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Implementing Anti-Money Laundering and Know
Your Customer Managed Services Solutions
using Robotic Process Automation
Davi...
Anti-Money Laundering (AML) and
Know Your Customer (KYC)
Managed Services Solutions
2Copyright © 2016 Accenture All rights...
3
The financial services industry is experiencing increased scrutiny,
prompting institutions to rapidly evolve their AML a...
4
Though organizations are focused on increasing the rigor and
scope of their AML/KYC functions, many are struggling to ex...
Addressing these issues calls for new approaches, including, in
many cases, adapting a managed services model for AML and ...
Organizations considering migration to this model should focus on
defining their scope and transformation journey
6
AML/KY...
7
Quickly and effectively address common challenges by taking
advantage of preferred industry practices and proven approac...
8
Audience polling question #1
Copyright © 2016 Accenture All rights reserved.
Which factor do you think would have the la...
Robotic Process Automation
(RPA) for AML/KYC
9Copyright © 2016 Accenture All rights reserved.
10
What is robotic process automation (RPA)
Copyright © 2016 Accenture All rights reserved.
Robotic process automation (RP...
11
Robotics value proposition
Copyright © 2016 Accenture All rights reserved.
Robotics can deliver payback on investment i...
12
Which processes are suitable for robotics?
Copyright © 2016 Accenture All rights reserved.
Defining robotics opportunit...
RPA opportunities for AML/KYC functions
13Source: Accenture, September 2016
Robotics can be introduced to multiple AML/KYC...
14
Audience polling question #2
Copyright © 2016 Accenture All rights reserved.
Is your organization planning to implement...
Regulatory Considerations for
implementing Managed Services
15Copyright © 2016 Accenture All rights reserved.
16
Regulatory considerations for implementing managed services (1/3)
Copyright © 2016 Accenture All rights reserved.
When ...
17
Regulatory considerations for implementing managed services (2/3)
Copyright © 2016 Accenture All rights reserved.
When ...
18
Regulatory considerations for implementing managed services (3/3)
Copyright © 2016 Accenture All rights reserved.
When ...
19
Audience polling question #3
Copyright © 2016 Accenture All rights reserved.
Has the increase in enforcement actions an...
20
Key takeaways
Copyright © 2016 Accenture All rights reserved.
• Adapting a Managed Services approach for AML and KYC fu...
For more on AML/KYC Managed Services, read our point of
view:
Anti-Money Laundering and Know Your Customer Programs: Susta...
22
Implementing Anti-Money Laundering and Know Your Customer
Managed Services Solutions using Robotic Process Automation
C...
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Implementing Anti-Money Laundering and Know Your Customer Managed Services Solutions using Robotic Process Automation

The financial services industry is experiencing increased scrutiny, prompting institutions to rapidly evolve their AML and KYC programs. Many firms are struggling to expand their operations accordingly, and addressing these issues calls for new approaches, including adapting a managed services model for AML and KYC functions. This presentation also covers how robotic process automation (RPA) opportunities for AML/KYC functions. For more on a managed services approach on AML and KYC, visit: http://bit.ly/2czFJ1U

Implementing Anti-Money Laundering and Know Your Customer Managed Services Solutions using Robotic Process Automation

  1. 1. Implementing Anti-Money Laundering and Know Your Customer Managed Services Solutions using Robotic Process Automation David DeLeon, AML Managed Services Offering Lead, North America, Accenture Philippe Guiral, Financial Crime Lead, North America, Accenture Melanie Hilley, Global Director of Legal Services for AML and CTF, Accenture
  2. 2. Anti-Money Laundering (AML) and Know Your Customer (KYC) Managed Services Solutions 2Copyright © 2016 Accenture All rights reserved.
