Implementing Automated Transaction Monitoring Applications for Real-Time Risk Detection and Analysis

November 29, 2022 12:00pm

Maureen Mohlenkamp
VP, Chief Ethics & Compliance Officer
DXC Technology

Reynaldo Goto
Chief Compliance Officer
BRF (Brazil)

Ana Iacovetta
Chief Compliance & Ethics Officer, VP and Deputy General Counsel

Bryan Judice
Global Head of Compliance Data Analytics and Monitoring
Panasonic Corporation of North America (PNA)

A data-driven compliance program requires having the monitoring tools that are necessary to retrieve data from multiple systems, databases, and different parts of the business automatically; both domestically and internationally. This often leads to the necessity of having the IT department build such a program in-house; and having data scientists analyze all of the data for risk identity and assessment.

However, many successful compliance analytics and transaction monitoring initiatives can be utilized with applications that do not require the construction of a costly and complicated on-premise infrastructure. The advantages of utilizing such applications from a compliance standpoint, is they put more control in the hands of the compliance team instead of IT – which may not prioritize the transactions in the same way.

Key Takeaways for this session:

  • Determining the next steps for the compliance team when addressing payments and transactions that are above aggregate risk score thresholds 
  • Ensuring the data feeds and monitoring tools are coming in and working in real time – and developing processes for determining what warrants internal investigations and further action
  • Which transactions to monitor and how to monitor them:
    • Gifts
    • Donations
    • Effective feedback through communications and HR teams
  • Identifying the solutions and applications that are needed to risk-rank transactions and geographic regions; to readily identify areas that require enhanced due diligence and potential internal investigations
  • Equipping the compliance team with data and “actionable insights” early in the transaction lifecycle, so they are able to make better-informed decisions