80% reduction in manual review of alerts & 50% in cost in financial crime compliance review using Copasys® automation
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The Client
Top 20 US retail bank
Challenge
Review of financial crime compliance alerts performed manually
5 different queues managed with a turnaround time of 30 secs to 1 minute for each alert
Could not achieve desired 99.9% accuracy and turn time targets, especially during sudden influx of alerts
Low resource utilization due to small turn around time window
Solution
The review team needed to refresh queues/ screen throughout the day for any alerts.
Non-compliance issues if steps were missed in trying to meet turn time
Customer dissatisfaction during high volume periods due to delays in processing
High cost of carrying buffer staff to meet short turn time targets
Execution
Copasys® solution
Deployed Copasys for Financial Crime Compliance process review
Relevant data fields from source systems mapped to Copasys for automated upload
Business rules in Copasys configured by integrating the Bank's customer list to be compared, with the SDN list published by OFAC, to meet the test objectives of the process
Auto review of alerts against SDN list incorporated into Copasys
Exceptions which required manual review were sent to the team - review team took action only on exceptions
Value Delivered
80% reduction in manual review of alerts
100% coverage of all the reviews
100% adherence to agreed SLAs (service level agreement) of turn time and accuracy
