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Business Process Execution (BPX) for Customer Due Diligence and Enhanced Due Diligence

Client: Fortune 500 Brokerage Firm
After changes to risk scoring models that occurred in conjunction with a recent Actimize implementation, the Financial Crimes function needed to respond to a large and growing population of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) alerts.

The Challenge:

The newly implemented system produced a backlog of more than 20,000 alerts and resulted in related challenges in downstream processes, such as investigations.

The Solution:

Eliassen Group deployed its Financial Crimes Business Process Execution (BPX) solution, enabling the client to outsource CDD/EDD reviews, enhance talent management, and deliver high-quality production. We rapidly deployed a full team to address this backlog, including an overall engagement leader, subject matter expert(s), managers, quality assurance, team leads, analysts, and data/reporting specialists.

The Result:

We onboarded a high-quality, large-scale team within weeks to adjudicate 20,000 alerts and cross-trained this team to address additional client needs across multiple fraud organizations (card, identity theft, etc.).

While managing daily production to meet an aggressive deadline, the team also Identified ongoing process improvement opportunities to ensure future sustainability. These improvements included optimizing end-to-end processes for hiring, accelerating incoming AML teams' effectiveness, and enhancing business processes leveraged across the organization. In the end, Eliassen transitioned the team to the client, reducing reliance on staffing firms and turnover from ~70% to less than 10%

Highlighted Results

  • Onboarded a team within weeks to adjudicate 20,000 alerts
  • Reduced turnover from ~70% to less than 10%

Thinking Forward

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