Clearing Alert Backlogs – A Global Mining Firm

  • 50K

    alerts reviewed

  • 1.6K

    red flags identified

  • USD 100K

    saved in operating costs

  • 100%

    timeline achieved


CLIENT CHALLENGES
  • The compliance function of a major global corporation was facing issues clearing the backlog of alerts generated as part of annual reviews across its clients, vendors, and partners
  • The target was to clear the backlog of 50,000 alerts,identified across 16,000 entities, within 4 months
  • The client needed a cost effective solution to manage the project, as hiring consultants and managing it inhouse was expensive
OUR APPROACH
  • Acuity Knowledge Partners deployed a team of KYC experts with experience in KYC remediation
  • The team leveraged Compliance Catalyst, a risk assessment tool by BvD, to source information and clear backlogs
  • Alerts comprising of sanctions, PEPs, and adverse news were reviewed for
    • Clients
    • Shareholders and beneficial owners
    • Directors and management
    • Trading counterparties
  • The team was able to identify ~16,000 potential red flags and bring them to the client’s notice
  • The team ruled out ~48,000 false positives using their expertise and in-depth research skills
  • The team also provided Chinese language support, as a few alerts pertained to China
IMPACT DELIVERED
  • We were able to identify potential red flags in a timely manner, which enabled the client to take corrective action
  • The client was able to use the expert methodology we adopted to rule out false positives to improve their in-house compliance capabilities
  • The client achieved cost savings of USD100,000 and was able to complete the project without hiring consultants in-house
  • The Chinese language support provided further increased the client’s cost savings
  • The client’s existing compliance team was able to focus on core business-as-usual compliance activities
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What we have done

Process Adherence Support with OFAC Checks for US-Based Global Investment Manager
What we are proud of

>50%

savings in staffing costs

25%

increase in outreach