Internal fraud is a big problem in FIS corporations. Approx. 5% of their annual revenue is the cost according to research by the Association of Certified Fraud Examiners. This report also shows that only 3% of internal fraud incidents are discovered thorough technology even though in 85% of the investigated cases there were behavioral signs during the time of the fraud. Common behavioral signs of fraud are financial difficulties; unwillingness to share duties; excessive tardiness; refusal to take vacations and much more. At eLoomina, we have developed novel behavioral analysis algorithms and AI technologies to discover these behavioral signs and raise red flags as early as possible. We look at internal company data from HR, Finance, IT, and Operations, and map it to our indicators. Based on the Organizational Misbehavior (OMB) model developed by Prof. Yoav Vardi who is our investor and advisor, we look for indicators in 3 main areas: Motivation, Ability and Opportunity to commit fraud. Each employee gets risk score based on these indicators and we provide risk map, risk trends and analysis tool. Using eLoomina, FIS organizations will save money, protect their reputation, and maintain regulation and compliance.
Built by bankers for bankers, Strategic Risk Associates’ Watchtower System advances risk and performance management for executives and the board in financial institutions. SRA Watchtower is a SaaS based Enterprise Risk Intelligence and Collaboration System that aggregates, integrates, normalizes and reports all critical risk and performance indicators on a continuous basis, providing real time access to company wide risk performance data, integrated in a way so as to strategically optimize risk strategy to the bottom line.