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​