Large Regional Bank Implements Industry-leading Ongoing Portfolio Monitoring

Client Overview

The client is a large regional full service bank, with offices across the United States. Includes an extensive portfolio of value-added solutions for customers, including investment banking, personal trust, capital markets, global treasury management, transaction banking and other services.

Business Challenges

With multiple business lines and 500,000 new accounts annually, this regional bank required a high number of full-time employees (FTEs) and temporary staff to handle the workload involved with risk screening. They were also performing ongoing monitoring for over 2 million portfolios, a process resulting in high false-positive rates and a slow decision process. Under pressure from regulators, the bank needed a solution to support different internal groups’ requirements and integrate seamlessly with current transaction monitoring and case management systems.

Solution Highlights

The RDC solution provides the ability to screen and continually monitor all customers and transactors more efficiently against the broadest database of sanctions, PEPs and Adverse Media. RDC was able to streamline onboarding with decision-ready, dynamic due diligence reports and enhance protection with ongoing monitoring of the clients’ portfolios for material changes.
The compliance workflow process was simplified with end-to-end technology, quickly and easily configurable to the clients’ needs, and the addition of RDC analysts as the first line of investigations.
In partnering with RDC, the client reduced their internal analyst resources workload by 90%, increased productivity and speed to decision by 50% and saved the client over $1M+ in annualized expenses with substantially better protection.

Benefits

RDC has the world’s largest risk compliance database. Covering sanctions and watch lists, PEPs, as well as global adverse media, RDC was able to provide this client with a single solution for the variety of internal groups screening requirements.
The client was able to define and manage the screening rules through a centralized function, ensuring consistency and compliance with the appropriate standards and integrating with current legacy systems.
Provided insights into the content added, all matches, analyst decisions, and other details, allowing clients to provide close oversight of the RDC performance as well as to confidently talk to internal auditors and regulators about their screening program and adherence to policies.