- Team of motivated compliance professionals
- Partner with a passion for compliance and integrity
- Customized services: from advice to implementation and aftercare
- Unique pricing structure: results-based pricing for implementation projects
The assignment: a completely worry-free solution to handle a bank’s transaction monitoring backlog
This article, about a project we have done at a major bank, will give you an insight into how we approach our TM projects and what you can expect from us.
Trigger: backlog in handling alerts
A major bank was facing issues clearing the backlog of its transaction monitoring alerts. In practice, this happens when, for instance, the scenarios are changed or DNB gives an instruction. Our client needed to target 7,000 open alerts.
Choosing Partner in Compliance due to a completely worry-free service
We have carried out similar projects for this major bank before. Therefore, our client knew it could expect high quality and speed. And we knew well its TM policy. All this, combined with our fixed price for the predetermined number of alerts to be handled within a certain timeframe, led the client choose Partner in Compliance again. We have offered the bank complete peace of mind. The project management, including the Quality Assurance (QA), was in our hands. Of course, we kept the client and its QA staff informed throughout the project and coordinated matters where necessary. But we also made sure that our client did not have to worry about the management of the project team during the entire project, such as the optimal composition of the team in terms of expertise and experience, replacement in case of illness, and possible up- or downscaling of the project team.
Location: our KYC Centre
Our project teams can work in-house at the client’s location, or at our KYC-Centre. There, our analysts work under the guidance of our project managers and QA officers. The bank has decided to outsource not only the project management but also the accommodation entirely to us. Knowing that we will handle the agreed number of alerts within the agreed timeframe based on the agreed method. Outsourcing done in this way demonstrated complete confidence in us. We are proud of that.
We can guarantee the best quality and real added value with our substantive knowledge and our own close-knit project teams.
A close-knit multidisciplinary team
As our clients would expect, we deployed a close-knit group of professionals for that project. Our junior, medior and senior TM analysts, QA staff, and project managers formed a great multidisciplinary team. One of our project managers focused mainly on progress, meaning the distribution of alerts across the team, monitoring the analysts’ performance, and drawing up the management report with the issue log. He liaised with the Transaction Monitoring Operations Manager at the bank about progress and possible changes in substantive requirements. The other project manager concentrated mainly on coaching our analysts.
Setting the bar together
The coordination on quality assurance was the responsibility of the QA people on both sides. As with any project, not only did we set the bar for the required supporting documents at the outset, but also kept a close eye on it throughout the project and adjusted it if necessary. Of course, together with the client and leaning on the practical cases.
Optimization during the project positively impacts daily operations
The advantage of outsourcing a project to us is that we are a knowledge-based party. Not only do we handle the alerts, but we also offer the client our substantive knowledge. Also, in that project, we looked at whether we could optimize and do the handling smarter. We implemented our best practices gained from other projects. We advised our client on how to handle the daily alerts. The client challenged their own departments by comparing their way of handling alerts with ours. This resulted in a profit for the client in their day-to-day alert handling.
Substantive knowledge and own people make us stand out
The bank opted for a fixed price with an obligation of result. We are unique in offering such an option for implementation processes like handling a certain number of alerts. And that within a specific timeframe. Thanks to our substantive knowledge, we can guarantee the highest quality of services. With our tight-knit project teams and our people who know each other well. They know what they can expect from each other. Our teams are immediately up and running. If a change in the team’s composition is needed because, for example, specific knowledge of real estate is required, we can arrange this in no time.
Again a project where we could be the real Partner in Compliance for the bank. Would you like to know what we can offer to your organization regarding transaction monitoring or compliance projects? Don’t hesitate to get in touch with us.
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