Enterprise Risk & Compliance
Continuous Transaction Monitoring
Generating Enterprise Risk and Compliance Impact
Undetected financial leakage and compliance breaches are a serious risk to any global enterprise. They can cost a company up to 0.1% of revenues, which can easily amount to multi-million dollars in losses, bad publicity or even the loss of the license to operate in a certain market.
Traditional measures for identifying fraud and errors are inadequate in the face of growing business complexity and regulatory mandates. To address these challenges, Genpact provides Continuous Transaction Monitoring (CTM) process services that monitor virtually every payment in close-to-real-time, and addresses any improper financial transactions, inadequate controls or broken processes.
Genpact designs, transforms and runs CTM solutions to detect and provide analysis of high-risk anomalies in key business transaction. We do so by reimagining the transaction monitoring activities through the effective use of analytics, technology, and underlying business processes.
By embedding analytics in transaction monitoring across multiple functions, including finance, procurement, and human resources, businesses can engineer a Data-to-Insight-to-Action loop that leads to continuous learning and correction.
Genpact delivers CTM through:
- Design, setup of scalable centers of excellence
- Platforms that mine and host data from different sources
- Normalized databases with data mapping
- Complex-logic-driven early identification of transaction exceptions
- Human interventions by risk experts to prioritize exceptions
- Visual dashboards to depict control health and compliance status
Global confectioner identifies and recovers $5 million in duplicate payments
A multinational snack food conglomerate sought our assistance in resolving duplicate payment challenges. Our analysis determined that the root causes were insufficient process and ERP controls, and an inability to handle large data sets coming from multiple and diverse entities.
Genpact used advanced audit analytics and applied a complex set of rules to review three years of vendor master data and payment transaction data to identify potential duplicate vendors and vendor payments. New workflow protocols were introduced to safeguard against future duplicate payments and recover or adjust for prior duplicates totaling $5 million.