Ideation of Digital initiatives

Client Benefits & Main Results

As part of its operational efficiency program, our client wanted to assess the potential for digitalization of the Compliance department

The first priority has been set on Anti Money Laundering alert management due to:

  • High number of false positive hits all to be manually released
  • Low suspicious activity report conversion rate
  • Highly labour intensive analysis tasks

Our approach

1. Assessment of needs

  • Screen Compliance processes in coordination with Domains and assess eligibility
  • Leverage initiatives already deployed within the Group if any
  • Identify the best candidates for a POC and select the technology and source providers
  • Identify and address potential issues such as data quality and availability, security, dependencies, regulatory requirements, BCP…)

2. Bcase preparation

  • Define expected benefits of the initiative from business and operational standpoints
  • Estimate project and running costs of digitalization
  • Formalize rationale (quality, savings, efficiency, risk mitigation…) and provide financial metrics and expected return on investment

3. Proof-of-Concept

  • Select a provider for the POC according to Group guidelines and organize the POC (negotiation, logistics, governance, roles, KPI, timeline…)
  • Analyze results and evaluate interest and scalability for deployment or industrialization
  • Review the business case
  • Make Go/No Go decision based on financials and risk acceptance (security, reg…)

Client Benefits & Main Results

  • Effective collaboration between IT and Compliance teams with co-located teams working on agile mode

  • Enhanced and secured AML alert management framework robustness by replacing static rule-based scenarios with patterns and behavioral client transactions detection algorithm

  • 59% of non suspicious alerts automatically detected thanks to the new tool

  • 4 FTEs reallocated to more value-added tasks focused on analyses and investigations

  • Decrease by 25% of alert processing time for level 2 alerts

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