The client offers fully automated all-in-one compliance platform for the Global Investments industry. They serve financial services providers with automated compliance solutions that enable regulatory protection, reduced risks, and brings down the operating costs. They aim to deliver thorough, unparalleled expertise in risk and compliance experiences to their clients.
Need of the hour: A focused monitoring, detecting, and reporting financial compliance system to safeguard employee compliance protocol
To ensure policies, procedures, and internal controls not only exist, but effectively operate, client focuses on reducing costs through highly effective automated compliance software solutions.
Establishing an effective employee compliance program is fundamental to protecting any financial investment organization. One of the main issues that bothered client’s compliance department was the complexity involved in monitoring multi-faceted employee compliance in accordance with best practice and industry regulations. They needed in-depth expertise coupled with sophisticated technology to meet increasingly complex and stringent obligations.
The organization relied on manual processes such as spreadsheets to keep a tab on financial compliance, resulting in a high degree of human error element & high operational costs. An adaptive and smart non-compliance detection system was urgently needed to be developed and implemented to quickly and accurately detect and report suspicious financial activities across enterprise.
The client wanted a solution that could ensure compliance over employees’ financial activities and detect and report infractions in employees’ personal code of ethics, gifts and hospitality, political contribution, and other day-today financial activities.
Fostering a culture of compliance with a smart, configurable, employee compliance system
The client wanted a solution that could bring compliance standardization and efficiency to the entire process. As the client’s strategic technology partner, we delivered a fully configurable and customizable compliance platform that incorporates predefined rules and workflows for smart auditing capabilities, dynamic reporting with ease of use.
Trusted by leading global financial services firms, the solution simplifies and automates compliance to monitor employees’ code of ethics, gifts and entertainment, political contributions, and other related activities’ declarations.
- Streamlined employee compliance: A culture of compliance in accordance with local, regional, and global regulatory mandates is non-negotiable for a business and their reputation to avoid audit failures, penalties, and reputational damages. The solution automates the process of monitoring, detecting, and reporting employees’ financial activities such as contributions towards political parties, funds, gifts, entertainment, and hospitality. With the solution, compliance personnel can skip manual processes, save time, and improve productivity, and most importantly effectively manage compliance and mitigate risks.
- 360-degree view of financial non-compliance: The delivered solution smartly audits, processes, detects, and reports employees’ financial activities. The dynamic, customizable, and rule-based workflow engine helps compliance officers define rules for different types of financial activities in one place and automatically notifies non-compliance through activity declaration forms filled in by employees.
- Efficient reporting: The system can generate and export reports to view the entire activity log. The solution gives a holistic view of various scanned activities such as number of requests approved, reason of getting a request rejected, suspicious financial activity by an employee, and multiple other parameters.
The solution is completely configurable and dynamic and allows compliance officers and regulators to design activity types, questions within the declaration form of an activity type, guidelines on each question, and much more. The solution has been enabling the client and their patrons to stay compliant and control costs associated with scanning claims requests by reducing the man hours by as much as 30%.