The better the question
When is your response to a setback your greatest chance at success?
Mitigating and preventing financial crime is a complex task.
Money laundering takes the proceeds of illegal activity and inserts it into the financial system to conceal its illegal origins. This financial crime can have harmful effects on society and the economy. It enables criminals to expand their operations, puts legitimate businesses in a competitive disadvantage, effects currency
An EY client had a substantial amount of financial crime mitigation work that needed to be completed under tight deadlines. It involved a complex process of verifying the identity of their commercial customers to detect unusual activity and help prevent financial crime. The client realized they didn’t have the scale or expertise
The better the answer
Automation and collaboration
Pulling together knowledge and strengths to create an automated solution for the client drives trust and exceptional client service.
The Financial crime mitigation team had a longstanding relationship with the client and pitched for the project against three competitors. They made it down to the final two…and lost.
Rather than become discouraged, the EY team took a relationship-focused approach to highlight their capabilities. They dedicated a multi-disciplinary team of EY professionals with deep client knowledge, extensive subject matter expertise, and strong governance capabilities. They ultimately proved that they could provide the quality service the client needed.
Soon after the team was engaged on the initial project, the scope expanded greatly. The client asked to double the size of the EY team from 500 to 1,000 professionals. The EY leadership team was hesitant, recognizing that a hurried expansion could impact quality levels and potentially erode the trust they had built. Instead, the EY team responded by developing a more reliable, scalable and efficient delivery model. The first critical component was to invest in and build a significant offshore delivery center in Bangalore, India to create a lower cost, high value and scalable global delivery team.
Shortly after, the EY team proactively identified an opportunity to use an automated solution that would reduce the amount of manual effort required, increase the quality of the work and provide a more cost-effective solution for the client. Initially, the client wasn’t comfortable with the technology and declined the proposal. The team was so convinced that automation would drastically innovate the project efficiency, that they suggested a win-win proposition. The team invested in a proof of concept, developing an automation solution that significantly increased quality, efficiency and scale.
The better the world works
Long-term client service
Dedicated work continues to strengthen the relationship with the client and prevent financial crimes.
Within six weeks of applying the automation, the team saw approximately a 20% reduction in the time spent per customer case, as well as a 10% increase in quality, resulting in the client not only adopting broad-based automation for this project, but also collaborating with EY to build broader automation capabilities.
Over time, the EY team strategically grew. At its peak, the global team operated out of 14 hub locations with more than 2,200 EY professionals supporting the project.
The EY team took appropriate risks that continue to provide value above and beyond the client’s expectations, reflected by their outstanding assessments of the team’s service quality. The team knows that exceptional client service must be driven over the long term and view their relationship as a journey in which constant improvement, honesty, transparency and innovation are the keys to success.
By enhancing processes, systems and controls, the EY team’s work is contributing to the detection and prevention of financial crimes across the globe, strengthening the financial sector and improving confidence in capital markets.