FICO announced that Nedbank created an integrated financial crime risk management framework that uses FICO technology as part of the strategy to stop fraud, money laundering and other financial crime. Nedbank partnered with FICO to create the Risk Intelligence Centre (RIC), which consolidates relationships between entities and various financial crime risk factors into one comprehensive view. Nedbank created an integrated financial crime risk management framework that not only enhances the prevention of financial crimes but also addresses related reputational and credit risks more holistically.

Nedbank partnered with FICO to create the RIC, which consolidates data from multiple systems and decisions from different committees, streamlining processes such as offboarding relationships or closing accounts due to financial crime, and making this critical information available across the entire bank. FICO technology powers the RIC?s consolidated repository through decision services, an application studio, and the FICO Identity Resolution Engine. The decision service harmonizes all known risk information to make informed decisions.

The RIC was designed to enhance existing decision engines and detection systems, spanning client compliance, credit affordability, suspicious transaction monitoring, transactional fraud detection, employment and supplier vetting, among others.