Centralized Compliance Service for the Entire Enterprise
In today’s banking environment compliance activities are employed across all areas of the business operations, with each area having a specific set of rules to comply. Private banks must conform to these rules at various stages of on customer engagement starting from onboarding to investment advisory, order management to portfolio monitoring and so on.
As a result, these rules are embedded across several supporting applications used to support the customer engagement. When a regulator decides to change a rule, these applications, which are too rigid to be changed often become a major obstacle both in terms of cost and operational risk. There needs to be a better way.
The AGDelta solution is designed to centralize all the compliance rules for the entire wealth organization. Our compliance rules engine is the only solution in the industry that can be invoked by third party applications. With the AGDelta solution, a private bank can maintain all the business and regulatory rules in one single application that can be invoked through an open API, saving a great deal of time and cost.
Compliance Data Mart Cache for Ease of Access of Data and Auditing
The key to an effective compliance service is to have access to good, quality data for each rule to be performed. Accessing the data from the various silos systems across the enterprise is a major challenge.
Our Enterprise Compliance Service simplifies data management through the Compliance Datamart Cache (CDMC). The CDMC acts as a centralized data repository that connects to the various data sources required to support the compliance service. Private banks no longer need to maintain data interfaces to every application with embedded compliance rules.
The CDMC works in tandem with the rules engine to ensure data quality. If any data is outdated or missing, the rules engine will trigger an alert to notify the bank to take appropriate action. Auditing is made easier by the CDMC. All reports and logs are tracked within the system. Compliance officers internal or external to the bank can easily access the necessary logs and reports for area of the operation.
Pre-Configured Rules Library and Rules Maintenance
For many private banks, designing and maintaining a comprehensive compliance framework has been a major challenge.
AGDelta solves this problem by offering the Enterprise Compliance Service with a pre-configured rules library. All the rules necessary to satisfy various regulatory requirements such as AML, FATCA and KYC, Conduct Risk, Client-product & portfolio suitability are supported. The rules parameters can be configured to fit their organizational needs within the bounds of regulatory requirement.
AGDelta offers value-added services in the form of regulatory monitoring and rules updates. If the change requires an adjustment to the rule library, AGDelta will analyze the change, codify the adjustment and deliver to our clients as an application update.