The Compliance and Regulatory Team at a Top-5 Global Technology Company
When you’re a Big Tech player, you are no stranger to risk. Our client was processing millions of financial transactions in over 100 countries, every single day. That meant a million opportunities for bad actors. When the bad guys are everywhere, making sure they aren’t using your platform for illegal activities is critical to staying on the right side of global regulators, not to mention maintaining consumer trust.
With the volume of financial transactions growing fast, the platform was falling short on statutory standards. The client needed to mitigate risk, quickly and permanently.
When it comes to Compliance, we know it's critical to have unimpeachable systems. In this case, the client already had strict internal checks in place. But they needed to expand the scope of quality assurance. They also needed ongoing support to keep up with constantly changing regulations. And of course, stay one step ahead of the bad guys.
Grail stepped in to quickly reengineer the sampling assessment. We knew bigger samples would mean fewer fraudulent activities going undetected. This would also improve the speed and scope of transactions that were being evaluated.
To simplify, we developed a process to review auto-generated alerts using the client’s internal tools.
The newly super-boosted centralized compliance system included a quality assurance framework. This involved establishing a set of defined criteria for quick resolution and escalation. It also included detailed, real-time analysis of accuracy scores and error categories. Finally, we closed process gaps and introduced live reporting.
With ongoing support, our client continues to stay a step ahead of the bad guys, satisfy regulators, and protect their customers.
The quality assurance review cycle went from two weeks to just two days.
The client increased its operational accuracy rate from ~80% to ~98% through a newly defined root cause analysis process.
Quality assurance coverage increased by 400%.
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