- Case study
Future-proofing compliance with cloud
How a leading online broker boosted compliance with riskCanvas, a cloud-native financial crime software suite
A leading US online broker that offers an electronic platform for stock trading, investing, and retirement planning. The broker has more than 1 million accounts and assets under management exceeding $1 trillion.
A much clearer view of – and control over – every aspect of compliance for greater efficiency and improved business insights to avoid costly fines and reputational damage.
Implemented riskCanvasTM, our financial crime software suite, to enable the firm to detect, investigate, and prevent a variety of threats.
The challenge
This pioneer in online investing has a long-standing reputation for making trading intuitive and accessible. But the firm was finding it hard to keep pace with fast-changing compliance regulations.
Unfortunately, disconnected teams and processes made compliance complex. Employees were even manually managing some of the compliance processes. As a result, quality standards were dangerously inconsistent, data that would have been valuable for producing business insights fell through the cracks, and process inefficiencies caused costs to climb.
Worse still, these challenges put the firm at considerable risk of compliance failure – which could lead to multimillion-dollar fines and reputational damage.
The solution
The company chose riskCanvas, Genpact's financial crime software suite, to address its compliance concerns for three reasons:
When the company brought Genpact in, our first priority was to fully analyze the pain points and weaknesses in the company's existing compliance framework. We held in-depth discovery sessions with its chief risk officer and every other stakeholder who touched the compliance process. We then brought in industry-leading compliance experts with government and frontline experience to work with the firm's compliance team. Together, we identified solutions for every problem across process, technology, culture, and organizational structure.
Next, we developed a proof of concept using riskCanvas. This showed how the application could overhaul workflows and integrate processes for greater efficiency. Plus, riskCanvas' flexible architecture integrated different datasets and built configurable workflows tailored to the company's needs impressed stakeholders. When they saw how well the application worked with Amazon Web Services (AWS) cloud capabilities, it sold them. AWS supports the flexibility and scalability the firm needs for a future-proof compliance solution.
The impact
The solution helped the firm to:
Today, using riskCanvas' risk scoring system, the firm is confident that it not only meets but exceeds due diligence requirements. This has virtually eliminated the risk of huge fines and reputational damage.
What's more, the migration to AWS has saved the firm millions of dollars. Computers, which now run overnight uploading and processing materials, are far more cost-effective. Plus, the company is saving millions in licensing fees, support tools, person-hours, and managed service fees.
But it doesn't stop there. The brokerage expects to see year-over-year improvements as the system implements new architectural changes, onboards new business processes, and updates new federal requirements in real time.