Workflow orchestration in AML/KYC makes possible the orchestration of your tech stack and the integrations of your various data and functions. In contemporary Compliance, orchestration may be the metaphorical Holy Grail. That is why platform technology for RegTech applications is so crucial as a foundation for your various AML solutions.
AML Partners’ RegTechONE is a tech-stack orchestration and workflow-orchestration platform. And it pushes these competitive advantages even further with its vast utility via no-code workflow creation. Firms using RegTechONE achieve previously unimaginable levels of precision, flexibility, and efficiency. RegTechONE users save time, and they save money.
Institutions considering workflow orchestration should seek core capabilities like those of RegTechONE. These include the following:
- Tech-stack integration that makes possible a bespoke Network of Applications orchestrated by the platform
- No-code workflow creation and data/function integration for any process
- An Ecosystem of Permissioned Data, systemwide within the institution’s Network of Applications
- Easy on- and off-loading of tools and full integration of API-based tools from other vendors
- In-house training of AI/ML applications (for example, our Directed Intelligence functionality for in-house trained AI)
- End-to-end AML Compliance and related GRC Compliance
- Risk Analysis and monitoring with embedded Multidimensional Risk Engine for AML and other Risk Mitigation needs
- Bespoke Risk Management–Your no-code workflows, your integrated tools and data, your Risk engine and ratings system, your monitoring and KRIs
At AML Partners, we created the RegTechONE platform as our workflow orchestration powerhouse. We wanted to provide to our client institutions a way to integrate and orchestrate their tech stack, their various sources of permissioned data, and their preferred tools. RegTechONE manifests our vision for innovation on behalf of our customers. And it delivers workflow orchestration that can transform the process of Compliance and that can slash the cost. Here are some of the key features of workflow orchestration on the RegTechONE platform:
True no-code workflow design
When we say no-code, we mean it. Permissioned users drag and drop to add, edit, re-position, copy, or delete information fields of varying types. Users can recreate bespoke workflows that align precisely to any need—vendor management; client lifecycle management; Risk Management of employees and managers; process tracking and management, and so much more. And those workflows can integrate and automate data and functionality.
Automated workflow orchestration via Event and Action Libraries
RegTechONE uses Event and Action Libraries to orchestrate automated workflows to users’ exact requirements. Consider this example:
Most banks categorize commercial customers into different types. These customer types reflect an institution’s collective knowledge of that customer type’s current and future banking needs, transactional behaviors, sector trends, other predictable Risk elements, and much more.
During setup or later editing, authorized users can add and populate a RegTechONE dropdown list with the bank’s full list of customer types. When a relationship manager assigns a specific customer type to a new customer during onboarding, RegTechONE recognizes this as an Action—an action that triggers an event. In response to the Action of selecting a customer type, RegTechONE initiates the Action of selecting the Risk Model for that customer type and populating a new KYC record with pre-configured questions specific to that customer type.
RegTechONE automatically monitors and manages configured Events and Actions systemwide. A different Action—such as saving a record—could trigger an Event that in turn will call one or many pre-configured Actions. The Actions might include calling sub-workflows that are completely conditional and specially permissioned.
In short, RegTechONE can simplify, orchestrate, and automate nearly any workflow process—according to the exact specifications assigned by the authorized user. In this way, RegTechONE manifests precisely the Risk-based Approach created by an institution in its efforts to manage Risk.
Firms that prioritize careful attention to process and Risk Management achieve the highest levels of fidelity of implementation of their exact processes—with the highest levels of efficiency—via RegTechONE.
API-based flexibility and extendibility, both internally and externally
API technology has revolutionized what a single orchestration platform can achieve, and RegTechONE is a great example of that. Internally, RegTechONE uses APIs to move data among different parts of the platform, and it uses APIs for many other processes, as well. Because RegTechONE is an API-based platform, users benefit from previously impossible increases in functionality, flexibility, and data-handling agility.
Externally, institutions using RegTechONE can integrate myriad tools via API interfaces. Our customers, for example, love being able to use API to pull data from and push data to other systems. These push/pull actions can be internal to our customers’ own systems or moved securely out over the internet. Multiple external systems can be pulled into and pushed out of any workflows on the system. And institutions control everything through RegTechONE’s Action and Event Libraries.
Automated document storage and monitoring
RegTechONE stores any document uploaded. And the Action and Event Libraries will monitor documents with expiration dates and notify pre-configured users of upcoming expiration dates so that fresh documents may be obtained in a timely manner.
Editable labeling for user interfaces in language of choice
In an effort to maximize flexibility and user experience around the world, permissioned users of RegTechONE can customize labels—because the labels are not hard-coded. An institution can choose to customize labels simply by creating and uploading a list of desired translations. And this can vary by user within an institution. Easily editable labeling is just one more way that RegTechONE delivers flexibility and no-code ease to improve efficiency, effectiveness, and user experience.
No-code Multidimensional Risk Engine
Every business in the world seeks to understand Risk, or they don’t survive. As Risk Mitigation specialists, we at AML Partners prioritize Risk Management in everything we do—and that is especially true of RegTechONE.
To that end, RegTechONE boasts a complete no-code Risk Management engine at the core of its design. By configuration rather than coding, authorized users create Risk models that are fed automatically by data inputs and Action and Event Monitoring. Further, two Risk Modelling types are available: Simple summation or the Weighted Average method. And because RegTechONE features multi-dimensional Risk modeling, users can have models that feed models that feed other models.
With RegTechONE, users achieve comprehensive and finely grained Risk insights—that update automatically as conditions change.
No-code notification system for enhanced updating and accountability
Doing business requires nonstop paperwork, approvals, and renewals. RegTechONE automates notifications, tracking, and accountability for these tasks. Users configure the Action and Event Libraries to notify reviewers/approvers though email that action is required, and the system preserves the notifications.
And with no-code configuration, users can choose how they will automate notification details for each item individually. These options include who to notify, when to notify, whether to repeat notifications multiple times if actions haven’t yet occurred, and whether there will be multilevel review requirements. With configured reminders that feature transparent accountability, tasks get done.
In a Nutshell
RegTechONE is an AML/KYC powerhouse. AND it is so much more. RegTechONE makes possible tech-stack orchestration and no-code workflow creation and orchestration–with onboard Risk Management, monitoring, and automation. The RegTechONE advantage is limited only by its users’ needs and imagination.
RegTechONE delivers a competitive advantage through its range of services. And it provides even greater traction to users because it was built to pull in information from many sources and workflow that information through users’ own processes. RegTechONE users embrace this no-code development platform—because it gets them ‘there’ faster, better, and cheaper. And RegTechONE can extend the life of an institution’s legacy systems by pulling data, work-flowing it, and putting a different result back.
What can ONE do for you?
Whatever you need.
