The Challenge
Banks are required to annually review their transaction monitoring systems. Failure to do so, subjects the organization to the risk of an examination deficiency by their regulator. More significantly, failure to perform a proper independent review suggests other control weaknesses that can in turn lead to significant regulatory action.
Although these reviews can be performed by internal audit, properly evaluating complex automated systems is usually beyond the scope of most audit teams. Access to and knowledge of the multitude of configuration choices, the quality of the underlying data, selection of appropriate rules, sufficiency of risk models among many other system choices are just some of the complexities that will be faced.
To avoid the cost and risk of regulatory findings, it is essential that the independent review be performed by highly qualified professionals that bridge the gap between compliance and technology.
The Solution
Parkview has developed a team of highly skilled employees that are industry leading experts in the field of automated anti-money laundering software systems. Their breadth of knowledge provides efficient and cost effective annual system reviews.
An independent system review by Parkview is based on a well-established methodology that has been proven through a wide range of engagements. Our methodology provides for a thorough understanding of the bank’s requirements, risk profile, prior findings, client makeup, and changes to their business. Based on this framework, all systems are reviewed from the point of data capture to final case review and disposition. A detailed report is prepared for management that clearly highlights any gaps and provides for recommendations that will lead to the needed remediation.
The end result is a process that significantly reduces regulatory risk. Potential problems are found early and may be remediated by management before they are identified by a regulatory examination.
Speak with us to discuss how we may reduce annual costs for your compliance system review.
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