Suriname’s Financial Institutions Turn to Data Analytics to Combat Growing Threat of Financial Crime
Financial crime is on the rise in Suriname, and banks are racing against time to stay ahead of cunning criminals using cutting-edge data analytics techniques. At the forefront of this battle is Saku, a data management expert working for Tietoevry Tech Services in the anti-financial crime unit of one of the country’s largest banks.
The Battle Against Financial Crime
Saku’s mission is to develop and refine risk models that analyze vast amounts of data to detect financial crimes and terrorist financing. With a team of experts from various disciplines, including data analysts, engineers, and consultants, Saku works closely with clients to stay one step ahead of criminals who are constantly adapting new methods and technologies.
Risk Model in Action
The risk model uses an array of indicators to identify suspicious behavior, which is then refined through constant performance and impact analyses. According to Saku, it’s often the combination of various indicators that triggers warnings, making the job extremely complex and interesting.
Staying Ahead of the Curve
To stay at the forefront of this ever-evolving field, Saku leverages a range of technologies, including:
- Databricks
- Snowflake
- Power BI
- SQL language
- Python
- AWS
- Azure cloud solutions
- SAS EG
He also utilizes Jira, Confluence, and git to streamline his work.
The Importance of Collaboration and Individual Initiative
For Saku, embracing new challenges is essential to staying ahead in this field. He thrives on the daily problems that come with working in financial crime prevention and welcomes the opportunity to think creatively about solving them.
- “What I like about this job is that there are new challenges every day,” he says.
- “We constantly run into problems we haven’t worked on before, and having to think about how to solve them is great.”
- “I like to try to solve problems alone. It’s a great way to learn.”
Continuous Learning and Development
Saku believes that continuous learning and development are essential for success in this field. He credits Tietoevry with providing ample opportunities to grow professionally, including the freedom to explore new projects, clients, industries, and technologies.
The Impact of Data Analytics
As Suriname’s financial institutions continue to grapple with the threat of financial crime, Saku’s expertise is helping to drive innovation and stay ahead of the curve. His dedication to using data analytics for good is a shining example of the impact that technology can have on society.