Bright Change enabled a Tier 1 Bank to make a step change in the way it manages Financial Crime Risk by leveraging internal data through advance analytics and emerging technology like Artificial Intelligence and Machine Learning via Agile Pod deployments.

Project Responsibilities:

• Successfully developed the Intelligence-Led Financial Crime Risk Management (ILFCRM) Programme Plan with sub-workstreams and RAIDS Log to track challenges and blockers to resolve.
• Defined the global regulatory, local law enforcement and government engagement strategy to achieve approval of Bank’s ILFCRM strategic vision.
• Developed and implemented the ILFCRM Portfolio Communication Plan of internal and external engagement e.g. Regulators, External Media, Conference speaking opportunities.
• Supported the Supplier Engagement Sessions with FCR ExCo members to identify FinTech and RegTech vendors with different skills and specialisms to support in the build and delivery of ILFCRM portfolio of work.
• Worked with third party vendors to utilise the breadth and depth of the Data within Tier 1 Bank to overlay with Data Analytical Tools (e.g. Quantexa, DeepMind) via Google Cloud Platform to replace rules based periodic reviews.

Solution

• Set up a number of Agile Pods with Delivery Leads to deploy and test the ILFCRM Models, capture feedback with Product Owners.
• Deployment of Data Models using the breadth and depth of the Banks customer database to identify Financial Crime pro-actively.
• Successfully led the deployment of the Quantexa software across UK and Europe Bank entities – utilization of external data feeds.

Please reach out to Bright Change for a copy of a ‘How to use AI to fight Financial Crime’ white paper.