Unsupervised RPA

Insight from a compliance director

Why choose unsupervised RPA?
Financial services organisations seek to reduce the costs of customer due diligence.

Meet David…
David is the compliance director at a major British financial institution. He wants to reduce the cost of customer due diligence investigations.

The risk of too much admin
David’s organisation is struggling to cost-effectively meet their compliance obligations. Regulatory demands are increasing costs. The current technology used to enable due diligence is inefficient. This problem increases compliance risk. Increased compliance risk diverts focus from risk management to administrative tasks. That compounds the problem.

The goal for David is to reduce completion times without sacrificing quality. Currently, customer due diligence investigations are time-consuming and error-prone. When David’s analysts initiate a check on a new customer, they need to review the organisation’s internal systems and databases. In addition, they check external data sources to verify the customer’s identity.

Slowing investigations
The main challenge is accessing reliable, timely, and accurate data on entities and individuals that are not well-known. The difficulty increases when analysts are dealing with documents in multiple languages. This makes it more difficult to determine the relevance of a given data source.

Due to the use of legacy software, the current customer due diligence process is expensive and is not scalable. All this slows down risk detection and remediation. All this combines to make it difficult for David’s analysts to respond efficiently to changes in the regulatory framework.

The pilot project
David decided to seek out a solution that met his organisation’s strict security and privacy requirements while still leveraging automation to reduce the cost of customer due diligence investigations. David approved a pilot project to automate previously time-consuming investigations.

Unlocking latent productivity
The analysts at David’s company are set up for success by running the software robots overnight. In this time the bots gather relevant information and compile reports. When the analysts arrive in the morning, they have all the information necessary to conduct customer due diligence checks.

This has cut investigation time from an average of 17.5 minutes to an average of 80 seconds. Each day the compliance team performs 560 investigations which adds up to an annual saving of 146,160 person-hours each year. This unlocked £2,450,000 of latent productivity.

humans vs robots

☑ A robot worker is capable of processing manual tasks in the same way as a human worker. Robot workers are usually at least 3 times faster and deliver consistent quality.

☑ Robot workers are also able to work outside of normal business hours. They can operate 24/7 as long as certain tasks (such as sending emails) are limited by business rules.

☑ In systems that contain a high percentage of manual tasks, one robot worker can free up two full-time employees for higher-value tasks.

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