The global market for financial crime risk management technology is projected to hit $3.75 billion by 2012, at a compound annual growth rate of 13.1 per cent, according to a report by Chartis Research.

The report entitled 'the Financial Crimes Risk Management Systems 2009’ specifically covers the market requirements for fraud, risk management and anti-money laundering technologies, forecasts of market size, competitive landscape and best practices.

Amidst issues in liquidity that are being faced by the financial sector in the Middle East, it is crucial for financial institutions and banks to be equipped with fraud, risk management and anti-money laundering technologies to combat any sort of fraud or crime, the report added.

According to the report, SAS, a leading provider of business intelligence and analytical software and services, is among the three global leaders in financial crime risk management technology.

At present, many major local and international banks, and financial institutions in the Middle East are using SAS’ fraud, risk management and anti-money laundering technologies, including Riyad Bank and Hong Kong Shanghai Banking Corporation (HSBC) amongst others, it said.

Chartis Research complimented the functional SAS components of data analytics, alert generation, workflow management and case management.

Furthermore, the citation also recognised SAS’ award-winning suite of financial crime solutions, which integrates analytics, advanced decision-making capabilities and sophisticated rules into a single ‘Enterprise Financial Crimes Platform.’

“We are honoured to be acknowledged by Chartis Research as one of the world leaders in technology-enabled solutions for financial crime risk management,” said Peter C. Venn, sales director, SAS - Middle East.

'Amidst the current financial crisis and high profile failures being seen in the region, leading technology vendors need to provide an integrated enterprise risk management offering that can analyse and report on the gaps and overlaps between credit risk, operational risk and financial crime,' he noted.

'We are proud to be one of the few technology vendors who have taken a fully integrated platform approach to developing its financial risk management solutions and anti-money laundering solutions,' he added.-TradeArabia News Service