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THE CHALLENGE
Our client had an aging inventory of manual and automated securities and asset transfer alerts requiring initial review. Due to resource capacity challenges the client also did not have sufficient quality control resources to review the completed alerts for quality standards.
THE SOLUTION
Exiger was retained to conduct a quality review of trade monitoring alert adjudication team. Through the review process, Exiger found potentially suspicious trading activity that was not identified by the financial institution. Exiger prepared case investigations, presented SAR consideration details to senior management for decisioning, and provided support for the preparation of SAR filings. Exiger also flagged internal control issues such as trade runs not matching alert totals, and internal systems containing data that did not match alerted activity.
THE IMPACT
Exiger’s team successfully reviewed and performed quality control of 300+ cases meeting the client’s target performance. Identifying the data inconsistencies allowed Exiger to truly investigate and adjudicate the alerts, and drew attention to the data quality issues and the corresponding risk the Bank was exposed to. The client requested Exiger to separately provide data optimization support as a result of the feedback provided by the alert review team.
300+
Transfer alert cases reviewed
0
Adverse findings
Significant data quality improvements
0
Adverse findings
Significant data quality improvements
