Financial Crimes Spend is Up 58% Since Pre-Pandemic Trends and RiskScout Responds With New Features
PRESS RELEASE UPDATED: NOV 15, 2022
AUSTIN, Texas, November 15, 2022 (Newswire.com) - RiskScout, a leading commercial BSA platform that streamlines financial institutions' compliance processes for increasingly complex regulatory and operational requirements, announces numerous platform enhancements.
Justin Fischer, CEO and co-founder of RiskScout, stated, "We've listened to our customers and prospective customers and have implemented multiple enhancements with new features within our existing platform. These improvements allow financial institutions to more efficiently manage individuals and businesses."
Financial crime has significantly increased in the last several years, leading to an increase in compliance operation costs and regulatory expectations for all financial institutions. It is essential now more than ever to incorporate a BSA/AML toolset that empowers financial institution staff to consistently manage new, progressive and traditional customers or members in a consistent and time-effective manner.
RiskScout's compliance program allows financial institutions to boost growth in high-value markets while minimizing the time and cost associated with identifying, managing, and mitigating compliance risk.
Here's a summary of a few of RiskScout's new enhancements:
Managing Individuals — Managing your financial institution's portfolio is easier with RiskScout. Our new features allow you to onboard, verify and conduct ongoing compliance on higher-risk individuals, including pre-existing higher-risk clients in your portfolio.
Our onboarding filters applicants to fit the institution's risk appetite and target client composition through customizable template applications. RiskScout's platform conducts a comprehensive red flag screening on the application, tailored to the financial institution's policy.
The platform's ongoing compliance includes continuous monitoring of adverse media and OFAC watchlists. Findings can be easily resolved with an instant communication feature between the financial institution and customers or members.
Additional features include automated recurring information collection from customers or members and enhanced due diligence (EDD) review templates designed to meet ongoing BSA/AML regulatory requirements.
Variance Tracking — Variance Tracking for THC Cannabis and other cash-intensive businesses provides users a centralized and uniform methodology to review for potentially suspicious activity.
Variance Tracking automates the collection of customer accounting information and evaluates it against financial institution transaction data. This is effective for any customer or member where cash management is necessary (indirect cannabis, retailers, growers, distributors, MSBs, etc.) and streamlines the calculation of key risk metrics customizable to institution's chosen investigation thresholds.
Variance tracking clearly displays and summarizes transaction activity for the reviewer to evaluate and highlight trends over the prior three months with a sortable and interactive log of all debits and credits.
Case Management & SAR Tracking — RiskScout's case management system and SAR tracking provides financial institutions one centralized location to store and track all client data. The SAR tracking system includes narrative and documentation tracking along with SAR reminders, so you never miss your institution's next SAR filing deadline.
About RiskScout RiskScout is a commercial BSA platform that streamlines complex compliance in verifying, onboarding, and managing higher-burden individuals and businesses such as fintech, ATMs, MSBs, cannabis, crypto, NRAs, PEPs and more. Built by a team of former bankers, regulators, technologists and fintech professionals, RiskScout removes the BSA/AML business obstacle of risk underwriting and due diligence through automation to help banks scale growth, not overhead. Where others see risk, we see opportunity. For more information, visit www.riskscout.com.