Financial Crime Compliance Advancement Enabled by Artificial Intelligence and Analytics
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May 09, 2024
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Our advisory role enhances US investment bank's financial crime monitoring with Machine Learning and graph analytics.
The financial institution (“FI”) was in the process of evaluating advanced analytics solutions to be their strategic platform for entity resolution, transaction monitoring, customer risk scoring and case management. They were using highly costly legacy platforms that were not efficient, scalable and lacked required emerging intelligence. At that stage, the client required a supporting strategic partner to fill the role of an independent advisor, PMO, Vendor Selection, and advanced analytics and technology road mapping.
Our Impact
Secured Required Funding
- Client was able to secure the required funding from its board based on the business case created by FTI Consulting
Return on Investment
- $5.5 M cumulative ROI based on savings that are estimated to be realized over the next 5 years
- 33% growth of potential AML transactions through 2025
Increased Knowledge Base
- Functional and technical stakeholders gained significant knowledge of the benefits from graph analytics enabled by machine learning.
Our Role
- Implemented a full analysis and validation of the financial institution’s current system capabilities and constraints both functional and technical
- Created an in-depth functional and evaluation framework
- Implemented project management and governance for POC environment and activities, which included coordination with business & IT (application, infrastructure, infosec, supplier management) teams, and product vendors, while identify the target state product
— Created a success criteria and a scorecard
— Recommended the best fit solution considering both internal financial services client input and our independent assessment/review
- Created the functional target state and architectural blueprint
- Created the business case with details on target state recommendations (functional/technical capabilities matrix, total cost of operations and cost-benefits analysis)
- Created an implementation plan including timeline, sequence, high-level architecture and total cost to help our client operationalize the transformation process
Published
May 09, 2024
Key Contacts
Senior Managing Director
Managing Director
Senior Director
Managing Director