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Webinar: Liberating your compliance team from too many systems: How & Why

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Does your organization suffer from “silo-sitis” where too many disparate compliance systems are resulting in missed activities, errors and excessive manual processes? Do you believe there is a better way but don’t know where to start?

In this webinar, Catherine Banks, Risk Proposition Sales Specialist at Refinitiv and Eric Hansen, Senior Risk Specialist at CaseWare RCM will discuss their experience with the downfalls of working with disparate compliance systems as well as, how to consolidate systems that lead to better identification and tracking of suspicious activities, more effective information exchange and reducing manual processes.

Topics covered include:

Things you may not know you can do with compliance systems that work together
How to enhance the performance of your on-boarding system for better risk profiling
Why and how to connect your transaction monitoring system to your case management system
Features in a case management system you need to automate regulatory reporting
Practical tips to develop a compliance roadmap that includes technology, policies and controls


About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.

Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/

Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa

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Webinar: Liberating your compliance team from too many systems: How & Why

  1. 1. Liberating Your Compliance Team From Too Many Systems: How & Why August 22, 2019
  2. 2. 2 Welcome HOUSEKEEPING POINTS TO NOTE • Use the widgets at the bottom to discover the platform features • Adjust your widget sizes, such as the presentation slides, by clicking and dragging the corners of each box • Submit any technical queries by clicking on the first icon (yellow question mark) • Submit questions via the Q&A chat box, top right corner • Slide deck, link to “On-Demand” recording and additional resources will be circulated after the webinar TECHNICAL TIPS • If the slides are stuck, please refresh your browser • Click the media player on your screen to enable sound, ensuring flash is enabled on your browser • There is no dial-in – please use your device sound to listen to the webinar (plugging in your earphones)
  3. 3. 3 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Speakers Catherine Banks Risk Proposition Sales Specialist Refinitiv Eric Hansen Senior Risk Specialist CaseWare RCM / Alessa
  4. 4. 4 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Disparate Systems: Current State Excel files Manual review Regulatory Reports Onboarding applications Dashboards TM applications Corporate systems Screening applications
  5. 5. Integrated AML Compliance Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Single Platform to help easily oversee all of your compliance requirements Complete Picture of all your risks and data Optimal Process to help engage all stakeholders in compliance efforts
  6. 6. 6 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Transaction Monitoring Based on Rules and Models Models Anomaly Detection Scoring Engine Rules Scenarios Block Activity Continue to Monitor Customer and Activity Risk Scoring Labels (Responses) feeds Machine Learning Actions (Workflow and Case) Investigate Data
  7. 7. 7 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Optimized Screening Workflow Customer Data Onboarding System Alessa List Screening Create Risk Score World-Check and Other Sanctions Lists ID Verification
  8. 8. 8 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Know Your Customer Hot Topics - Data Customer Data Elements – Initial and ongoing • Initial Collection • Verification • Updated data elements Related/Associated Parties • Sanctions 50% Rule • Politically Exposed Persons • Adverse Media
  9. 9. 9 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Know Your Customer Hot Topics - Data Ultimate Beneficial Owner • 25% or more ownership • Senior controlling officers Enhanced Due Diligence • High Risk Client • Other internal factors • Provide relevant data to make decision (risk score and board/retain/exit customer relationship)
  10. 10. 10 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Know Your Customer Hot Topics - Data Risk Scoring • Factors determined internally • Factors provided by Vendor • One of more elements of risk score Monitoring • Scheduled Periodic Reviews • Trigger Events Audit • Audit trail to align with KYC/AML Policy • Audit trail for employee permissions/access to the tool • Easy to pull population samples • Include your Audit Team in vendor discussions and/or vendor selection process
  11. 11. 11 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Benefits of Automated Regulatory Reporting CTRs SARs 100% auto-file ~70% auto-file Over 80% of regulatory reporting auto-filed ~20% requires review and investigation
  12. 12. 12 Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why Transition Planning W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W14 W15 W16 W17 W18 W19 W20 W21 W22 W23 Project Governance Project Initiation Data Requirements Environment Configuration (Hosted) Requirement Gathering Data Validation Iteration 1 Transaction Monitoring - Sanctions Screening UAT Testing UAT Production Implementation Transaction Monitoring - Analytics 1-5 UAT Testing UAT Production Implementation Transaction Monitoring - Analytics 6-10 UAT Testing UAT Production Implementation Configure and Test - Regulatory Reporting UAT Testing UAT Production Implementation Iteration 1 - Training Iteration 1 - Closure Iteration 2 Configure and Test - Advanced Analytic UAT Testing UAT Production Implementation Iteration 2 - Training Iteration 2 - Closure Post Go Live Support Post Go-Live High Level Implementation ConsultingServices Development - Regulatory Reports (FINTRAC) Fintrac Report PROJECT OVERVIEW
  13. 13. Key Takeaways for Liberating Your Compliance Systems Webcast | Liberating Your Compliance Team From Too Many Systems: How & Why • Create a transition plan for effective change management. • Leverage innovation to match your risk appetite and simplify processes for transaction monitoring and name screening. • Improve the culture of compliance by breaking down silos and embracing enterprise solutions. • Ensure your vendor has the proper data to assist you with regulator laws and expectations • Meet with your vendor to discuss your internal requirements to determine if there is an opportunity for the vendor to assist. • Include your internal audit team in discussions with vendors and/or the vendor selection process.
  14. 14. Q & A
  15. 15. Thank you

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