Alert Management

Key Challenges

  • Managing tidal wave of compliance alerts generated by a number of detection scenarios built into the software applications.
  • Prioritization of alerts to be able to balance the load of investigation with available compliance resources.
  • Establishing compliance alert management processes that are risk rating driven, time-bound and fully auditable as per regulatory requirements.
  • Constantly adjusting the alert triggering & their management processes to always keep them regulatory compliant.

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KYCsphere Solution

KYCsphere Alert Management tool uses alert risk rating to prioritize filtered alerts. But prior to this stage, the alert generation engine is left free to generate as many alerts so that every possible detection scenario is considered including entity matches with watch/sanction-lists, adverse news, enhanced risk ratings, suspicious activity, fraud & transactions monitoring etc. Generated alerts with a variety of attributes are auto filtered on the basis of regulatory compliant criteria and are grouped together for each of the customers. In this manner the tool generates a manageable number of quality alerts and attaches risk rating to each of them, which in turn helps in organizing compliance effort to tackle the higher risk alerts first.

KYCsphere Alert Management tool automates the first level of review to drastically reduce the number of false positives. It further allows for efficient distribution of alerts among the available compliance team members. Manageable number of risk rated alerts leaves enough time for the compliance staff to go deeper into their investigation process of high risk alerts. They can suppress the irrelevant ones giving reasons and escalate others with necessary notes to the next stage of investigation under case management. Additionally, manual alerts could be generated, alerts could be searched and drilled-down along with performing a host of other compliance alert management functions.

KYCsphere Alert Management tool helps in the process of alert generation, managing its volume through filtering, grouping of relevant alerts, risk rating them for prioritization and resolving them efficiently. It assists your compliance team to be much more productive, while remaining focused on higher level of risks that your institution faces. This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

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Key Benefits

  • Reduction in the number of alerts presented to the compliance team based on regulatory compliant criteria rather than ad-hoc filtering rules.
  • Prioritize alerts based on consolidated alert risk rating as provided by the Risk and Compliance Management tool.
  • Focus energies of your compliance team on high risk alerts, which could be suitably grouped and converted into cases for extensive deliberation with the help of Case Management tool.
  • Implement completely auditable compliance alert management process, which could withstand regulatory scrutiny.
  • Substantially reduce time spent on alert reviews, while ensuring that high risk entities are always flagged for further investigation.

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