  3. 3. 3 The financial services industry is experiencing increased scrutiny, prompting institutions to rapidly evolve their AML and KYC programs Copyright © 2016 Accenture All rights reserved. 1. United States Government Accountability Office - Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements Report – March 2016 External Environment • US Department of the Treasury Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence Rule -- requiring Beneficial Ownership • Since 2009, financial institutions assessed about $12 billion in fines for violations of the Bank Secrecy Act (BSA) and AML regulations and U.S. Sanctions requirements1 Internal Environment • Expansion of policies and standards – examples include (but not limited to): o Capture and verify additional AML/KYC information on their clients o Update AML/KYC information on a periodic basis o Expand reviews to include relationships across business lines • Significant increase in operational volumes • Aging IT systems/infrastructure, with heavy reliance on manual processes • Large and rising cost of AML/KYC compliance
  4. 4. 4 Though organizations are focused on increasing the rigor and scope of their AML/KYC functions, many are struggling to expand their operations accordingly Barriers to Improving AML and KYC • Unsustainable Processes o Simplification o Reliance on manual Processes o Understanding complexity of process • Skilled Talent Shortage o Increased locations (near- shore/offshore) o Integration of global teams • Insufficient Training o Role-based training o Incorporating Feedback and lessons learned • Inconsistent Quality o Quality metrics o Sampling calibration o Continuous improvement Copyright © 2016 Accenture All rights reserved.
  5. 5. Addressing these issues calls for new approaches, including, in many cases, adapting a managed services model for AML and KYC functions 5 Access to Skilled Talent Cost Reduction Increased Scalability Improved Quality  Scalable and cost efficient operating model with a variable cost structure – focused on continued cost reduction  Expedited completion – leveraging follow- the-sun capabilities  Access to wider talent pools and lower cost locations  Resource flex options (ramp up/down), alignment of skill/cost to work complexity  Embedded training and development capabilities  Confidence through early identification and feedback focused on common issues  Balanced approach by calibrating sampling based on performance (e.g., reduced review for higher performers)  A culture of quality by incorporating quality into performance management  Standard, efficient and repeatable approach to managing AML at scale  Improved transparency into operational productivity, quality, and capacity and forecasting  Building a global AML/KYC capability
  6. 6. Organizations considering migration to this model should focus on defining their scope and transformation journey 6 AML/KYC Managed Services Suitability Operational VolumeLow High Low High ProcessComplexity Client (CDD) Onboarding Negative News Transaction Monitoring Investigations Periodic Review / Client Refresh (CDD) Politically Exposed Persons 1 2 3 5 7 Sanctions & OFAC (Transactions) 5 Highly Desirable Potentially Desirable 6 Least Desirable Transaction Monitoring Alert Review Sanctions & OFAC (Client) 4 Source: Accenture, September 2016 Scope Selection Factors • Increased Suitability o Lower complexity o Higher volume o Lower AML risk • Other Considerations o Customer types o Customer interaction points CDD: Customer Due Diligence OFAC: Office of Foreign Assets Control
  7. 7. 7 Quickly and effectively address common challenges by taking advantage of preferred industry practices and proven approaches Prepare and Transition to a Managed Services model • Process o Standardization of processes and procedures o Process hand-offs o Complexity/effort required • Training o Role based o Conducting training and ongoing support • Location(s) o Selection criteria o Balancing resource skills with costs • Mobilization o Transition and ramp-up o Peer grouping/coaching • Quality o Measuring progress o Continuous improvement o Accreditation Copyright © 2016 Accenture All rights reserved.
  8. 8. 8 Audience polling question #1 Copyright © 2016 Accenture All rights reserved. Which factor do you think would have the largest impact on the sustainability of your AML or KYC operations? A. ___ Optimized/Automated Processes B. ___ Greater Access to Talent C. ___ More Effective Training D. ___ Robust Quality Program
  9. 9. Robotic Process Automation (RPA) for AML/KYC 9Copyright © 2016 Accenture All rights reserved.
