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Case Study - Streamlining Financial Crime MI Reporting

Problem

A global Payments FinTech was facing challenges with its Key Risk Indicator (KRI) reporting and Management Information (MI) collation for their Financial Crime Compliance (FCC) report.

The existing KRIs and metrics were aligned with the parent company’s needs, rather than tailored to the payment company’s specific requirements.

This resulted in limited insights for senior management into the financial crime inherent risk and the effectiveness of the control environment.

Additionally, the manual collation of MI from multiple systems and trackers was time-consuming and relied heavily on one team member, posing risks of delays and key person dependency.

 

Solution

To address the challenges, Beyond MI implemented a two-phase solution: tactical and strategic.

Tactical phase:

  • Beyond MI enhanced existing process trackers tailored to the client’s specific requirements, incorporating feedback from senior management.
  • Recommended KRIs and metrics were identified based on the company’s risk appetite, policies, procedures, and relevant documentation.
  • The FCC report was improved, considering pitch, structure, and content.
  • Tracker enhancements and data cleansing were implemented, along with data validation and process control checks to ensure the integrity of reported MI.

Strategic phase:

  • Beyond MI created an automated MI dashboard linking directly to data sources and streamlining the reporting process.
  • The integration of the MI Dashboard resulted in FCC report automation, a reduction in manual effort and an increase in data accuracy.
  • Training sessions and documentation were provided to the FCC team to ensure a smooth transition and adoption of the new processes.

 

Impact

The implemented solution has resulted in significant positive outcomes and impacts for the client:

  • The KRIs and metrics have been enhanced to align with the company’s specific requirements, supporting effective financial crime risk management. Risk appetite thresholds have been applied to monitor and control risk levels.
  • The implementation of the MI dashboard has streamlined data input, automated data feeds and reporting generation, improved efficiency, and reduced manual efforts.
  • The Financial Crime Compliance team has been trained on their new MI dashboard and the production of the FCC report, enabling regular production of both on a monthly basis.
  • These achievements have improved reporting practices, enhanced data accuracy, and increased efficiency in the Financial Crime Compliance department.

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