Financial services firms are obliged to investigate and validate all alerts of potentially suspicious activity. The review and validation process, is usually co-ordinated manually. Even with the use of various tools (data aggregators, workflow software), the process is laborious and inconsistent decisions are the norm. The cost to firms of this ‘operations’ process is significant and disproportionate.
• Using open-source technology, we have developed a system to automate the process of validation.
We focus on 2 areas.
o Process automation
o Effective consistent decisioning
• Letsasi uses a series of processes to determine the validity of the alert and creates the entire audit trail in a matter of minutes. This eliminates the need for large line 1 operations teams
• Each investigation is conducted using the same principles. We provide an analytics suite of tailored decision- making algorithms. Each client firm will have a degree of input into their own bespoke solution.
• We provide a sandbox within the ecosystem so that refinements and calibration can take place on premises, without the need for costly engagement of external support teams • We provide a suite of management information and easily accessible process analytics to assist in optimising the solution in accordance with client needs
• We aim to deploy this as SAAS but it can just as easily be deployed on on-prem servers
• Huge potential savings
• No slippage
• Consistent decisions
• Fully referenceable artefacts that can be used to further develop and train decision making algos.
• Rapid turnaround time