AUTOMATING GOVERNANCE

Situation

The Group Compliance COE had only been formed 18 months prior and had a relatively low level of maturity in the function with limited regulatory and operational coverage.

Solution

The team partnered with a Group Compliance Centre of Excellence (COE) that had limited regulatory and operational coverage. The team redesigned their core monitoring process using a Risk-Based Approach enabled by Intelligent Automation. Following a strategic review, we developed an automated solution for a single advisor segment, then scaled it across the business. AI technologies such as OCR, NLP, and RPA were introduced to enhance efficiency and accuracy.

The solution increased advisor monitoring, new business case reviews, and AML due diligence - all without increasing headcount. Automation improved compliance coverage, embedded control frameworks for better quality assurance, and enabled consistent governance. It also allowed for statistically sound sampling, broader regional coverage, and more frequent monitoring.

Key components of the solution included:

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Strategic review and opportunity assessment of the Group Compliance function

Developed an automated process solution for Core Monitoring for single advisor segment and then evolved this to incorporate additional segments

Extended the solution with a Risk Based Approach leveraging AI-enabled capabilities (OCR and NLP, as well as RPA)

Impact

Automation improved compliance coverage by using digital workers to do more with less, improved operational conformance and quality assurance by embedding control frameworks within automated processes, and enabled greater consistency and accuracy in GRC processes

Ability to identify hotpots and trends providing:
- Improve assurance by selecting statistically significant sample sizes
- Increase coverage across area/region, branch, dates, advisors, type of business etc
- Increase frequency to promote more proactive insight
Advisor monitoring coverage:
- Increased 133 to 2700 advisors per month
New business requirements monitoring coverage:
- Increased 266 to 5758 cases per month
New customer AML due diligence monitoring coverage:
- Increased 25 to 5758 customers per month
- Coverage increased without additional head count
- The next phases of the project will include solutioning to leverage other IA technologies such as OCR and NLP to review the quality of advice and build out a risk adjusted approach to monitoring