Enterprise Investigation Management

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Financial crime and compliance are not new challenges to the industry but the nature of the challenge is changing dynamically. Why? - Because today’s criminals:

• attack globally, not locally
• are organized and systematic, not random and opportunistic
• infiltrate systems rather than people or places
• erode profits through persistent high volume attacks

In compliance too, organizations are fighting an increasingly complex battle for higher stakes. The regulatory environment continues to intensify with the regulators demanding intelligence as well as scrutiny. The increasing move towards a risk-based approach requires institutions to have a greater, enterprise-wide understanding of the threats they face, across all operations and in all territories.

However, today many organizations are ill equipped to meet the challenges. The feverish regulatory environment post 9/11 encouraged many to invest hastily in systems, processes and technologies often on an ad hoc basis within different geographies and business lines.

Likewise in the fight against financial crime many are faced with a similar proliferation.

The result is that many organizations have a multitude of systems and methodologies in place that duplicate effort, reinforce divisional structures and are unable to share and cross-reference information. These siloed systems create barriers to financial crime management and hinder the successful detection of today’s organized criminal. They drive up operational costs and total cost of ownership through duplication of effort, inefficient processes and multiple support and maintenance costs.

With the global financial services industry spending over $320 billion annually on compliance alone, and an estimated 84% of that going on administration, any opportunity to reduce costs must be embraced.

Limitations in today’s approach to financial crime and compliance management puts the business at risk in several key areas:

• increased exposure to unpredictable financial losses
• increased risk of exposure to sanctions
• escalating operational costs
• reduced productivity of investigative resources

The message is simple – as organized crime continues to grow, organizations must get smarter and more efficient at stopping criminals in their tracks. Norkom’s enterprise investigation management solution is the answer.

Why? Because it enables a holistic enterprise approach to financial crime and compliance management leveraging its own technology alongside your existing assets, delivering the intelligence required to enable you to control and manage your defenses across all products, channels and regions. It delivers an early warning system to help you quickly understand the magnitude of an attack and gives you the crucial information needed to make informed operational decisions – decisions that protect your business.

Norkom’s approach is unique – it draws together data from existing detection systems, combining both its own alerts and those from third parties. It then interrogates rigorously by applying sophisticated analytics, profiling and detection capabilities to uncover relationships and patterns across the enterprise, automatically finding hidden connections indicative of criminal attacks. It works across the business breaking down the operational silos and connecting suspicious events spanning channels, products, regions and business lines.

Combined investigation and case management form a crucial part of the Norkom solution providing the investigator with all the information required to drive speedy resolution.
Command and control capabilities provide all layers of the business with instantaneous access to critical information to enable them to make swifter, smarter decisions to protect their business and optimize the financial crime investigations unit’s performance.

Specifically designed enterprise investigation management modules enable organizations to interrogate, investigate, report, command and control, their financial crime and compliance operations. How does it work?

Interrogate Captures and interrogates information from multiple detection systems to uncover connections between suspicious activities across the enterprise.

Norkom’s solution is system agnostic and breaks down the traditional barriers of organizational inflexibility and departmental silos of information. Norkom’s approach combines alert outputs from its own solutions and existing technologies to provide a centralized source of all alerts across the entire business. It interrogates leverages and links the consolidated alerts to automatically uncover connections between incidents that are indicative of organized criminal attacks.

It connects suspicious activities across channels, products, regions and business lines uncovering complex links and multi-layered relationships which otherwise would remain below the detection radar and slip through the net as isolated incidents rather than organized and planned attacks.

Norkom’s solution empowers investigators, bringing to life relationships through clear visualization of related evidence and gives the ability to click through for deeper investigation of the multiple layers of connections. Norkom’s approach enables investigation resources to be prioritized and to focus first on real enterprise threats by applying risk prioritization scores to all alerts, focusing the organization on what is truly risky to the overall business.

Its consolidation and interrogation capabilities eradicate a high proportion of manual effort – helping to reduce operational costs – as the solution automatically performs all of the analytics and duplicate searching usually performed manually across the organization.

Norkom’s approach uncovers real enterprise-wide attacks, prioritizing them based on risk and presents to the investigator alerts truly worthy of investigation.

Investigate

Customized investigation processes and content-rich case management capabilities provide intelligent information to drive effective and efficient case resolution.

