“How do you know?”
It has been a number of years since your implementation, do you know if your program is working correctly?
Are you sure that your data feeds, batch processes, or other technical functions have not had errors or even if they have had errors, have they been corrected properly? Do you know your settings, thresholds and cases are being used correctly or within what are common amongst your peers?
Systems have to be configured to align with the organization’s core banking systems and their Bank Secrecy Act (BSA) and anti-money laundering (AML) risk profile. An increased number of enforcement actions over the past several years have regulators continuing to impress upon banks the need for validation of BSA/AML and other compliance systems.
The answer is “you don’t” know if everything is working as intended.
ARC Risk and Compliance has a qualified team who will perform an Independent Verification and Validation (IVV) and prepare a written report for your financial institution to demonstrate the gap in your program. Our analysis will provide an in-depth end-to-end view of your system, and will identify what is being used correctly and what is not.
We review your system parameters like most of our competitors, but we also review the data and make specific recommendations that you can implement. We identify any areas of the product that may be technically correct, but not commonly used in the same manner as your peers.
Finally, we produce a comprehensive report documenting all of our observations, findings and recommendations.
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