The Power of Ecosystem Thinking in AML Compliance
Ecosystem Thinking is the future–and the present–of the best approach to AML Compliance and comprehensive Risk Mitigation. Buzzy concepts like AI in AML have begun to draw attention and will no doubt evolve to support AML/CTF efforts, but the key to peak effectiveness and ROI efficiency today is Ecosystem Thinking. Here is why Ecosystem Thinking solves your biggest AML Compliance problems:
Your Problem #1: AML Compliance for each unique customer is a high-stakes, multi-step, long-term commitment that requires careful and persistent coordination, analysis, and tracking. And our institution’s current approach means stuffed file cabinets, cobbled-together Excel spreadsheets, and a mishmash of disconnected software applications that don’t talk to each other.
Ecosystem Thinking: Use a single web-based software solution that fully integrates and tracks every AML task at every stage of each customer’s AML lifecycle. No file folders, no Excel sheets floating around, and no Frankenstein’s Monster IT nightmare.
Your Problem #2: This whole AML Compliance challenge requires a lot of people to join and leave the process at various stages. It’s tough to keep everyone looped in and accountable for what they are supposed to be doing–and on deadline.
Ecosystem Thinking: Include dynamic workflows, user-based permissions, user-configured dashboards, and an automated email-reminder system to alert users to their responsibilities as they arise. And make all data searchable and all data and actions archived–know who did what and when and how all your data connects. Also, control appropriate access and actions across all steps of the AML process according to user permissions.
Your Problem #3: AML risk varies by customer and by so many different factors distinct to that customer. And it can change over time, as can our risk appetite, geographic risk, and our books of business. And there are ongoing behavioral/transactional risks and sanctions/negative news to track and incorporate. It’s a logistical nightmare, but it’s crucial to successful examinations and achieving our AML Compliance goals.
Ecosystem Thinking: Incorporate into the ecosystem a robust and fully configurable Risk rating and analysis system that you can adapt at a moment’s notice through a dynamic Question Management System; multi-level Dynamic Risk Modeling system; and fully integrated CDD/KYC, transaction monitoring, and sanctions screening. Reconfigure and re-run Risk ratings and analysis as often as needed. And use a Cross-module Query System, Dynamic Case Manager, and the configurable email-reminder system to boost analysis, closely track and manage Case investigations, and keep users in the loop about their various responsibilities and deadlines.
Your Problem #4: Examination cycles get so chaotic and stressful. It’s a nightmare making sure every manilla folder has every required document and that documents are current. And it’s a massive challenge to keep up with changes in regulations and to have shared accountability and make sure everything gets done right and on time so that we achieve our AML Compliance goals.
Ecosystem Thinking: Configure and control the ecosystem to be your brain, your files, and your oversight of the entire process–in a single software solution that archives every action and gives you full in-house control of user permissions, data collection, Question Management, Risk modeling and rating, and end-to-end AML Compliance customer lifecycles. One dynamic system. One set of archived searchable data. One logical, digitally documented AML ecosystem that ensures you are ready for examinations any time any day. And for good measure, include Examiner tools so that you can instantly and easily give examiners only and exactly what they request–in a digital file that saves tons of paper, time, and headache for all involved.
Your Problem #5: The cost of AML Compliance is killing us. Time and money seem to be flying out the door–and we still worry whether we have the resources to keep up with the new requirements and expectations that come at us every year.
Ecosystem Thinking: Think of an AML ecosystem as an archived digital whiteboard that you rewrite as needed to stay on top of new expectations and regulations and your own evolving Risk-Based Approach. No custom programming. Peak effectiveness and efficiency. And with pricing options based on the size and needs of your organization, an end-to-end AML Ecosystem not only conforms to your institution and its books of business but it conforms to your AML budget of time and money as well.
SURETY Eco–The AML Compliance Ecosystem for Everyone Today, and Tomorrow
Both the present and the future of AML Compliance is systems thinking, specifically AML ecosystems. If you’re starting to understand the power of ecosystems in your AML Compliance work, contact us today to learn more about SURETY Eco, the end to end AML Ecosystem. You’ll be amazed at the power of innovative problem solving and Ecosystem Thinking to transform the effectiveness and efficiency of your AML Compliance efforts and achievements.