1 Customer
- Top 20 US retail bank
2 Business Situation
- 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, specially during sudden influx of alerts
- Low resource utilization due to small turn around time window
3 Solutioning
- 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
4 Execution
- The Copasys® solution
- Deployed Copasys for Financial Crime Compliance process review
- Relevant data fields from source systems mapped to 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
5 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
Cost of review reduced by 50%
Efficiency from elimination of manual steps
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