Synopsis
- The Group Compliance COE relied on outsourced core assurance monitoring due to its limited coverage.
- BP3 reimagined the core monitoring process by harnessing RPA and introduced a Risk-Based approach to Compliance, leveraging IA.
- Automation enabled a leap in monitoring coverage and strategic reallocation of compliance officer duties.
- Advisor monitoring increased from 133 to 2,700 advisors monthly.
- New business monitoring went from 266 to 5,758 cases per month.
- AML due diligence checks rose from 25 to 5,758 monthly.
- The internalization of monitoring through automation reduced costs and added strategic value.
Article
The newly established Group Compliance Center of Excellence (COE), which previously outsourced core assurance monitoring, sought to enhance its function and achieve more with less. BP3 reimagined the compliance core monitoring process with Robotic Process Automation (RPA) and Intelligent Automation (IA), leading to the internalization of these services.
Our strategy encompassed:
- Conducted a thorough strategic review and opportunity assessment of the Group Compliance function.
- Developed an MVP solution for Core Monitoring targeting a single advisor segment before expanding to include additional segments.
- Extended the solution by integrating a Risk-Based Approach, employing Optical Character Recognition (OCR), Natural Language Processing (NLP), and RPA to deepen compliance efficacy and efficiency.
We increased the base core assurance monitoring coverage, enhancing the ability to detect trends and hotspots through:
- Improved assurance with statistically significant sample sizes.
- Increased coverage across various dimensions including regions, dates, advisors, and type of business.
- Enhanced frequency of checks to provide more proactive insights.
- Enabled strategic reallocation of compliance officers to higher-value work.
- Achieved considerable coverage expansion without increasing staff.
In terms of advisor monitoring coverage, we saw an increase from 133 to 2,700 advisors per month. For new business requirements monitoring, coverage expanded from 266 to 5,758 cases per month. Additionally, new customer AML due diligence monitoring saw a leap from 25 to 5,758 customers per month, all achieved without the need for additional personnel.
Looking ahead, the project's next stages will explore the integration of other Intelligent Automation technologies to refine the quality of compliance monitoring.