigations.
STB-Detector's advanced event checking delivers specific red flag alerts with detailed data to enable Compliance Officers to guard against money laundering risks, potential terrorist financing activity, and other fraudulent transactions to protect their financial institutions from financial loss and reputational harm.
By automating a financial institution's unique risk-based policies, STB-Detector delivers sets of highly specific red flag information into a single view. A wide array of details, of all aspects of a case, are presented within one console, ensuring accelerated evaluation and close out. "Criminal activity changes over time, but we know we can modify STB-Detector in order to keep up with those changes," commented David Dilkes, operational risk manager at West Bromwich Building Society.
"I'm delighted that we've expanded our STB-Detector solution to solve a broader range of global money laundering risks and other financial crime challenges for our clients," said John Wisbey, CEO of Lombard Risk. "This latest release of STB-Detector will enable Lombard rd Risk to continue our remarkable year of growth by allowing our clients to further augment their KYC, KYE and KYB compliance risk management programmes with a robust and flexible solution that automates unique policies, quickly and out-of-the-box, to allow for more integrated and transparent monitoring, case management and FIU reporting."