A global insurance group initiated an effort to implement an enterprise financial crime solution to institute appropriate monitoring and controls in the areas of AML and Fraud post-transaction monitoring. The Mizen Group was engaged to validate their risk assessment and develop the business requirements in relation to necessary AML rules and fraud controls.
Approach
Mizen leveraged their DDRA framework to validate the inputs and produced a quantitative risk assessment which contained the typologies and risk factors exhibited in their business. The team set about selecting the appropriate rules to ensure adequate coverage of these risk factors for implementation in the BAE transaction monitoring solution.
Mizen Results
- Identified data anomalies ahead of time, thus ensuring accurate implementation
- Created inventory of critical data elements
- Developed risk based mapping of risk to typologies to rules
- Provided clear, concise requirements for accurate implementation of solution
