Reducing Enterprise Risk and Cost of Compliance Review

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COMPANY PROFILE

A major online retailer.

MATTER SUMMARY

A significant backlog of alerts coming from OFAC and sanctions database with many alerts containing foreign language.

SERVICES UTILIZED

  • Foreign Language Capability
  • Managed Compliance Review
  • Data Analytics Expertise

BUSINESS CHALLENGE

DiscoverReady was approached by an online retail client with a unique compliance problem. They needed to reduce a massive backlog of KYC/OFAC alerts originating from within their buyer and seller transactions systems. The client maintains a worldwide presence and multiple foreign languages were expected in the data set. The enterprise did not have staff on-site who could review in these languages and their traditional staffing provider couldn’t keep up with demand.

  • Several 100K backlog of alerts to review
  • Inability to staff project internally
  • Large population of foreign languages within the data population

DISCOVERREADY RESPOND & COMPLY

Leveraging our Managed Review workflows and scalable process DiscoverReady delivered a defensible, budget-friendly managed service to meet client’s needs:

  • Foreign language expertise
  • Speedy project ramp-up of over 100 investigators
  • KYC and AML management expertise
  • High quality work product repeatedly validated by client QA
  • Project and Review Management
  • Engaged analytics team to evaluate data in an effort to reduce cost and risk for ongoing alert upkeep.

RESULTS ACHIEVED

  • DiscoverReady’s Managed Review Service and analytics teams helped the client quickly reduce a backlog of over a half a million alerts in multiple languages within 3 months.

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