The bank’s risk and compliance teams are responsible for customer due diligence, sanctions screening, tax-related checks, and ongoing monitoring throughout their customer lifecycle. However, due to increasing regulatory expectations, the bank needed a way to maintain continuous visibility into customer risk between onboarding and periodic reviews.
INCREASE IN EARLY-WARNING RISK DETECTIONS
FEWER AUDIT FINDINGS TIED TO OUTDATED CUSTOMER CHANGES
REDUCTION IN ONGOING COMPLIANCE AND REVIEW COSTS
A leading regional bank serving retail, small business, and commercial customers maintains a large portfolio of individual and business accounts across deposit, lending, and treasury services.
The bank’s risk and compliance teams are responsible for customer due diligence, sanctions screening, tax-related checks, and ongoing monitoring throughout their customer lifecycle. However, due to increasing regulatory expectations, the bank needed a way to maintain continuous visibility into customer risk between onboarding and periodic reviews.
Compliancely enabled continuous monitoring beyond onboarding and periodic reviews. The bank detected risk changes earlier and reduced audit findings. Compliance costs fell as manual reviews were replaced with alerts.
Maya Johnson, Head of Credit
The bank saw measurable improvements across their risk management and audit readiness operations.
in early-warning risk detections due to continuous monitoring.
related to outdated or missed customer changes.
in ongoing compliance and review costs by shifting from broad
Compliance is a regulatory obligation for businesses but it’s a tiring and sometimes an exhaustive experience for your customers. The paperwork, the waiting, and the verification steps – although necessary from a compliance perspective, these factors can take away the very thing that brought your customers to your products and services – intent.
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