  10. 10. 10 What is robotic process automation (RPA) Copyright © 2016 Accenture All rights reserved. Robotic process automation (RPA) is the application of technology to “mimic” the actions of a human. A bot logs into the same applications and does the same tasks as a person. But the bot captures all details of the process and stores the details for potential auditing later. Accenture Technology Vision 2015 Survey 78% believe that the new workforce will consist of employees as well as intelligent machines Accenture Technology Vision 2015 Survey 84% of bank executives surveyed agree that they will need to focus on training their machines as much as their people 30% lower total cost of ownership for business operations by 2018 due to use of smart machines 30% Gartner Reveals Top Predictions for IT Organizations and Users for 2015 and Beyond, October 7, 2014 Expect 35% of jobs will be automated in the next 10-20 years 35% Will a robot take your job?, BBC News, September 11, 2015 84% 78%
  11. 11. 11 Robotics value proposition Copyright © 2016 Accenture All rights reserved. Robotics can deliver payback on investment in about 3 - 6 months when implemented at scale. Increased productivity with the potential to operate 24/7 - less FTEs needed to complete repetitive tasks Approximately 6 weeks required for a cost- effective implementation Higher staff satisfaction by eliminating monotonous tasks and allowing individuals to focus on higher value work One “bot” equates on average to 3 – 5 FTEs at 1/3 of the cost of an offshore resource Consistent quality guaranteed as human error is eliminated New operational ability to dynamically manage resource capacity and address peak volumes ImpactsBenefits Operational Control Productivity Implementation Satisfaction Quality Costs
  12. 12. 12 Which processes are suitable for robotics? Copyright © 2016 Accenture All rights reserved. Defining robotics opportunities starts with an assessment across existing business processes, using a set of process, technology and risk feasibility criteria. Rule based/no human judgment Digital trigger and structured, digital data High human error likelihood Highly manual High volume 1 or more systems Not frequent changes in process steps/rules Low exception volume Automated Workforce  Criteria
  13. 13. RPA opportunities for AML/KYC functions 13Source: Accenture, September 2016 Robotics can be introduced to multiple AML/KYC processes. While further review of processes should be conducted to determine full scope, initial actions can reduce cost, increase efficiency, and improve quality for the processes listed below. RPA Suitability for AML/KYC Functions Operational VolumeLow High Low High ProcessComplexity Client Onboarding (CDD) Sanctions & OFAC (Client) Negativ e News Transaction Monitoring Investigations Periodic Review / Client Refresh (CDD) Politically Exposed Persons 1 2 5 4 6 9 Sanctions & OFAC (Transactions) 7 Highly Desirable Potentially Desirable Transaction Monitoring Alert Review8 Least Desirable Client Offboarding (CDD) 3 • Compiling customer information • Confirming open accounts, accounts on prohibited list, etc. • Validating existing client information • Documentation gathering • Gathering customer information Refresh • Low complexity refresh • Medium complexity refresh • High complexity refresh Onboarding/CDD • Client set up • Onboarding • Enhanced due diligence Screening • OFAC screening • PEP screening • Negative news screening Offboarding/ Reporting • Offboarding • Ops metrics reporting Opportunities for RPA • Searching multiple internal sources for open accounts • Generating progress reports, exception reports, and Quality Assurance reports
  14. 14. 14 Audience polling question #2 Copyright © 2016 Accenture All rights reserved. Is your organization planning to implement RPA for Financial Crime processes? A. ___ No B. ___ Not yet, but we are planning to C. ___ Yes, we are currently doing a proof of concept D. ___ Yes, we have already implemented RPA
  15. 15. Regulatory Considerations for implementing Managed Services 15Copyright © 2016 Accenture All rights reserved.
