Throw out the manual, mundane, and costly
Low value, high volume tasks are a drag. They hurt morale. They make it hard to retain great employees. They take too much time. They increase your costs. They are prone to errors. They increase your risk. But in a world where alert volumes are continuing to increase and financial crimes are getting more complex, can anything be done?
The answer is an emphatic “Yes.” In our 20 year history of working exclusively with financial crime, risk, and compliance teams, we have learned that despite their many drawbacks, these manual and mundane processes present an opportunity to get quick wins in terms of efficiency, productivity, costs, and risk. This is because they are prime targets for automation.
You might also find these two recent blogs useful:
Driving Automation and Artificial Intelligence into Financial Crime Risk Management.