Financial crime management

EY teams were approached by a bank wanting to change in the battle against financial crime by looking at ways to make KYC processes more efficient and effective.

In reviewing both the bank’s immediate KYC processing requirements and its broader financial crime prevention vision, EY teams saw the opportunity to bring together their deep business and industry insights with Pega's scalable enterprise cloud platform and digital technologies. The EY Global Financial Crime platform leverages the power of the EY KYC solution and the Pega platform to transform large-volume KYC operations. It reduces manual input and increases data quality and optimization and, in doing so, helps offset financial crime.

The EY KYC solution is one of the major components of the EY Global Financial Crime platform, which automatically collates internal, external and trusted customer data into a single view, displayed using the Pega platform, for an analyst to review and identify any potential financial crime risks. The Pega-powered case management and workflow tool handles the entire customer onboarding process, including data collection, identification and verification; screening and disposition; and ongoing operations monitoring. This all takes place in a cloud environment, available as-a-service for banks without the internal resources to effectively manage KYC operations. It removes much of the manual effort required to gather the right information to decide whether to provide a potential customer with banking services.

Not only does the KYC solution reduce human effort through automation of activities and straight-through-processing (STP), it reduces the level of human intervention required for managing exceptions relating to key risk decisions. It transforms the bank’s risk management systems using the latest machine learning technology to increase both the efficiency and effectiveness of risk management throughout the KYC process.

The platform also supports a customized deployment architecture — an architecture based on a microservices design approach, which provides flexible, rapid deployment and simple integration with incumbent enterprise solutions.

Through its strategic relationship with Pega, EY teams was able to quickly design and deploy a customer outreach portal based on Pega’s offering. 

The resulting platform can rapidly scale to meet client demand while providing country-specific resilient hosting quickly and securely. This all serves to reduce risk exposure and protect reputation.

Learn more about the EY Global Financial crime platform.