Best AML software solutions include Shared Accountability
Did you now that AML Partners builds shared accountability directly into its AML and risk software solutions? Those features may be more important than ever, if EY’s 2017 Fraud Survey accurately represents eroding generational attitudes toward fraud and Compliance ethics.
The survey results include a focus on changing attitudes evident in responses from Generation-Y adults (those aged 25 to 34). For example, 1 in 4 Gen-Y respondents said they could personally justify offering cash payments to win or retain business. In contrast, 1 in ten of respondents older than 45 said such behavior could be justified.
Mara Lemos Stein in the Wall Street Journal reflected on the results and hypothesized that a “me-first attitude” and generational disinclination to conform to authority may be at play here. Whether this is an accurate assessment and whether this will affect the attitude toward ethics and Compliance remains to be seen. But what is clear is the need for shared accountability in Fraud and Compliance programs.
Building shared-accountability features into AML and Risk software solutions greatly mitigates problematic ethical variations among individuals of any age and spreads out accountability as a matter of course rather than a matter of day-to-day judgment. Not only is shared accountability a safeguard for the various individuals who must attest to the completeness and veracity of their institutions’ Compliance efforts, but it’s a safeguard for the institutions themselves.
Here are some of the most prominent shared-accountability features in SURETY Eco, the end-to-end AML software ecosystem created by AML Partners’ team of experts in AML Compliance and software design:
- Complete real-time archive of every customer file and every action by every user
- User-based permissions that appropriately limit access to the workflow
- Dynamic workflow configurable by authorized user to ensure shared accountability distinct to each institution
- Robust email notification system that alerts users and workflow supervisors to time-sensitive tasks needing attention
- Dynamic Question-Management System to achieve mandatory finely grained data collection
- Configurable sensitivity settings on screening results, including options to detect deceptive tactics such as concatenation
These features are just a few examples of the ways in which an AML Compliance software solution like SURETY Eco supports shared accountability for peak AML Compliance. With shared accountability and AML expectations formalized and operationalized in SURETY Eco, adhering to standards is a verifiable requirement rather than an individual’s choice.
