PREVENT: Programmed Risk Evaluation and Notification PREVENT is a Risk Assessment software solution that empowers financial institutions with the tools they need to maintain the risk assessment on all of their accounts, at all times. The program from Ocean Systems is customizable to maintain information according to the specific businessâ€™s risk policy. PREVENT is one of the AML software solutions that Ocean Systems developed to help financial institutions meet their compliance and customer evaluation requirements. PREVENT has the ability to re-evaluate risk criteria instantly and fine tune it when needed. You can also use the quick and friendly reiterative process to review and implement needed changes to your risk factors. The first step in Programmed Risk Assessment is to assign all of your accounts into groups and apply a risk matrix to each. PREVENT will retrieve account and transaction information from the monitoring and central system every day. In addition to running on a pre-scheduled basis, you also have the option to use the AML monitoring software to run a risk assessment whenever you request it. Banks will benefit from the data analysis capabilities as well by defining the risk matrices by providing statistics on the account data. Whenever a new account is entered, PREVENT will automatically calculate the account risk and make a comparison between it and that which has assessed to the account. If needed, risk ratings that have been assigned in the system can be automatically updated back so that the central systems. You have the option to define a variety of criteria for each individual risk matrix and assign scores for the values of each field. After these have been defined, you can assign weights to each field selected. Results and comparatives are displayed to current risk ratings. The assessments can be run repeatedly without an impact on the risk of the accounts. The ratings that result will be applied once approved. Those accounts which need to be updated will be selected either individually or by using a selection criteria. After the risks are assigned at the account level, the AML software gives you the ability to assign risks at the customer level. All of the AML solutions from Ocean Systems are designed with the primary goal of keeping financial institutions ahead of their regulatory compliance obligations. Their team works with individual institutions to provide the best solutions for their specific needs and requirements. The compliance requirements for financial institutions are frequently changing and often confusing for the businesses. Ocean Systems offers a comprehensive selection of products including their ECS Enhanced Compliance Solution, PREVENT Programmed Risk Evaluation and Notification, Fedlink Wire Transfer Automation and RETINA for Real Time Fraud Monitoring. The simpleto-implement systems offer diverse solutions for maintaining compliance in an industry where changes frequently occur.
Ocean Systems (http://www.oceansystems.com) is a software development company which specializes in Compliance and Electronic Funds Transfer (EFT) applications for the financial and banking industry. They have played a leadership role in software engagements in compliance solutions related to bank payment systems concerning ACH, Wire Transfers, ATM, and POS. OSI operates from their offices in Miami, FL and is a certified vendor of the Federal Reserve Bank and of MasterCard.