Compliance requirements are constantly increasing, creating more process headaches. Numerous consumer financial protection laws, including Know Your Customer (KYC) regulations, the Bank Secrecy Act (BSA), and Anti-Money Laundering (AML) provisions, have significantly increased the due diligence required to verify a customer's identity before opening a new account or approving a loan. Much of the data needed to ensure compliance resides outside your business, making it difficult to aggregate and integrate into your internal processes.<\/p>\n
Most financial institutions are overwhelmed by the growing number of rules and requirements that must be monitored, controlled, and reported on time to comply with federal and state regulations. A survey of more than 100 senior banking executives from across Europe and the United States found that one in five banks has experienced a considerable increase in compliance-related spending.<\/p>\n
Acquiring more resources to perform manual tasks is not a cost-effective or long-term response to meeting growing regulations. Instead, consider investing in RPA for the automation of repetitive, time-consuming compliance tasks that tie up your valuable employees.<\/p>\n
Staying up to date with hundreds of global laws and regulatory agencies can be complex, tedious, and time-consuming. By implementing RPA, your bank can automatically aggregate and integrate compliance information into your business processes, simplifying and streamlining the required work while reducing costs.<\/p>\n
Banks can automatically extract regulatory information and updates from a large number of websites and portals, and deliver it directly into the hands of their employees.
\nFor example, at a British bank with a global presence, staff had to manually aggregate rules from more than 300 websites every day and standardize the data into a model to feed it into their regulatory compliance system. A typical compliance officer spent 15% of their time tracking developments.<\/p>\n
Most of this manual work was easily automated with the implementation of software bots. Now, the bank is able to quickly and effectively capture regulatory information from public websites, including new rules, changes, and news. The bots work in tandem with bank employees to monitor sites ranging from stock exchanges (NYSE, Euronext) to federal regulatory agencies to increase internal compliance and ease the burden of due diligence.<\/p>\n
RPA eliminates information silos and provides your employees with immediate access to the information they need to complete their work. Software robots can deliver critical information to your staff through dashboards, databases, Excel spreadsheets, and compliance reporting applications in any required format.<\/p>\n
The Information Analysis Unit (UAI) of a leading global financial institution manually gathered information for assessments of irregularities and criminal acts within the bank from more than 40 internal and external sources. Their process was lengthy and cumbersome, taking analysts an average of two hours per case to repetitively search for, gather, and organize the necessary material.<\/p>\n
The company implemented software robots to automatically analyze potential exposure to technological, operational, and reputational risks in more than 250 cases per month. This improved data recovery time in each case by up to 96%, and now an average of 480 hours per month is much better utilized on higher-value tasks.<\/p>\n
With RPA, you can integrate the information required for regulatory reporting in a timely manner, eliminating delays and reducing the risk of non-compliance fines. Heavy penalties against banks often make the news, which damages your company's reputation in the industry.<\/p>\n
Software robots can also be deployed to quickly and automatically perform background checks on an individual against thousands of sites, including reviewing sanction lists from sources such as the U.S. Treasury and Immigration and Customs Enforcement (ICE). This not only reduces the probability of fraud and associated costs, but also helps your bank ensure compliance with Know Your Customer (KYC) requirements.<\/p>\n
Intelligent software robots can be used to automatically access and integrate audit information for regulatory purposes and include any information that could fall within an audit. This simplifies the process and ensures that all documentation is in order.<\/p>","protected":false},"excerpt":{"rendered":"
Los requisitos de cumplimiento son cada vez mayores, creando m\u00e1s dolores de cabeza en los procesos. Las numerosas leyes de protecci\u00f3n financiera para el consumidor, incluyendo las regulaciones Conozca a su cliente (KYC), la Ley de Secreto Bancario (BSA) y Prevenci\u00f3n del Blanqueo de Capitales (AML, por sus siglas en ingl\u00e9s respectivamente), han aumentado significativamente […]<\/p>\n","protected":false},"author":12,"featured_media":3489,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[1],"tags":[],"formats":[],"class_list":["post-3486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"dsm_author":{"name":"Alfredo De Vanna","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/edc95b4dba4552c8192a97115c3de36e18a44af703d8cef6a7995f185294a390?s=96&d=mm&r=g","archive_link":"https:\/\/yakidoo.com\/en\/author\/alfredodv\/","biodata":"Digital Transformation Advisor | Business Process 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