Norkom’s enterprise investigator provides a single source through which all types of financial crime investigation can be conducted - from money laundering to fraud - and across multiple business lines, channels, products and regions.

Different investigation processes are enabled through configuration to meet specific requirements and best practice processes for the multiple types of financial crime.

Norkom also supports multi-lingual investigation teams and multi-jurisdiction requirements governing compliance and financial crime procedures.

Norkom’s solution uses intelligence to drive productivity and effectiveness. Fully populated, content rich investigation screens deliver all the information needed for each stage of an investigation from multiple internal and external systems giving a shared view of the enterprise-wide financial crime repository.

Alerts are automatically assigned based on risk levels, the type of crime and the skill set of the investigator. The solution also manages risk exposure by automatically escalating high priority issues. Advanced searching capabilities search all repositories of information from notes fields and file attachments to third party databases significantly reducing the administration workloads of investigators and improving productivity.

Comprehensive audit trails using timestamps, user IDs, reason codes and free text comments are also used to protect against external scrutiny. The extensive case management capability includes free text case notes, searchable attachments, event driven notifications and diary reminders as well as mass action items.
Norkom’s investigator makes the investigation process swift, focused and intelligent.

Automated processes and procedures, driven by business intelligence, to ensure swift and effective response and recovery.

Report

Norkom drives the required responses to investigations, triggering correspondence creation and building disclosures such as SARs to manage regulatory filings obligations in the latest formats.

Interdiction actions are also enabled including account freezing, transaction execution or blocking.

Command and Control

Norkom provides all levels of the business with immediate access to critical information, clearly visualized, easy to understand and specifically tailored to their role within the organization.

Desktop dashboards provide key risk indicators, critical performance metrics, benchmark comparisons and actual performance against risk measures and targets to drive action and enable the optimization of performance of the financial crime investigative unit. The result is swifter, smarter decision-making by users empowered by enterprise intelligence.

At the head of the chain of command, Norkom’s command and control capabilities ensure that the financial crime senior executive has a clear and true enterprise view of financial crime. It provides the ability to track threats across lines of business, legal entities and regions. It enables a prompt response to law enforcement or regulatory requests and the ability to implement corporate security actions or inquiries. Loss trends can be easily visualized and activity conversion ratios are easy to track and monitor.

Likewise the FIU manager can make informed decisions to manage the unit more effectively and efficiently, improving productivity and reducing operational costs. Key metrics and information such as escalations and exceptions, case loads, alerts by detection method, conversion ratios, investigator utilization, outstanding alerts, high risk alerts and status can be tracked, monitored and analyzed to drive improvements in performance across the FIU operation.

Individual investigators meanwhile benefit from owning a single inbox for all activity and having alerts ordered by status and risk. Investigators can search results and notifications and receive daily reminders and task lists of outstanding actions to enable better workload management as well as monitoring their own individual performance in comparison to the team.

Analysts scrutinizing the performance of the unit’s operation are empowered with the information to improve performance. Efficiency can be increased by driving down false alerts, investigator utilization can be measured and conversion ratios can be tracked for improvement recommendations. Acting as an early warning system, the analyst has all the information required to understand new threats or attack patterns and make predictions on potential financial losses to help the organization make critical decisions about how to respond. Finally system performance can also be analyzed and optimized whilst individual detection engines can be fine tuned.

Norkom’s capabilities put the organization in the driving seat enabling them to take control and command their defenses.

Role relevant dashboards deliver enterprise intelligence

It is clear that to protect your businesses an enterprise approach to financial crime and compliance management is key – and the way forward is Norkom’s enterprise investigation management solution.

The returns will be substantial

Firstly, significantly improved positive detection of organized money laundering and financial crime attacks delivers:

• reduced financial losses
• reduced risk of exposure to sanctions
• increased reputation protection

Secondly, reduced operational costs of both human and technological resources can be maximized, as duplication of effort is eradicated. Institutions who have already started on the journey of an enterprise approach re sport substantial improvements, including:

• 98% improvements in the speed of completion for first level investigations
• 200% increases in the accuracy of detection rates

Norkom’s enterprise investigation management solution provides a holistic enterprise view of financial crime across your organization and delivers the information and intelligence for you to take command and control of your defenses.