Risk, Fraud and Compliance

Gain the Control You Need to Improve Compiance, Reduce Risk and Manage Fraud

Webinar 

KYC Technology: New Regulations, Faster On-boarding & Compliance with Celent.

Learn how global institutions are implementing rules-based KYC technology to manage complex customer due diligence/EDD regulatory requirements across products, lines of business and multiple geographies on one common platform.
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The Challenge: Financial services institutions (FSIs) and insurers face extraordinarily complex requirements for compliance, risk and fraud management. Siloed legacy systems and manual processes only make it harder to gain tight control over anti-money laundering (AML), fraud, sanctions, risk management and compliance programs while simultaneously improving efficiency and the customer experience.

With Pega, FSIs and insurers gain proven solutions for consistently enhancing internal controls. Unified policies and procedures capture and codify risk, fraud and compliance best practices as automated, rule-based processes that can be applied consistently across the organization; dynamically adapt to meet specific conditions for specialization by risk type, geography, line of business and regulatory requirement; and provide a comprehensive view of risk across disparate monitoring, on-boarding and risk applications. And because Pega's patented Build for Change® technology empowers business owners to create and manage rules and processes, you can quickly adapt them to reflect ever-changing regulations and risk requirements.

Whether you need to implement Know Your Customer (KYC) globally, reduce risk for multiple lines of business, manage complex AML, sanctions and fraud cases or meet government reporting requirements, Pega delivers a high-efficiency solution for end-to-end risk, fraud and compliance management.

Learn more about Pega solutions for risk, fraud and compliance:

  • Financial Crimes Management – Pega automates the management of alerts and investigations to help companies manage AML, fraud and sanctions alerts to ensure compliance while reducing the number of false positives. The solution offers dynamic, rules-based SmartTriage® and financial crimes case management to manage disparate monitoring systems and automatically identify relationships between risk types, alerts and cases while ensuring compliance to line of business and country specific regulatory requirements.
  • Know Your Customer – Pega's common rules-driven platform for managing regulatory requirements by country, line of business and product combined withdynamic risk rating and case management t, ensures compliance and faster on-boarding while delivering the agility needed to adapt rapidly to constantly changing regulations.
  • Foreign Account Tax Compliance Act (FATCA) – Efficiently and effectively meet FATCA requirements including aggregating customer and account information, identifying and classifying current and new customers, managing workflow and meeting internal and external reporting requirements.
  • Sanctions Management – Automated triage, case management and rule-based specialization by alert type and regulatory requirement to reduce alert handling resolution time, enable faster payments and significantly reduce the number of false positives.

 

Tab 1

Unified Solution for KYC Cuts On-Boarding Time by 70%

For one of the largest global financial institution, Pega powers a unified KYC solution that serves thousands of customers and nearly 100,000 due diligence profiles across multiple lines of business. Seamlessly integrated with the bank’s on-boarding system, KYC requirements are displayed dynamically based upon risk rating, product and geography. The solutions has resulted in a 60% reduction in manual processing, 70% decrease in time for due diligence and on-boarding, and a 100% improvement in compliance controls.

Dynamic Application of KYC Rules Reduces Account Opening Time to Hours

A global banking and financial services company needed to reduce the 30+ days required to on-board customers because of KYC regulations. With Pega, the institution deployed a solution that delivers a 360 degree view of the customer with dynamic rules applying the right policies across lines of business and geographies at the right time. This ability to manage complex KYC rules across the globe and reuse existing due diligence has reduced cycle time for opening accounts to hours instead of weeks.

Pega’s Agile KYC Solution Streamlines Account Opening

Complex KYC requirements, multiple geographies and requests for the same due diligence were driving up on-boarding time for this prominent international financial services firm. As part of a Pega end-to-end sales solution, the firm has implemented Pega KYC to apply risk rating and due diligence rules dynamically based on country, line of business and product. The first iteration of this project was deployed in just 4 months, while providing the firm with the ability to re-use components on a global scale.

Tab 2

Reetu Khosla

Reetu Khosla, Industry Director — Risk, Fraud and Compliance

Reetu Khosla is the global director of financial crime and risk solutions at Pegasystems. She has several years of regulatory experience in the banking and non-banking sectors, specialising in financial crimes and anti-money laundering (AML) compliance, operations and management. Reetu has implemented, developed and managed international Suspicious Activity Report (SAR) programmes, sanctions, high-risk customer (foreign financial institution and private banking), regulatory response and internal audit response management. In her current role she works with leading financial institutions and Insurers, hosting work-shops and advising on applying technology to financial crime, risk management and compliance programs. In the past, she has been invited by the FBI and private sector to train financial institutions on building effective AML programmes. Her previous positions include director of risk at Fidelity Investments where she helped implement emerging AML regulatory requirements and managed regulatory responses to the SEC, NASD and NYSE, consulting at Deloitte to financial institutions on regulatory issues, and working with the Department of Justice on analysis for legislation on AML regulatory requirements.

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