Downloaded 32 times
More Related Content
Similar to Robotic Process Automation (RPA) Webinar - By Matrix-IFS
Robotic Process Automation (RPA) Webinar - By Matrix-IFS
- 1.
- 2.
- 3. Anshul Arora Director, Head ofDelivery Center 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 dependency Inconsistencies, 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 staff Key known contributors: 5
- 6. Lack of standards Inabilityto supervise standards Staff turnover & training overhead Waste of talent Manual reporting No decision standards No audit Human errors 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.” IRPA AI(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 Applications (Generic) Insurance ManufacturingBPO Healthcare FinanceBanking Many companies provide automation solutions, including: 9
- 10. Why RPA MakesSense in FIU FIU operations similarities: Predefined decision points Predefined investigation workflow Triggered when laundering scheme suspected and/or confirmed Heavy manual interaction with the system AML alert volumes are higher than ever before RPA Implementation Criteria Tasks decision points documented Triggered at a particular event Performed Manually Repetitive tasks High-volume 10
- 11. Opportunities of RPA inFIU …and many more identified during assessment phase 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 Reduceoperations manual tasks (RPA) On-Screen action vs. Off-Screen action: ACTIVE: In the front end, helping your users when then need. PASSIVE: Working in background and doing the actions reducing the risks, automatically closing the alerts Cut alert volumes (False Positives) Reduce investigation intensity 12
- 13. Path to RPAin Operations Scalable RPA • Providing BOT interfaces • Information-sharing BOTs Cognitive RPA • BOTs getting SMARTER • BOTs suggestions • BOTs deliver quality analysis • Compliance ‘Dream Vision’ Tactical RPA • Scripting & Macros of SOP • Smart data representation Predecessor • Automated data collection • Data availability 13
- 14. BOTs development framework Pre-built common externaldata integration connectors Integration layer rather than UI Requires core product knowledge & support Vendor Solution One size fits all RPA Solution vs. Service Builds BOTs using core technologies framework Vendor Service Bespoke configurations Covers integration & interface layers Smooth future case management upgrades Uses common languages (Java, XML etc.) Customization to complement the product 14
- 15. “Investigators focus onInvestigations” Happy BSA Officer, 2017 ✓ One Screen ✓ Standardized ✓ Efficient ✓ Simple ✓ Automated Enhanced Operations Process - New State Alert 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. RPA 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 Benefits Fast Operations Processes Less Training Overhead for new employees Increased Team Efficiency 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 valueand repeat Launch Monitor Repeat III Launch Monitor Repeat RPA pilot into production RPA pilot implementation 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 to get to TOM by ROI Prove Build 19
- 20. Take-aways from Today’s Session START YOUR JOURNEYTODAY! All firms have a varying degree of operations inefficiencies Operations inefficiencies run across all Financial Crime Are ML and AI solutions for the operations teams? RPA: Only proven self-funding project! How to build RPA vision for your FIU 20
- 21.