AAIMS Automated Alert Investigation Management System
AML TM Alert Investigation Solution & Services
#AML #FinancialCrimes #Compliance #TransactionMonitoring
AML Transaction Monitoring: Challenges faced by the Banks | FIs
Lack of a proper monitoring of critical data elements for data quality and completeness
Data Gaps in TM Alerts like duplicate alerts due to look back period , missing transactions, data quality issues, invalid mappings and gaps in scenario coverage
Lack of documentary evidence to rationalize scenarios and thresholds chosen
Scenario coverage and thresholds not being optimized since initial implementation
Inadequate TM investigation practices ; decision errors
Insufficient and inconsistent investigation documentation
Insufficiently trained investigation staff
Lack of regular testing and continual improvements
Lack of statistical analysis to justify thresholds settings
Enhance Your Risk Radar
Challenges related to effectiveness and efficiency of AML transaction monitoring approaches tend to be incorrectly considered exclusively in terms of false positives and false negatives produced by existing transaction monitoring approaches by the Banking and Financial Institutions.
Risk mitigation efforts should be structured and prioritized to address the multiple risks faced by institutions in relation to potential money laundering activity. These include the risk of regulatory penalties for missing suspicious activity or demonstrating inadequate controls, not limited to regulatory compliance but also to minimize the potential risks. (Reputation, Strategic, Operational Risks..)
Enhancing Operational Efficiencies
Financial Institutions are faced with increasing challenges towards curbing money laundering inspite of putting several critical measures to improve the Transaction Monitoring process, Some of the key challenges are :
Increased regulatory compliance measures to detect suspicious activities
Ever Increasing Volume of Transactions & Too Many ‘False Positive’ alerts
Significant effort and cost is incurred in Dispositioning the alerts
The Manual process is inherently inefficient, leading to
Errors in human judgment / Less Accurate Dispositions
Lack of Adequate Monitoring
Failure to catch suspicious transactions
Dependence on highly skilled staff
Significant Increase in Turn Around Time (TAT)
Increased AML Investigation cost
Data Silos & Technology Landscape across Bank
Non availability of Feed Back Loop process to the alert generation system for optimizing the scenarios
Our solution has been designed with a focus on AML transaction monitoring investigation processes, governance, and operating model risk management best practices, operational effectiveness and realization of efficiencies.
AAIMS: Automated Alert Investigation Management System
Energica’ AAIMS solution is based on the confluence of cutting edge technologies and a wealth of knowledge accumulated on AML Alert Generation & Disposition functions over a period of time.
AAIMS focuses on Automated Alert Disposition and employs a methodical approach through sophisticated Rule & Decision Engines, aided by a powerful Online Search Engine and Analytics. Our solution has been designed with the flexibility to customize regulations, scenarios, rules and red flags. As a result of implementing our AAIMS
AML Alert Investigation cost could be reduced to the extent of 60%
Turn Around Time (TAT) for alert closure could be reduced by 80%
Accuracy of detecting suspicious activity could be improved
Alert processing and investigative operations, managed to minimize time, effort spent by investigators on low-value manual activities on the alerts generated through streamlined processes and cognitive decision management solution components.
Energica’ AML Alert Investigation Services & Solutions offers an automated alert disposition management for Financial Institutions.
Rule-based research and resolution: Rules are applied to the Alert data to speedily research and create accurate investigation reports automatically.
Alert investigation by automatically collating and analyzing relevant data for investigation while leveraging historical data to determine trends and hidden relationships.
AAIMS Automated Alert Investigation Management Platform
Functional Components & Key Features:
Digitized Rule Engine
Cognitive Search Automation
Automated Alert Disposition
Alert Investigation Disposition Dashboard
Flexible Rule Configurator
Rule Change Management | RCB
Rule Traceability Matrix
Rule Review & Approval
Role Based Authorization | SSO
Workflow & Document Management
Energica’ AAIMS minimizes the operational, tactical and strategic risks and makes an automated decisions that increase the business value derived from AML TM Alerts, while reducing the risk associated with the current delivery model.
Ability to process large data on the fly.
Better data visualization
Reduction in false positives
Ensure consistency of analysis to every alert
Reduce time to review alert by 50 %
Potential for significant time savings
Reduction in false negatives and more accurate SAR detection, from improved processes, analytics, and resource allocation
Expand Analytical Coverage (of Transactions)