Finance

Strengthening Risk Management and Regulatory Compliance for a Multinational Corporation

Focus Areas

Automation

Advanced Data Analytics

Artificial Intelligence (AI)

Business Problem

An international company was facing difficulties with services related to financial crimes and data analysis. With changing compliance standards, the firm had failed to form a dedicated forensic and litigation services support team for financial crimes, and difficulties with data analysis slowed down their response. This put them at a risk of regulatory penalties.

Key challenges:

  • Support Team: Lack of a specialized team dedicated to financial crimes increased their exposure to regulatory fines and slowed dow their reponse times.

  • Data Analysis: The firm also faced difficulties in collecting and analyzing large volumes of necessary data.

The Approach

The Curate team was assigned to create a forensic and litigation support team and improve the company’s capacity to handle financial crime threats for its clients, including integrating advanced data analytics.

Key components of the solution:

  1. Phase 1: Needs analysis and team formation

    • Curate’s consultants evaluated the company’s existing procedures, technological stack, and data management systems. They also spoke with the compliance, risk management, IT, and legal teams to identify areas for improvement, such as data analytics capabilities, incident response protocols, and resource allocation.

    • Upon review, our consultants suggested creating a dedicated forensic support team that would work closely with the firm’s IT and legal teams and external regulators.

  2. Phase 2: Designing the solution and integrating the technology
    • The Curate team designed a solution that required setting up an end-to-end forensic investigation framework integrated with advanced data analytics and regulatory reporting and worked with the company’s IT and legal teams to streamline the data-gathering process and reduce response times for financial crime investigations.
    • Key components of the solution were:

      • Risk detection: AI-based software was integrated to automate the detection of suspicious financial activities and reduce the manual workload, leading to enhanced early detection capabilities.

      • Tools: Advanced analytics and forensic tools were used to streamline the analysis of large datasets. This provided detailed insights into possible regulatory breaches and financial crimes.

      • Incident response controls: In collaboration with the internal teams, a set of incident response protocols was implemented. These would guide the forensic team in handling investigations from the detection of a potential risk all the way through to regulatory reporting.

    • The company’s existing IT vendors were also looped in to ensure seamless integration of new forensics tools within the existing infrastructure, minimize disruption, and avoid a complete systems overhaul.
  3. Phase 3: Implementation and Training 

    • The Curate team partnered with the firm’s IT and legal teams to establish the forensic support team. This would include financial crime specialists, data analysts, and forensic investigators who could handle complex financial crime investigations.

    • Curate trained the internal teams to maintain the new systems, handle future upgrades, and independently manage forensic investigations. The workshops and trainings further encouraged the firm to refine its regulatory compliance capabilities without relying on external consultants.

  4. Phase 4: Continuous support and optimization
    • The Curate team provided ongoing support post-implementation, refining the automated risk detection algorithms and optimizing the forensic team’s workflows as new regulatory standards came around. It also included fine-tuning data analytics processes so they better aligned with compliance requirements in different global regions. This ensured that the company’s global offices could manage localized regulatory risks with Curate’s risk management services.

Business Outcomes

The strategic overhaul remarkably improved the company’s operational risk management and regulatory compliance capabilities.

Decreased Regulatory Risk


The dedicated forensic team and automated risk detection system reduced the firm’s exposure to regulatory penalties and legal risks related to financial crimes.

Enhanced Investigative Capabilities


The company’s ability to investigate potential crimes and mitigate risks in time improved significantly while minimizing potential financial and reputation damage with advanced analytics and dedicated forensic resources.

Sample KPIs

Here’s a quick summary of the kinds of KPI’s and goals teams were working towards**:

Metric Before After Improvement
Average Investigation Time 30 days 10 days 67% reduction
Regulatory Penalty Exposure High Low Significant reduction
Incident Response Time 72 hours 24 hours 66% improvement
Data Accuracy for Forensic Reports 80% 95% 15% improvement
Client Satisfaction Score 70% 85% 15% improvement
**Disclaimer: The set of KPI’s are for illustration only and do not reference any specific client data or actual results – they have been modified and anonymized to protect confidentiality and avoid disclosing client data.

Customer Value

Curate Consulting’s expertise in Agile methodologies not only improved operational efficiency but also enhanced the healthcare provider’s ability to serve their patients more effectively:

Improved Client Trust


Clients received faster, more comprehensive investigations, which increased trust in the company’s services.

Conclusion

Curate successfully improved the company’s risk management and regulatory compliance capabilities. The establishment of a dedicated forensic support team and the integration of advanced data analytics tools resulted in reduced exposure to financial crime risks and improved response to potential regulatory breaches.

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