Project Magnet - Delivering Risk Insights Through Analytics and AI

Project Magnet - Delivering Risk Insights Through Analytics and AI

Introduction

 

Project Magnet is an innovative AI-powered surveillance platform that enables more effective identification of higher-value risks insights in a scalable way, allowing UOB Private Bank to address these risks in a timely manner

 

We are proud to be one of Asia’s Private Banks to pioneer applying a combination of Machine Learning and rules-based algorithms to detect anomalies relating to RM misconduct and financial crime.

The Innovation

At its core, the Project Magnet integrates rules-based algorithms with advanced machine learning models such as Isolation Forest and One-Class SVM, powered by more than 50 engineered indicators.
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12 Modular Scenarios

Features 12 modular risk scenarios addressing risk typologies across Investment Suitability, Financial Crime, Fraud and Cross border activities.

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Innovative Solution

Integrates rules-based algorithms with advanced machine learning models such as Isolation Forest and One-Class SVM.

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Tangible Outcomes

Project Magnet’s enhanced detection capabilities led to a 148% increase in number of true hits, resulting in a 130% improvement in exception rates. This represents several million worth of transactions which have been risk mitigated.

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Robust Data Foundation

Ingests information from multiple source systems and designed to enable automated data transformation, which delivers risk insights through intuitive dashboards tailored for both Front-office Supervisors and Control functions.

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Scalable Surveillance Coverage

Increased coverage to full population to identify anomalies for investigation.

UOB awarded Best Private Bank – Digital Innovation (Risk)

UOB Private Bank is named Best Private Bank in Digital Innovation (Risk) by Global Private Banker. This award recognises our success in transforming conduct risk surveillance through automation, intuitive dashboards, and machine learning – enhancing client protection and reinforcing regulatory compliance.