FICO Partners with 4most Europe to Accelerate Banks' Regulatory Compliance
LONDON, Jan. 23, 2018 /PRNewswire/ --
Highlights:
- 4most Europe will help FICO customers deploy and get rapid value from FICO® Decision Central™ software for analytic model governance.
- FICO has built Decision Central frameworks, in collaboration with 4most, for Capital Requirements Regulation (CRR), Internal Ratings-Based (IRB) Basel approach and the European's Central Bank's Target Review of Internal Models (TRIM).
Analytics software firm FICO today announced a partnership with risk analytics consultants 4most Europe to help European financial institutions comply with banking regulations. 4most, a leading European firm in regulatory risk analytics and programme management, will deliver FICO® Decision Central™ software for analytic model governance to customers, and provide consulting.
More information: http://www.fico.com/en/products/fico-decision-central
Under European regulations, it is increasingly important for financial institutions to document the decisions they make on customers, the factors that drove those decisions, and the performance of the analytic models used to make decisions. With FICO Decision Central, financial institutions can monitor and manage the evolution of every component that goes into making a decision. This gives visibility and control over an entire decision strategy, including data quality, predictive models, optimization models, machine learning algorithms, strategy trees and rule flows.
The frameworks that can be deployed within Decision Central help lenders comply with the Capital Requirements Regulation (CRR), Internal Ratings-Based (IRB) Basel approach and the European's Central Bank's Target Review of Internal Models (TRIM). These frameworks can cut the time needed to achieve compliance by up to six months.
"We have first-hand experience of regulatory projects where Decision Central would help define and deploy complaint processes more efficiently," said Damien Burke, partner at 4most. "The FICO software also makes ongoing compliance and interactions with auditors and regulators more effective, as all model governance information is centrally held and easily accessible."
"4most's insight and experience have helped us tailor Decision Central to new regulatory demands, making it easier than ever for customers to deploy," said Steve Hadaway, general manager for FICO in EMEA. "Our software and embedded frameworks can dramatically reduce the time and effort required to become compliant and demonstrate compliance."
FICO® Decision Central™ is part of the FICO® Decision Management Suite, an integrated platform for building and deploying analytics-based decision management applications. FICO has recently completed an executive brief on how FICO Decision Central can help banks comply with TRIM.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 180 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com
FICO and Decision Central are trademarks or registered trademarks of Fair Isaac Corporation in the U.S. and other countries.
About 4most
4most Europe is a specialist credit risk and regulatory consultancy with a wide range of experience in delivering successful and cost effective projects for its UK and international clients. Founded in 2011, 4most have grown rapidly to become the UK's largest credit risk regulatory consultancy with over 125 dedicated credit risk and modelling specialists. The firm prides itself on creating value for clients through long term partnerships and delivering uncompromising results.
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