  16. 16. 16 Regulatory considerations for implementing managed services (1/3) Copyright © 2016 Accenture All rights reserved. When engaging a managed services provider to assist your organization in meeting its KYC requirements, the following questions can help you address key legal issues. Regulatory Approvals Risk Assessment Accountability and Discretion • Have you identified the reasons for outsourcing? • Does the managed services provider have the experience and technical, managerial and operational capabilities to carry out the tasks? • Is the managed services provider compatible with your corporate culture? • Is the managed services provider reputable and financially sound? • Does the outsourcing plan clearly demonstrate that ultimate responsibility for compliance with KYC requirements remains with your organization? • Is your managed services provider carrying out KYC steps according to your directives as opposed to exercising its own discretion in dispositioning cases? • Do your regulators require you to obtain specific approval to outsource certain functions to a managed services provider? • Have you identified what your requirements are and worked with your proposed managed services provider to address them, including risk assessment and establishing an outsourcing plan?
  17. 17. 17 Regulatory considerations for implementing managed services (2/3) Copyright © 2016 Accenture All rights reserved. When engaging a managed services provider to assist your organization in meeting its KYC requirements, the following questions can help you address key legal issues. Governance and Supervision Data Considerations Contingency Planning • Have you established clearly defined mechanisms to monitor and supervise the performance of the managed services provider? • Are the roles related to quality assurance appropriately divided between your organization and the managed services provider? • Does the outsourcing plan address confidentiality and protection of customer data? • Have you coordinated and documented business continuity and disaster recovery plans with your managed services provider in the event of an emergency? • Does the outsourcing plan allow both your organization and your regulators to access data at any time? • Have you identified the availability of alternative providers or the possibility of bringing the outsourced activity back in house in the event of an emergency, and the costs, time and resources that would be involved?
  18. 18. 18 Regulatory considerations for implementing managed services (3/3) Copyright © 2016 Accenture All rights reserved. When engaging a managed services provider to assist your organization in meeting its KYC requirements, the following questions can help you address key legal issues. AML Client Compliance Directives Off-shoring Contractual Provisions • Have you established client compliance directives for the managed services provider that allow you to meet your AML regulatory requirements, including adherence by the provider to applicable provisions of your AML policies, agreement that their employees will take your AML training, with instructions on how to identify and escalate a red flag, and record keeping instructions? • If offshoring is contemplated as part of the outsourcing plan, have you addressed whether regulatory approval is needed from your home country or the offshoring country? • Do the offshoring country’s local laws allow your home country’s regulatory bodies to access data? • Have you established a written agreement between the parties that documents all elements of the outsourcing plan? • Have you addressed key legal items such as dispute resolution, governing law, liability, indemnities, change management, background checks and licensing of technology?
  19. 19. 19 Audience polling question #3 Copyright © 2016 Accenture All rights reserved. Has the increase in enforcement actions and significant fines imposed for sanctions violations caused your organization to re-evaluate its KYC processes? • ___ Yes • ___ No • ___ Not yet, but there are plans to do so
  20. 20. 20 Key takeaways Copyright © 2016 Accenture All rights reserved. • Adapting a Managed Services approach for AML and KYC functions can quickly and effectively reduce costs, increase quality and improve scalability. • When considering migration to this model, itis critical to focus on defining the scope and Transformation Journey of the transition. • Robotic Process Automation can deliver return on investment in about 3 - 6 months when implemented at scale. • Robotic Process Automation gives you an agile workforce available to deliver capacity to scale at a moment's notice. • Understanding the Regulatory considerations for outsourcing AML and KYC functions to a managed services provider will help protect your organization from regulatory scrutiny. • Establishing an outsourcing plan and contractual provisions will provide clarity between you and your managed services provider on the scope and parameter of the services being outsourced.
  21. 21. For more on AML/KYC Managed Services, read our point of view: Anti-Money Laundering and Know Your Customer Programs: Sustainability through Managed Services www.accenture.com/us-en/insight-anti-money-laundering-know-your-customer-managed- services 21Copyright © 2016 Accenture All rights reserved.
  22. 22. 22 Implementing Anti-Money Laundering and Know Your Customer Managed Services Solutions using Robotic Process Automation Copyright © 2016 Accenture All rights reserved. Disclaimer: This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

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