CLOUD SOLUTIONS
ACTIVEOPS SET TO REDUCE RISK FOR BANKS
ActiveOps , a management process automation company , has introduced a new solution to support the workforce management needs of Financial Crime operations . The new solution is designed for banks and other financial institutions to help them handle case-based work faster , keep themselves and their customers safe and ensure compliance with the strict regulations that govern these processes .
The new workforce management solution promises to help with Know Your Customer ( KYC ) and Anti-Money Laundering ( AML ) cases , improving productivity and optimising time spent across the caseload to maximise case progression . The solution , built on the recently launched CaseworkiQ product , delivered a 20 % improvement in productivity in its first deployment within a UK bank .
Peter Cregg , Product Director at ActiveOps , said : “ Companies that have to deal with KYC and AML checks are under more pressure than ever . Case complexity has increased during the pandemic and the cost of compliance continues to rise . We ’ re proud at ActiveOps to be helping them achieve those goals with our Financial Crime Solutions . Labour remains the most significant portion of the cost of compliance . Our solutions ensure skills and capacity are used as effectively as possible to progress the caseload and meet service level commitments .”
Banks , insurers and other financial institutions are among the most heavily regulated in the world – and the risks of non-compliance range from heavy financial penalties to severe damage to the enterprise ’ s reputation . In 2021 , total fines for AML breaches amounted to € 2.5 billion globally – and though this is down from the 2020 figure of € 11.5 billion , it shows that the pressure is still on to ensure that AML and KYC processes are watertight . Furthermore , a 2022 FICO survey revealed that 56 % of British consumers would leave their bank if it were found to have been involved in a money-laundering scandal .
Against this backdrop , the pressure on operations teams in financial institutions is enormous . The cases that operations must handle are often complex , with multiple touchpoints across the business – with strict timelines for each touchpoint and severe consequences for failure . To get ahead , operations leaders need access to data showing them where to spend their efforts handling incoming work , reducing their case backlog , and prioritising cases at risk of regulatory or service level agreement ( SLA ) failure . �
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