Process Mining in Compliance for Banks and Insurers
Decrease risks, improve response time to regulatory questions, spot and fix potential problems fast. Minit connects all your compliance efforts and systems with overarching end-to-end process visibility.
Address Top Priorities in Compliance
In Thomson Reuters' Cost of Compliance Report, surveyed board members stated that instilling the culture of compliance, the volume of regulatory change, and meeting regulatory expectations are the topics on top of their minds. Process mining helps with these challenges.
De-Risk Your Bank's Processes
Process mining provides full visibility into the regulated processes, even within the complicated core banking infrastructure.
Such multi-level process transparency, combined with the ability to zoom in and out and analyze every detail, will decrease the risk of an error or compliance issue suddenly popping up.
Optimize the Compliance Costs
The average annual AML compliance costs of a bank can reach $300m. Screening and monitoring make up a fifth of this spend, and a significant part of this cost – up to 70% - is related to personnel, Oxford Economics research states.
Process mining helps identify process changes that improve efficiency and simulate the consequences of actions. This leads to better compliance cost allocation and minimized cost inefficiency.
Improve Regulatory Relations
Being proactive and communicating with regulatory bodies makes a significant difference in your regulatory compliance efforts. Minit will help you get continuous insights into the regulated processes of your financial institution.
Uncover and address potential issues before the regulator points them out during an audit. Know beforehand what you will be warned about and have a ready answer on what you are doing about it.
Process Mining Complements Your Existing Efforts
Process mining fits as an addition to the Chief Compliance Officer's toolbox. It enables you to gain real-case actionable insights into all areas of compliance functions, using the data already available in your systems.
Risk Assessment and Identification
With your regulated processes analyzed based on real data, you understand your risk exposure better and can act with more confidence. You can also spot parts of the process where you are cutting the SLAs too close.
Policy Creation, Implementation & Oversight
With Minit, you can simulate the change in the process flow - test your ideas or see the effect of upcoming regulations in advance. Based on the findings, you can better prepare and react - adjust your resource allocation, train staff, ready for potential new risks.
Ensuring Policy Compliance with Regulations and Laws
You will understand how the policy is followed based on the reality of process data. Then you can compare the intended regulated process flow to this reality and spot problems. With risks identified, you can analyze root causes with AI-Powered RCA and fix them faster, than with manual investigation.
Oversight of Internal and External Policies Compliance
Be alerted on defined policy violations with Business Alerts. Have an ongoing process view for all regulated processes. Refresh with new case data and see the changes.
Compliance Training and Education
Use process data from your system to create material for case studies.
Answer Compliance Questions Easier
There is no end to the things you can do in an effort to obey the rules, manage risk and stay ahead of potential problems. With process mining in place, it is easier to answer questions that now take a lot of manual effort to investigate.
- How well do we follow the regulated process guidelines?
- What do the reworks in regulatory processes cost us?
- Which systemic breaches happen and what do they have in common?
- Where can we expect the highest return on automation investment?
- Are we “cutting it close” with SLAs in any parts of the process?
- How are we progressing with the post-review actions?
- What are the potential results of intended change actions?
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