kdprevent Risk Calculation

Avoiding negative audit remarks and fines

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The time taken to process AML alerts can be quite problematic for financial institutions and corporates having to deal with compliance issues.

AML rules were invented to fight ML and are strongly supported by country regulators. Giving more attention to day-to-day business with admittedly more value-added tasks may make sense for a front user but, in the long run, audit remarks and/or fines negatively impact the reputation and the financial balance of a bank.

A widespread use case

Quoting from a bank manager...

In our banks, the client attaché is the one closest to our clients and who knows their activities best. We consider him as the front user of all customer related information.

The front user is usually the recipient of alerts generated by our AML system. Upon receiving the alert, he investigates the related activity and explains the root cause of the alert.

Though, in the facts, our front users prioritise tasks other than processing the AML alerts. This would not be an issue if not for auditors and country regulators who do not take lightly the alert-processing delays. Instead of meeting the single-day processing expectation from regulators, we happen to take several more days if not more to investigate and process the alerts. Needless to say, this situation renders us vulnerable to audit remarks in the best-case scenario and at worst we have to pay considerable fines.

Risk calculation is key

Risk calculation is the most appropriate means to mitigate such vulnerabilities. Inetum’s AML solution includes a risk calculator which takes processing time into consideration and therefore provides a rolling assessment of risks. The more time the emitted alert remains open, the higher is the revised risk level.

Dive deeper into compliance

Our complementary expert features allow businesses to further strengthen their compliance systems. We bring specialised solutions to each of your concerns.

Check out Inetum's take on Financial Compliance

Also, discover our enhanced catalogue below for more information.

kdprevent AML Solution

A proven out-of -the-box solution for AML compliance, easily deployed and cost-effective designed to fit your business model.

Read more

kdprevent KYC Solution

How well do you know your customer and the risks associated ?

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kdprevent Watchlist Filtering

Effectively cross-check your cusomer data with sanctions lists and PEP lists with kdprevent's Sanction Filtering tool with easy integration into your processes and supported by key data providers.

Read more

They trust us

Over 50 institutions have rolled out our compliance solutions

To find out more about our references, please contact:

Wolfgang Veith

VP Sales & Marketing

Compliance Services & Solutions 

Inetum Switzerland

Friesenbergstrasse 75

8055 Zürich

Phone:  +41 44 405 21 62

Mobile:  +49 162 9024792

wolfgang.veith@inetum.com 

Let’s meet!

Come and see our solutions and demonstrations at the following events

Twice a year, we organize our “Compliance Forum” in the financial centre of Zurich City. During the Forum, we present a keynote speaker who is well known to the Compliance Community (Bank, Government, Consulting). Following a talk on currently relevant topics, participants have the opportunity to ask questions. All stakeholders of German-speaking Europe are personally invited to join this free networking event. Typically we host between 80 to 100 participants. 

 

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