Congratulations to Celent's Model Risk Manager 2022 Award winners: ABN AMRO, BNP Paribas S.A., DBS Bank, Fincare Small Finance Bank, Forcht Bank, ICICI Bank, PNC Bank, and Vietnam Prosperity Bank.
Detailed case studies and video interviews on the winning initiatives are available as noted below.
Model Risk Manager of the Year 2022 Award Winner: DBS Bank - Reimagining Corporate Credit Risk Management
Category: Digital and Emerging Technologies
Synopsis: DBS Bank reimagined their corporate credit risk management by building a one-stop solution for corporate credit processes, from origination to financial analysis and approvals. The modern cloud-native platform utilizes microservices, DevOps, and data science to provide seamless digital services to relationship managers and credit risk professionals.
Winner: ABN AMRO - KYC Investigations
Category: Data, Analytics, and AI
Synopsis: ABN AMRO deployed a next generation KYC investigation tool to overcome the challenges in its know your customer / customer due diligence (KYC/CDD) operations. The bank deployed Quantexa’s Contextual Decision Intelligence platform which significantly enhances the intelligence and efficiency for complex KYC investigations. This solution enriches KYC/CDD practices by identifying and tracking underlying beneficial owners and their associations and facilitates efficient customer risk evaluations and due diligence reviews. It also optimizes financial crime detection and investigation by graphically displaying identified networks in an interactive manner and highlighting risks for investigators.
Winner: BNP Paribas S.A. - One KYC
Category: Legacy and Ecosystem Transformation
Synopsis: BNP Paribas S.A. implemented One KYC, a utility for collecting, storing, and maintaining information and documents for KYC, onboarding, and client lifecycle management for its corporate clients belonging to the bank’s multiple business units and regional operations.
Winner: Fincare Small Finance Bank - Centralize, Digitize, and Automate the Audit Process
Category: Legacy and Ecosystem Transformation
Synopsis: Fincare Small Finance Bank transformed its manual risk audit procedures to a centralized digital model. Doing so greatly increased efficiency, strengthened the bank’s risk posture, and significantly shortened the time for regulatory reporting. The bank had built a digital front end for its customers, but its internal risk processes remained largely manual. The imperative to ensure resiliency during the COVID-19 pandemic was the catalyst for bringing the bank’s operational risk management into the digital age.
Winner: Forcht Bank- Cybersecurity Excellence through Strategic Outsourcing
Category: Legacy and Ecosystem Transformation
Synopsis: Forcht Bank, a community bank operating in Kentucky and Ohio, strengthened its cybersecurity by leveraging managed services by Fiserv on Microsoft Azure to achieve services, security, and infrastructure comparable to much larger institutions.
Winner: ICICI Bank - Strategic Management of Retail Debt During the Pandemic
Category: Data, Analytics, and AI
Synopsis: ICICI bank implemented a retail debt management strategy leveraging AI and automated customer communications to cope with the challenges of the COVID-19 pandemic. With this strategy, the bank was able to improve delinquency rates within just a few months.
Winner: PNC Bank - PINACLE® Payee Account Validation
Category: Digital and Emerging Technologies
Synopsis: PNC Bank developed and deployed a solution—called PINACLE® Payee Account Validation—to support its treasury management client base for use with eligible payments to help prevent payments fraud. This tool enables users of PINACLE®, PNC Bank’s commercial and online banking platform, to validate payee information when originating a freeform domestic payment.
Winner: Vietnam Prosperity Bank (VPBank) - Regtech Compliance Transformation
Category: Digital and Emerging Technologies
Synopsis: VPBank replaced its rudimentary filtering system with Oracle’s Financial Crime and Compliance Management (FCCM) product suite with the goal of implementing risk models that are developed based on global regulatory guidelines and are consistent with the directives and guidance of multi-jurisdictional compliance requirements. This initiative resulted in better compliance, improved efficiency and effectiveness, and enhanced customer experience.
