Regulatory audit discovered inadequate controls in AML transaction monitoring and alert & case management at our client’s locations. To mitigate the lack of data management knowledge, external support was required, with the aim to close the audit finding.
The team of AS Scope helped and leaded to set up the chosen strategic platform NICE Actimize, while taking into account local regulatory specific requirements. Within short time, the Compliance Department could present consolidated data lineage and quality proven data across all locations. In one year, our client managed to release NICE Actimize for ten locations (incl. data quality control checks).
Effectively managing financial crime risks through automated processes! Our approach combines all processes to achieve substantial efficiency increases via transaction monitoring and KYC reviews
Implementation of Data Quality Checks
The following data quality (DQ) checks have been defined and implemented:
The checks are being conducted on a daily basis and a DQ report is being created capturing:
The Data Quality Manager checks the report and follows the data quality process for solving or mitigating the issues on a daily basis. He also has to make sure, that a contingent readjust of the data transformation logic is possible in time, in order to keep the desired data quality.
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