... (several lines of customized programming code appear here)

Because regulatory compliance is exorbitantly time-consuming and expensive, financial institutions that harness AML reg-tech solutions understandably have their eye on the accompanying substantive time and cost savings benefits. But, even greater benefits await, in enhanced program governance and AML risk intervention.  

Reg-tech has emerged to address many of the cumbersome barriers that impede success in the AML mission:

–       staying current on regulatory changes around the world,

–       an enormous volume of information that must be monitored, assimilated, and evaluated,

–       requirements that are complex and difficult to understand and apply,

–       processes that remain manual and labor-intensive in nature, and

–       applications often incompatible with other systems.

Most of reg-tech attention rightfully focuses on robotic process automation, identity validation, and behavioral analytics but, with data being the lynchpin of compliance, institutions are in need of robust yet time-efficient methods to source, organize, and present data for management assessment.

Effective AML compliance depends on staying informed about legal, regulatory, and compliance changes. This offers challenges to financial institutions operating in multiple countries, each with differing requirements and regulatory frameworks., various rules set by international bodies applying uniformly across borders, and other rules differing from country to country.

Institutions must deal with complex and time-consuming collection and analysis of information from private and public sources, often codified in different languages and a variety of formats. In some areas, quantitative data can be hard to come by. Expertise across an organization often must be engaged to understand how a multitude of factors could affect its businesses. 

ignitionX, by THE DATA INITIATIVE, is one solution that addresses many barriers that impede the use of publicly available data to inform their AML risk management and compliance efforts, and educate institutional leadership about prevalent risks and courses of action. 

A Data/Software-as-a-Service offering, ignitionX centralizes AML data research from among global public sources, and organizes the source documentation into 6 categories — global laws and regulations, ML trends, and risk indices, and U.S. enforcement orders, regulatory advisories and guidance, and risk indices. 

Curated information and insights are made available at an AML practitioner’s fingertips in seconds, rather than the hours and days too-often expended to amass information needed for decision-making, strategy, governance, risk assessment, investigations, policy standards, training and senior reporting.  

Users receive the information they seek by way of search capabilities or daily notifications of new report and document issuance or updates.  Think of the value of being alerted to changing regulations affecting your business, or being able to quickly assess impacts and considerations for changes happening in the business, and getting out in front of resource considerations.

Think of ignitionX as the ‘Cliff Notes’ of AML data research, illustrated with heat maps, graphs and charts, to visualize insights drawn from the data, all backed by over 10,000 source documents.

Institutions are already reaping tangible benefits from soon-to-be-ubiquitous reg-tech solutions. Early adopters of ignitionX‘s AML data research capabilities stand to transform their programs by integrating data at their fingertips into risk management and strategy initiatives, and set themselves apart as leading-practice compliance practitioners.

Thought Leadership Series
An Article by Mr. Gary Ferrari, CAMS
Executive Advisor for Strategic Markets

Mr. Ferrari has been an Executive Advisor for Strategic Markets at THE DATA INITIATIVE since June of 2019. He is also a consultant on financial crimes risk and compliance matters. Mr. Ferrari has had an extensive and distinguished career in financial services and consulting; having held executive roles at Ernst & Young, American Express, Standard Chartered Bank, Citi, and GE.

Leave a Reply