Fiserv: Unique and Secure Risk Management Solutions

Jeffery Yabuki, President & CEO, FiservJeffery Yabuki, President & CEO
Technology has transformed the banking sector from deploying traditional banking methods to adopting new age practices such as the Core Banking System (CBS)—allowing automation and linking of multiple branches, leading to increased efficiency and reduced manual work. However, with CBS come new challenges pertaining to risk, compliance, and operating protocols. “Fiserv offers a host of fraud and risk management solutions that detect, measure, quantify, and optimize risk to achieve growth, meet regulatory compliance needs, and safeguard client reputation,” says Jeffery W. Yabuki, President and CEO, Fiserv.

With headquarters in Brookfield, WI, the firm offers solutions targeted at managing risk and meeting compliance needs. Fiserv’s Financial Crime Risk Management is a fraud and money laundering detection and prevention solution that facilitates tackling Anti- Money Laundering (AML) and fraud related issues. This helps in providing a strong defense mechanism that removes the risks from the life cycle of a transaction by sharing data across many control points.

For financial risk management and compliance, the firm offers Risk Office, EnFact, TranBlocker, and CardTracker for a wide range of applications like offering credit, market and liquidity risk management, as well as asset and liability management. “Our solutions are focused on addressing the need for rigorous and correlated scenario analysis across a broad range of risk categories and supporting enterprise views,” says Yabuki.Fiserv’s solutions, while providing banking services to customers and financial institutions, ensures safety of customer accounts by maintaining the security of key information like bank details, account numbers, and passwords. Through its risk and compliance solutions Anti- Money Laundering Manager and Fraud Risk Manager, Fiserv efficiently manages risks, ensures customer

confidentiality, and protects financial organizations from financial, reputational, and legal damage.

With the solutions in place, customer information from accounts along with financial and marketing data is analyzed and transformed into actionable insights, enhancing earnings, and managing risk through a process that is compliant with the industry standards. “This collective data helps banks make quick and confident decisions, perform fact-based analysis, understand customer behavior to retain customers and increase profits,” says Yabuki. Fiserv assists banks and financial organizations in gaining a rapid and secure means to accept mobile deposits. It leverages the power of advanced analytics in combination with customer information to reduce false alarms and provide advanced AML detection.

Fiserv’s solutions are being successfully utilized by many clients for guidance in promoting compliance and reducing risk. Apple Federal Credit Union is one such firm that was a victim to fraud until they approached Fiserv. “The client was on the receiving end of a number of attempts at fraud and had incurred heavy losses,” states Yabuki. Fiserv was able to offer the client assistance in incorporating Risk Office and reported an excess of $10,000 saved in six months. The solution works in tandem with other tools from Fiserv like EnFact, TranBlocker, and CardTracker that help the client in creating customized authorization rules and risk tolerance refinements.

Fiserv offers a host of fraud and risk management solutions that detect, measure,and optimize risk to meet regulatory compliance needs and safeguard client reputation

For the future, Fiserv aims to continue developing innovative tools and solutions for banks and financial organizations. “We will continue driving innovation in risk and compliance, payments, and processing services to offer consumers a streamlined and secure channel to conduct their business,” concludes Yabuki.