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Transaction Monitoring: Alert Review and Suspicious Activity Report Filing

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THE CHALLENGE

Due to resource capacity challenges, the client, a global financial institution, was unable to manage its transaction monitoring alert volumes and required additional experienced resources to review the entirety of the population.

Exiger worked with the client to provide a team of transaction monitoring analysts to handle alert review and suspicious activity report filing.  

THE SOLUTION

Exiger quickly staffed a highly experienced team, trained and ready to handle fluctuating TM alert volumes on an on-going basis. Exiger performed alert clearing, case investigations, and suspicious activity report escalations. Exiger’s dedicated team was able to augment the Bank’s staff and ensure timely alert review while superseding quality expectations.

The team consisted of 8 analysts and 1 team leader who was responsible for ensuring monthly targets were met, and for maintaining top quality. Exiger leadership held bi-weekly status meetings with the client’s team to identify any potential problems and retrain or remove any low-performing analysts.

THE IMPACT

Exiger was able to show consistent speed while maintaining quality.  Each Exiger analyst, was able to complete 80 more alerts per month compared to the Bank’s full-time employees who were conducting the same tasks. This resulted in Exiger adjudicating approximately 55% of the total volume of monthly alerts within the transaction monitoring department.

Key Metrics
55%

of alert volume managed and adjudicated

 

47%

of alerts cleared by Exiger with a team half the size of Clients’

 

~10%

increase in monthly productivity

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