Leveling the playing field with digital
The company realized that technology is the great equalizer. In search of a solution, it engaged Genpact to bring automation to its compliance function.
It had data in multiple legacy systems that had been cobbled together over time. So Genpact started by pinpointing the relevant data attributes, such as the transaction beneficiary, that existed in these disparate systems. Then, we implemented all modules of our product suite, riskCanvasTM.
riskCanvasTM automatically ingests the company's transactions nightly, reviews them against a variety of rules that Genpact develops with the payment firm, and creates alerts to highlight potentially suspicious transactions. The next day, analysts need to only review and validate any alerts.
Once an analyst confirms the alert, the transaction enters the case management module of riskCanvasTM. Using this module, the analyst conducts an investigation, attaches documents and notes detailing findings, and escalates the transaction to senior management. Management then decides whether the company will file a suspicious report to one of its global regulators.