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About the Quality Assurance
The risks associated with not meeting rules and regulations can end up costing financial institutions a hefty penny. Recently, we have seen more and more fines sanctioned to those who didn’t meet the regulators’ demands, resulting in millions and even billions of dollars.
With the ever-changing compliance landscape, it is difficult to keep up to date with new regulations and adapt existing IT systems to deliver results that adhere to them. However, there are actions you can take to mitigate risks to compliance and ensure your systems are running according to the regulators’ demands.
Matrix-IFS takes measures to ensure that every aspect of your compliance BSA/AML systems are performing according to business and regulatory requirements. That includes system and setting configurations, data, rules, models, and thresholds.
Helping financial institutions stay compliant and secure.
Our Core Services
Specialized focus areas designed to protect your business and ensure compliance.
The biggest barrier to ensuring accurate and reliable system results is data quality. To ensure maximum validation, we have developed DataSure – a real-time data quality tool that ensures data feeds are complete, accurate, and timely. By using it, you can identify different data issues, validate data mapping/flow, receive alerts on data anomalies, automate data quality & validation, and have a consistent process of real-time data validation.
Failure to configure or implement your BSA/AML systems correctly can result in bona fide alerts going undetected, which can be directly correlated with adverse impact on compliance. We carefully examine the system’s configuration, functionality, and limitations to ensure they are set for maximal output. In addition, we check that the data flow to the system is as designed and that 3rd party systems are integrated effectively. Finally, we perform system tuning and optimization to ensure optimal performance.
At times, financial institutions call on us to help them in recovering from a flawed financial crime and compliance program. In those cases, our teams are skilled in narrowing the core issues and providing practical advice and help to stabilize the program and address overrunning costs and high operational or compliance risks.
Our team will help assess and provide inputs to help your organization follow industry best practices across the governance and controls relating to maintaining the inventory of transaction monitoring models.
Quality Assurance Services
A US Branch of a Global Bank has asked Matrix-IFS to manage the end-to-end implementation of a legacy system components.
Quick answers. Real solutions.
Thank you!
Quick answers. Real solutions.
Thank you!
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