QuantaVerse Introduces Fast Start Program to Speed and Improve the High-Risk Entity Review Process

  • Security , Risk Management
  • 08.06.2021 04:30 pm

QuantaVerse, which uses AI and machine learning to automate financial crime identification and investigations, is offering HRER Fast Start to banks interested in cutting costs and improving the accuracy and consistency of their high-risk entity review program. In no more than 60 days,* QuantaVerse can launch HRER and return the first month of QuantaVerse High-Risk Entity Reports.

The QuantaVerse High-Risk Entity Report documents risk discovered by the QuantaVerse Financial Crime Investigation Platform. The platform automates the research work required to accurately assess entity risk, such as adverse media, jurisdiction, transactional relationships, and typologies that indicate potential money laundering. QuantaVerse offers HRER Fast Start so customers can quickly realize the benefits associated with automating this area of their AML process.

In just two months, QuantaVerse High-Risk Entity Reports can be launched in an institution and begin returning reports that cut HRER costs while improving the accuracy and consistency of their high-risk entity efforts. There are five steps to improving HRER outcomes for AML/BSA teams with QuantaVerse:

  • Configure bank-specific risk settings (jurisdiction, line of business, etc.)
  • Review bank file formats and build mapping if necessary
  • Accept secure file transfers of high-risk entities and relevant KYC data
  • Run analytics and produce reports
  • Return monthly HRER reports for each analyzed entity

“The new HRER Fast Start makes it easy for banks to improve the accuracy and consistency of their high-risk entity review program,” explained David McLaughlin, CEO and Founder of QuantaVerse. “QuantaVerse HRERs make the entity review process more efficient while getting complete analysis with fewer errors.”

The manual nature of high-risk reviews make them a time-consuming cost sink for AML/BSA teams. Human investigators manually sift through customer data and a multitude of disparate databases, then conduct research on the web in an attempt to accurately evaluate customer risk. The process is especially laborious when evaluating highly active customers, but even dormant or declining accounts deemed high-risk demand regular attention. In addition to being costly, the HRER effort demands the attention of more experienced and higher-compensated members of AML/BSA teams.

CCOs and AML/BSA leaders using the QuantaVerse Automated Investigation solution have experienced first-hand how the QuantaVerse platform and Financial Crime Investigation Reports (FCIRs) were streamlining and creating consistency across their alert investigations. With some modifications, they recognized that QuantaVerse FCIRs could also make their HRER efforts more efficient.

One QuantaVerse customer conducting approximately 1,200 high risk entity reports each year was averaging 10 hours on each high-risk review. Leveraging QuantaVerse, the average time required for HRERs was reduced to three hours per investigation. Not only did automating HRER investigations cut 60% of the time allocated to high-risk entity reporting, but it also improved accuracy and enabled experienced investigators to be deployed to their highest and best use in the organization.

To learn how to improve HRER efforts and demonstrate that your organization is employing the innovations that regulators and FinCEN are expecting, please visit: https://quantaverse.net/try-ai/#HRER.

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