Scaling AML Solutions: How to Skyrocket Your Compliance

The traps of an AML system implementation

Implementing an Anti-Money Laundering system has been a complex and challenging process for many organizations. The classic approach, which involves drafting a detailed Request for Proposal (RFP) followed by a complex contract with fixed prices and fixed scopes, often leads to difficulties when the project scope changes. In an ever-changing regulatory environment, the need for adaptability is crucial, making these challenges particularly significant.

As project scopes evolve, organizations face the burden of change requests, additional budget requirements, and timeline extensions. These complications often result in difficult conversations with vendors and sometimes even conflicts, ultimately detracting from the collaborative problem-solving that should have been at the core of the project.

In search of a more flexible approach, some organizations adopted Agile methodologies and Time and Material-based agreements. However, these methods presented their own set of challenges, particularly when trust between parties had not yet been firmly established. Additionally, the Agile approach sometimes led to a lack of structure and clear planning, making it difficult to accurately estimate project timelines and deliverables. Furthermore, the iterative nature of Agile projects occasionally resulted in delays in addressing critical regulatory requirements, posing challenges for organizations seeking early compliance.

You Need a Quick Win and a Scalable Solution

In response to these historical challenges, we present the Consortix Accelerator Framework, a groundbreaking approach to AML system implementation that combines the strengths of both Waterfall and Agile methodologies.

The Consortix Accelerator Framework provides an ideal solution for organizations looking to achieve AML compliance quickly and efficiently. The Framework includes the installation of industry-leading SAS software and deployment based on compliant local regulators’ scenarios. The Agile methodology in further phases helps allocate resources efficiently. This allows organizations to move quickly through the early regulation and risk reduction phases while maintaining a focus on quality.

The Consortix Accelerator Framework is a great solution for organizations looking to achieve Anti-Money Laundering (AML) compliance quickly and with less upfront investment.

First, the Minimum Viable Product

Phase 1 of the Framework includes an MVP delivery, which consists of the discovery and initial backlog creation, data exploration, environmental setup, installation of industry-leading SAS software, deployment based on compliant local regulator's scenarios, intuitive user interface with standard workflow plus quality assurance training and management reporting capabilities.

Let’s Go Agile

Phase 2 employs Agile methodology with epics and user stories being used as the basis for assigning story points to allocate resources more efficiently. With this methodical yet flexible process in place, it helps accelerate progress toward achieving AML compliance goals faster than ever before.

Its expansive scope of services offered by the Consortix Accelerator Framework coupled with a dedicated team involved at every stage from planning to implementation makes it easier for organizations looking to increase their level of financial security while meeting all regulatory requirements set out by regulatory bodies on their market of operation.

Don’t Go for Less Because of Your Limited Resources

This is where the SAS AML comes into play. Consortix has developed an effective platform for its customers on top of this industry-leading solution. With years of experience in implementing SAS AML, we unveiled a hybrid solution for improving the compliance of financial institutions quickly and providing them with a scalable and future-proof solution.

As a comprehensive solution for detecting financial crime effectively, the SAS AML system offers an intelligent suite of features that can help FIs stay ahead of money laundering cases while reducing false positives and low-value work items at the same time. It provides customers with features such as model governance and transparency, investigation and alert management, user-directed workflow authoring, network analytics, customer segmentation, and advanced analytics to combat financial crime.

There are user-directed workflow authoring capabilities that allow managers to easily customize their own processes based on specific needs within the organization; along with advanced analytics tools intended to increase SAR conversion rates while decreasing compliance costs overall.

With the help of the Consortix Accelerator Framework, even smaller and mid-size firms with uprising potential, now have access to powerful data integration, detection, and investigation capabilities with no need to invest in a complex system that consumes a huge number of resources in terms of this company size. Combined with quality assurance methods, the system ensures accuracy throughout each operation; enabling the customers to take full control over their anti-money laundering operations without having to worry about missing any important details or leaving themselves open for potential criminal activity down the line.

The configuration includes best-practice scenarios derived from international projects as well as re-usable configuration work and out-of-the-box functionality based on Consortix's expertise.

To provide further assurance to its customers about the quality of its service offering, Consortix provides a 180-day warranty period during which any defects or issues arising from its work will be resolved without additional charge to the customer. Support services are also provided after this time has ended so that customers have continued access to assistance should they need it going forward.

With this powerful new offer by Consortix, now you can have easier and quicker access to a state-of-the-art AML system. - Our aim is to take your AML compliance to the next level and give you peace of mind like never before!

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