Client Challenge
A leading global financial institution faced ongoing challenges in managing its Anti-Money Laundering (AML) testing and compliance processes. Despite having a mature AML program, the organization struggled with:
- Frequent delays in testing due to inefficient processes and poor prioritization.
- Difficulty in reporting on AML test samples and results, leading to inconsistent compliance tracking.
- A lack of a unified view of testing outcomes, making it hard for leadership to gauge overall compliance status.
Our Solution
SureStep was engaged to design and implement a streamlined reporting solution, leveraging IBM Cognos within their existing IBM OpenPages platform. Our approach included:
- Conducting an assessment of the existing AML testing and reporting processes to identify pain points.
- Designing a comprehensive reporting strategy focused on simplifying test data collection and visualization.
- Building a set of new IBM Cognos reports, including:
- A Sample Test Report, providing detailed visibility into sample selection and test execution.
- A Test Results Dashboard, consolidating test outcomes and enabling rapid analysis of compliance status.
- A Prioritization Tracker, highlighting delayed or incomplete tests for proactive management.
- Implementing a unified dashboard within IBM OpenPages, allowing AML teams to quickly view test performance and compliance levels.
- Providing training and user guides to ensure efficient use of the new reports.
Results Achieved
- A 40% reduction in time spent on test report generation.
- Real-time visibility into AML test samples and results, improving compliance tracking.
- Enhanced prioritization of AML tests, ensuring critical tests are completed on time.
- Consistent reporting and simplified compliance management, improving transparency for leadership.
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