Challenge
Modernizing compliance for a new era
As one of Australia's largest and most established banking and wealth management institutions, AMP is no stranger to the need for evolution and innovation in changing times. And with the industry facing a new era of regulatory complexity and advanced technologies, the company recognized the need to take the lead in FCRM.
With a heightened regulatory environment in the region, AMP faced a pivotal challenge: replace a legacy financial crime platform within just 12 months. The stakes were high. The existing infrastructure limited AMP's ability to respond swiftly to regulatory change, burdened compliance teams, and posed a risk to operational agility and governance.
To meet these demands, AMP needed more than a technology upgrade. It required a strategic reimagining of its approach. One that would unlock long-term scalability, responsiveness, and resilience in its financial crime operations.
Solution
Strategizing for scale, at speed
AMP engaged Genpact as its transformation partner, harnessing our deep industry expertise and proven ability to deliver at speed and scale. Together, we set out to re-platform AMP's FCRM operations from the ground up, while rethinking how technology could serve as a driver for enhanced compliance, efficiency, and scale.
At the core of this transformation was riskCanvas® with gen AI capabilities leveraging Amazon Bedrock. This is our next-generation financial crime risk platform. Rather than simply offering a system replacement, riskCanvas® brings a future-ready architecture that can adapt to regulatory change in real time, automate workflows, and empower compliance teams with greater control.
With built-in features such as real-time transactions and entity screening, and automated data entry, the platform streamlines day-to-day processes. Its modern, user-friendly interface and flexible rule engine enable rapid adjustments without long development cycles, while its scalable infrastructure supports AMP's future growth and evolving compliance needs.
AMP and Genpact completed the platform deployment within the mandated 12-month window, spanning everything from data migration to user onboarding, systems integration, and compliance rule configuration.
Impact
Stronger compliance, lower costs, greater agility
This compliance upgrade has delivered immediate and strategic benefits for AMP. With enhanced screening coverage and automated risk detection, the platform now meets and exceeds regulatory requirements – positioning AMP as a leader in financial crime compliance.
The company successfully met its undertakings with the regulator and significantly strengthened its operational risk capabilities. The riskCanvas® solution has empowered internal teams with greater control over risk settings, improved investigative productivity, and enabled faster response to regulatory changes.
Moreover, AMP achieved a 40% efficiency in the cost of compliance, freeing up resources for strategic initiatives while maintaining high standards of risk governance.
This work has also been externally recognized—AMP and Genpact were jointly awarded the 2025 ISG Paragon AwardsTM ANZ for Excellence in Delivery, celebrating the successful deployment of a fully integrated, AI-powered financial crime managed service.
The success of the project was underpinned by our collaborative approach and commitment to innovation.
Ongoing, intelligent evolution
With the foundation now in place, AMP and Genpact are focused on evolving the FCRM ecosystem to enable continuous refinement of processes and outcomes. Future enhancements will leverage the gen AI capabilities embedded in the riskCanvas® platform, driving best-in-class efficiency and intelligent risk management.
Together, AMP and Genpact are redefining what it means to be compliant, responsive, secure, and future-ready in today's financial services industry.
