Financial Transaction Monitoring Alert Scoring for a European BankBFSI
Financial Transaction Monitoring is an important part of the compliance process. Having a poor transaction screening could lead to high risk and penalties from regulatory bodies. A false positive is a critical performance indicator of a model that helps in balancing the risk scale.
Having a higher false positive will lead to additional investigation, increased cost, and affect the customer experience with unnecessarily blocked transactions and a slow onboarding process impacting the business. On the contrary, having a low false positive may lead to onboarding high-risk or potentially unnoticed money laundering activities.
The client is one of the largest banks in Europe and wanted to enhance the effectiveness of their financial transaction monitoring by reducing false positives on alert notifications.
Challenges:
- Develop an ML model for alert scoring.
- Optimize and reduce the False positives.
- Integrate the Model without changing existing alert system
The implementation of financial transaction monitoring alert scoring has enabled the European bank to enhance the effectiveness of its risk management processes:
Benefits
- Reduced False Positives by 25%
- Improved Efficiency:
- Enhanced Risk Management
- Cost Savings
Our proof of concept on health and safety analytics provides the client with valuable insights and tools to enhance workplace safety.
Key benefits:
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Proactive Risk Management:
Based on predicted hazard types and severity, the client can take proactive measures to make a safer work environment.
- Efficient Resource Allocation:
The Client can reallocate resources focusing on areas high-risk areas.
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Enhanced Decision-Making:
Actionable intelligence that empowers HSE leaders, engineers, and employees to make informed decisions to mitigate risks better.