Future-proofing Financial Risk Management for a Global Bank

Business Challenge

The bank faced the daunting task of mitigating financial crime, one of their top 5 risks and initiated a financial risk transformation program (FCTP). Challenges ranged from managing extensive financial data to integrating systems like NetReveal and SafeWatch, optimizing case management, meeting regulatory compliance, and implementing data analytics tools.

Coforge Solution

Coforge deployed a comprehensive strategy including a cross-functional team with expertise across Data, API, BPM, Testing, and domain knowledge. The Coforge team established a data ecosystem on Hadoop, MongoDB, and Vault, decoupling data from applications for future-proofing. They implemented Financial Crime Tools like NetReveal and SafeWatch for efficient customer screening, transaction monitoring, risk assessment, and payment screening, along with in-house interfaces for suspicious activity reports. Appian was employed for case management, and Tableau for MIS reporting and comprehensive dashboards, providing real-time insights.

Results

The program led to a 20% cost reduction, 30% increase in analyst productivity and a 45% improvement in release velocity due to architecture simplification, enabling faster deployments and updates.

Key Highlights

Coforge's comprehensive solution significantly reduced costs, boosted analyst productivity, and increased release velocity. This transformation underscores the importance of an integrated approach to tackling financial crime in banking.