Are you spending too much time with paperwork instead of focusing on high-risk cases? One compliance manager said, “We needed a better way to organize the deluge of alerts and leads coming in every day.”
A case management system integrates all the data about the risks, documentation, and correspondence into one electronic platform.
This way, you get a total view of how all your customers are being interacted with and what transactions are taking place. Alerts are routed efficiently, and workloads are automatically assigned.
Standard processes follow automated workflows, so analysts have enough time to concentrate on suspicious activity indicators rather than administrative tasks.
When caseloads increase, a case management system ensures your compliance remains strong, and protocols stay risk-based.
Streamline compliance with automation.
A case management system helps streamline your compliance with automation. Alerts from transaction monitoring tools are digitally routed to the right analyst based on the level of risk and geography.
This case management software ensures high-risk issues don’t slide through the cracks. Alerts in the case management process are standardized.
All of them receive equal attention, and your staff can spend more time analyzing the information rather than doing repetitive, manual data entry and alert categorization. Industry reports estimate that this may also cut investigation time by as much as 30 percent.
Bonus: Learn how banks use our Case management software to automate workflows and free up time to concentrate on risk analysis.
Reduce manual workloads through digitization.
The migration of paper-based paperwork and documentation onto a case management platform reduces manual workloads.
Case management services capture all interactions with customers, payments, and risks in one record. Analysts no longer have to sift through filed emails and file cabinets for audit trail details.
All financial crime records are brought together online so that staff can easily identify patterns in customer behavior over time and across multiple transactions.
Case resolution times for organizations with centralized case management systems have been reduced by as much as 30%.
Identify suspicious activity faster through integration
An integrated AML case management system can quickly identify suspicious activity. Information from your transaction monitoring, sanctions screening, and customer due diligence is automatically synced to this single case management software solution.
New intel coming in that matches open investigations means your analysts are notified immediately.
When cases are linked, previously unseen leads show up for new investigation. This frictionless sharing of risk insights accelerates compliance and prevents financial crime.
According to the ACFC Specialists, integrated case management solutions can help cut the time spent on investigations by up to 50%.
Centralize risk data in one secure platform
An AML case management system allows the centralizing of customer and transaction risk data. It keeps this stored in one secure online platform.
The program gathered Know Your Customer papers before the data was dispersed via file servers and email.
All the data will be consolidated and accessible to authorized staff worldwide who can view the full risk picture.
According to recent studies, 80% of financial institutions improved their compliance efficiency using centralized systems.
Simplify due diligence with consistent workflows
A case management system has pre-fabricated workflows. It follows onboarding new clients or keeping tabs on existing ones for analysts.
It automates every step and form needed, ensuring the collection of the right documents at the right times to please the regulators.
Staff saves time by not tracking tasks across email, and this can reduce task management time by up to 30%.
A consistent process requires routine reviews by risk level. As such, management is able to audit easily and know that the same steps are undertaken uniformly.
Assign tasks effectively across geographies
Managers can pass on their caseload effectively with the help of the software. They distribute the workload on the basis of place or language skills.
They know who is handling each country they care for. Similar work in the case of new facts also comes directly to global clients. These reach the correct teams in-house anywhere.
All analysts are updated in real time. The system has empowered coherent workflows. It combats financial crime regardless of its impact.
A survey study conducted shows that organizations where caseload management software is put into operation increase their efficiency by 30%.
Track progress transparently in real time
A case management system tracks real-time progress on each case. Staff can see what’s done, overdue, and pending.
Managers track all workloads globally, and the software reports on who is assigned what. It shows when tasks are finished or started. It flags issues needing attention for quick help.
All see investigations progress together. With an internet connection, everybody is ever well-informed on full status anywhere, anytime. Organizations that install case management systems find productivity gains of 25%.
Ensure continuous monitoring everywhere needed
An AML case management system ensures ongoing monitoring. It controls changing risk ratings and the behavior of transactions over time.
As the needs of clients change, their case remains active. The system provides new reviews or tests according to changed policies.
It can maintain an eye on all aspects of risks continuously where clients do business. Regulators see defenses remain solid wherever an institution operates.
According to the Financial Action Task Force, the effectiveness of AML systems in reducing financial crime risk can be up to 90 percent.
