Award-winning BPM technology and compliance solution to manage risk, fraud and compliance across the bankMore regulations, more information and more control requirements, less budget, less resources and less timeBasel II, MiFID, OECD, QI, IFRS, MLA, CDB 08, KYC. Your Bank is faced with an ever-changing flow of new laws and directives from legal authorities. The regulatory environment is becoming increasingly complex and demanding, and the requests for information and increased control are more and more challenging. On the other hand budget cuts are a necessity and the Bank is confronted with resource constraints in all its divisions.Your compliance departmentYour compliance department has to cope with complex and challenging internal and external demands. But the reality presents unstandardized processes, manual data extraction and circulation according to complex task-routing with input from multiple sources. Furthermore the process is accompanied by burdening physical paper handling and scanning of the approval documents, there is no tool support and no approval status information. Only limited process tracking is possible and the process transparency is completely lacking. The result is a slow client approval and review process, where a majority of the time is spent on searching the relevant information and on surveillance.“80% of the surveyed companies still use manual processes to ensure compliance”Source: Survey PricewaterhouseCoopers, 2007Our Appway Compliance SolutionAppway’s Compliance Management automates the data gathering and the auto-routing and manages the approval and review of tasks. The Compliance Officer can start the approval process by a simple click. All relevant client information is loaded from the bank’s CRM system and according to the compliance policy sent to the required approvers. All tasks are traceable and escalation processes can be enforced.
The solution federates all relevant client data in a very user-friendly way. Depending on the clients' profile, required approval comments are asked. All previous years' comments are also visible in the system. Once the approval decisions and comments are collected from all required participants, all audit data is saved in the appropriate target system.
Appways’ risk, fraud and compliance solutions are self-documenting and maintain a complete audit trail of every piece of work, as well as the rules and processes that were applied to that work when it was performed.
Benefits
Standardized and automated processes with single manual data input by front office
Better data accuracy, integrity, quality and completeness with reduced process time
Increased time for risk assessment tasks and reduced time for search and surveillance
Enhanced running time of account activation and increased customer satisfaction
Real-time tracking of the process and automated evaluation of legal & compliance rules
Quick and flexible adaptation to new global, regional and local regulatory requirements through fast process changes
Context diagram of the Appway platformThe solution architectureThe innovative software platform on which the Appway Compliance Solution is built can be integrated with leading core banking systems, ERP systems and databases. The integration is carried out with Appway extensions or through an Enterprise Service Bus in collaboration with our partners.Best Practice exampleDesign and implementation of the compliance and approval processes for a leading private banking group in Switzerland going live in 3 months for more than 1000 users. 21 minutes reduction in the throughput time leading to 105 hours FTE reduction/year. Before, 70% of the time was spent on information gathering and surveillance and only 30% remained for risk assessment. Now 70% of the time can be used for risk assessment and therefore direct compliance work.
