BAE Systems Detica Awarded a "Best-in-Class" in Two Categories in Anti-Money Laundering Technology Analysis
NEW YORK, NY, Feb 26, 2013 (MARKETWIRE via COMTEX) --
BAE Systems Detica today announced that its Detica NetReveal(R)
enterprise risk, fraud and compliance solution has been named a
"best-in-class" by CEB TowerGroup analysts in its latest Anti-Money
Laundering Technology Analysis report.
The solution came top in the categories of Detection Tools and
Enterprise Support. Detica NetReveal is a unique AML offering in
several respects, but the most notable differentiator is the
solution's handling of false positives.
By understanding that in money laundering, false positives are
assessed to be those alerts with specific end states showing that an
investigation was not worthwhile, the system is able to continuously
refine its models through the application of theoretical modeling and
optimization techniques such as predictive and descriptive analytics,
resulting in improved efficiency and effectiveness.
The report further states that BAE Systems Detica developers possess
such nuanced understanding of the space that the Detica NetReveal
solution easily stands out, even in such a competitive field as AML
CEB TowerGroup research director Andy Schmidt said:
laundering is the top compliance pain point for banks, regardless of
size. Regulators have become more aggressive in enforcing AML
compliance, levying fines that can reach into the billions of
dollars. Financial services institutions looking to safeguard their
operations from money laundering activity will deploy solutions that
combine robust analytical and predictive tools, rich graphical and
workflow capabilities, and a nuanced understanding of this
increasingly complex space."
Joe Friscia, President of the Americas, BAE Systems Detica, said:
"As the AML and compliance panorama continues to evolve, financial
institutions have to develop and embed a corporate culture that
embraces enterprise-wide AML risk management. They have to
continuously gain the knowledge to prepare for regulatory mandates
efficiently and cost effectively and this can only be achieved with
the support of leading edge technology supported by deep industry
About Detica NetReveal
Detica NetReveal is a leading provider of risk, fraud and compliance
solutions to a wide range of financial services and government
clients across the globe. The NetReveal suite of solutions combines
predictive analytics with advanced social network analysis to
identify suspicious behaviors more accurately than other solutions.
The power of our approach lies in the combination of specialist
industry expertise with proven technology. We provide our clients
with intelligence to more accurately assess the risk of the
individual by better understanding the risk associated with the
networks in which they operate. With over 130 clients across five
continents, including six of the world's current top 10 financial
institutions, Detica NetReveal has a proven track record of tackling
fraud, improving operational intelligence and reducing financial
losses and reputational risk. Detica NetReveal, incorporating Norkom
Technologies, is a business division of BAE Systems Detica.
For further information, please visit www.deticanetreveal.com
About BAE Systems Detica
BAE Systems Detica delivers information intelligence solutions to
government and commercial customers. We help them collect, exploit
and manage data so they can deliver critical business services more
effectively and economically. We also develop solutions to strengthen
national security and resilience.
We integrate and deliver world-class solutions to our customers' most
complex operational problems -- often applying our own unique
intellectual property. Our services include cyber security, managing
risk and compliance, data analytics, systems integration and managed
services, strategy and business change and the development of
innovative software and hardware technologies.
Detica is part of BAE Systems, a global defense and security company
with just under 100,000 employees worldwide. BAE Systems delivers a
full range of products and services for air, land and naval forces,
as well as advanced electronics, security, information technology
solutions and customer support services.
Head of PR and Media
BAE Systems Detica
Telephone: +44 (0) 20 7812 4274
Mobile: +44 (0) 7787 297 831
Articulate Communications Inc.
Telephone: +1 212 255.0080, ext. 20
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