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Robotic Automation Process (RPA) Webinar - By Matrix-IFS
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- 3. Anshul Arora Director, Head ofDeliveryCenter Matrix-IFS Background Program Manager, Architect and Specialist Experience 11 years. Over 100+ projects in Compliance, AML, Trade Surveillance & Fraud Expertise Analysis, services & solutions on multiple platforms Education Degree in Computer Science and Engineering 3
- 4. You will Learn: RPA: Onlyproven self-funding project! How RPA can enhance my Operations team throughput How and where to start your journey Problems RPA solves for “Fin Crime” operations Best options to approach automation implementation 4
- 5. Problem Definition: Industry Trends 75% – 90%false positives in Fraud & AML monitoring 80/20 new generation problems Data gathering, data sorting, charting & external systems dependencyInconsistencies, no standards, auditing gaps (accessing external systems) ‘‘Over half the time our investigators spend on an alert is simple data gathering.” - Matrix-IFS Client – Top 10 US Retail Bank Decentralized systems Manual tasks and calculations High turnover – training overheads Non-technical operations Key known contributors: 5
- 6. Lackof standards Inabilityto supervisestandards Staff turnover&training overhead Waste of talent Manual reporting No decision standards No audit Humanerrors Operations Challenges People Processes Products 6
- 7. Typical Operations Process (Today) Alert Cases Detection System Processes InternalData Sys Address Data KYC Data Social Data Historical Data Reports Fraud Data Data Valid Systems Google Suspect Lists System Queries Excel Pivots/Macro Internal Data Base RFI Systems 7
- 8. Introduction: What is RPA? (1)https://www.cio.com/article/3236451/business-process-management/what-is-rpa-robotic-process- automation-explained.html CIO(1): “RPA is an application of technology aimed at automating business processes.” IRPAAI(2): “Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform…” (2) https://irpaai.com/what-is-robotic-process-automation/ 8
- 9. RPA Application s (Generic) InsuranceManufacturing BPO Healthcare FinanceBanking Many companies provide automation solutions, incl 9
- 10. Why RPA MakesSense in FIU FIUoperations similarities: Predefineddecisionpoints Predefinedinvestigationworkflow Triggeredwhenlaunderingscheme suspectedand/orconfirmed Heavymanualinteractionwiththesystem AMLalertvolumesarehigherthaneverbefore RPA Implementation Criteria Tasks decision points documented Triggeredat a particular event Performed Manually Repetitive tasks High-volume 10
- 11. Opportunitie s of RPAin FIU …andmanymoreidentifiedduringassessmentphase Automation in FIU External RFI Systems Internal DB Systems One-Stop Ecosystem Customer Historical Information Auto SAR e-Filing KYC Verification Cognitive Suggestion 11
- 12. How RPA is Perceived Reduceoperationsmanualtasks(RPA) On-Screenactionvs.Off-Screenaction: ACTIVE:In the front end,helping yourusers when then need. PASSIVE: Working in background anddoing the actions reducing the risks, automatically closing the alerts Cutalertvolumes (FalsePositives) Reduceinvestigation intensity 12
- 13. Path to RPAin Operations ScalableRPA • Providing BOT interfaces • Information-sharing BOTs CognitiveRPA • BOTs getting SMARTER • BOTs suggestions • BOTs deliver quality analysis • Compliance ‘Dream Vision’ TacticalRPA • Scripting & Macros of SOP • Smart data representation Predecessor • Automated data collection • Data availability 13
- 14. BOTsdevelopment framework Pre-builtcommon externaldata integration connectors Integration layer ratherthanUI Requires core product knowledge &support VendorSolution Onesize fits all RPA Solutio n vs. Service BuildsBOTsusing core technologies framework VendorService Bespokeconfigurations Coversintegration & interfacelayers Smooth future case managementupgrades Usescommon languages (Java, XML etc.) Customization to complement the product 14
- 15. “Investigators focus on Investigations” HappyBSA Officer, 2017 One Screen Standardize d Efficient Simple Automated Enhanced Operations Process - New State Aler t Detection System Processes Cases Internal Data Sys Address Data KYC Data Social Data Historical Data Reports Fraud Data Data Valid Systems Google Suspect Lists System Queries Excel Pivots/Macro Internal Data Base RFI Systems 15
- 16. A Vision: StrategicAlert Dashboards 16
- 17. RPA Case Study The Only Self-funding Project FactorsMeasure Case processed per day 250 Factors Measure Alert Investigation Time Case Investigation Time Total # of Investigators – Alert Total # of Investigators – Case 30 minutes 48 minutes 25 25 Alerts processed per day 400 BEFORE RPA Total Cases per day Total Alerts per day 0 200 400 600 800 1000 1200 1400 After RPA Before RPA RPA Factors RPA Measure Alert Investigation Time Case Investigation Time Total # of Investigators – Alert Total # of Investigators – Case 10 minutes 15 minutes 25 25 RPA Factors RPA Measure Alerts processed per day Case processed per day 1,200 800 AFTER RPA Client : US Commercial bank 17
- 18. RPA Benefit s Fast Operations Processes Less Training Overhead for new employees Increased Team Efficienc y Fully Audited Optimized Accuracy BOTsdon’t make mistakes Cost Savings Lower Risk Scalable RPA per business needs 18
- 19. Matrix-IFS RPA methodology and approach Show valueandrepeat Launch Monitor Repeat III Launch Monitor Repeat RPA pilotintoproduction RPA pilotimplementation Assess Measure Identify Evaluate I &review current operations model Time consumed by each task Identify the opportunities of RPA Assess Measure Identify Evaluate Calculate ROI II Prove Build Align stakeholders; value in initial scope Roadmap toget toTOMby ROI Prove Build 19
- 20. Take-aways from Today’s Session START YOUR JOURNEYTODAY! All firmshave a varyingdegree ofoperations inefficiencies Operations inefficiencies runacross all Financial Crime AreML andAIsolutions forthe operations teams? RPA: Only proven self-funding project! How to build RPA vision for yourFIU 20
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Editor's Notes
- #12 Take RPA approach to the Banks, there are always specifics and nuances of the process in the Banks But some of the most common elements we have seen from the industry, some as low hanging fruits, that can bring in to you the best and immediate ROI, basically self funding the program are: