Reference Case
Client profile
Client: ABN AMRO
Industry: Banking & Financial Services
Process: Know Your Customer (KYC) Risk
Strengthen the risk & control framework and reduce costs via continuous control performance assessment
Challenges
Banks are required to prevent money laundering and financial crime. Negligence in these areas has led to billions in fines from regulatory authorities. The department of Detecting Financial Crime (DFC) is responsible for being compliant in this highly complex and ever-changing environment.
Before the implementation of Celonis, the performance of the three Know Your Client processes (key processes of the DFC department) was evidenced manually and sample-based. This manual approach resulted in the late detection of issues, high inaccuracy, and no insight into the ‘pain points.
Solution & Outcomes
Control of the KYC processes
To get in control of the KYC processes and the performance (and thus compliant with requirements from regulators), the manual, sample-based assessment is transformed into a fully automated, 100% continuous end-to-end process monitoring system using Celonis.
Results
100 %
Automated monitoring of risk controls
Monitoring end-to-end process performance
This continuous monitoring enables end-to-end monitoring of the effectiveness of controls in a process and enables a data-driven risk and control assessment, resulting in moving from focusing on finding exceptions to managing exceptions.
Results
100 %
End-to-end processes control
Value creation
Bright Cape can be a supportive partner that can make process improvements through process mining and realize value.
Results
10 € mil
Identified in first 3 months
Using Celonis improved the performance and quality of our risk and control processes and helped us to get in control as a bank.”
Related reference cases
Tell us your challenge.
We are here to help you