Suncorp Group is in the top 20 ASX-listed companies employing over 13,000 people, with nearly 9 million customers, resulting in AUD$99 billion in assets under management. Suncorp offers a broad range of products and services including banking, wealth management and insurance.
Arctic Intelligence worked with Suncorp on their Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Optimisation Project to implement AML Accelerate (AMLA) to support the Suncorp Designated Business Groups (DBG), Enterprise-Wide AML/CTF Risk Assessment.
Suncorp wanted to replace its existing manual risk assessment tool for the Suncorp DBG to improve the quality and capability of its AML/CTF risk assessment process. After reviewing several solutions, Suncorp selected Arctic Intelligence's AML Accelerate solution, in part because of its ability to manage the DBG members’ anti-money laundering and counter-terrorism financing risks separately, at both an entity and enterprise level.
Implementing AML Accelerate has enabled Suncorp to:
- Consider the Designated Business Group and its members in the same risk assessment;
- Provide an enterprise-wide risk assessment rating for the entire Suncorp DBG;
- Better understand the environmental context and vulnerabilities against different financial crime risks;
- Provide a full audit trail by recording the risk narrative and decision-making methodology against the appropriate risk factors, risk categories and risk groups;
- Document and assess the effectiveness of mitigating controls against each risk factor;
- Allocate individual risk ratings to each customer type, business, product, channel and jurisdiction;
- Keep a record of AML policy standards and other documentation that support risk decisions for management including tracking and managing issues, actions and incidents.
It was important for the AML/CTF Optimisation project to be delivered to budget and on time. This was achieved due to AML Accelerate being an innovative, adaptable, and stand-alone solution, which meant that implementation was simple, quick and very effective.
Other benefits include:
- Peace of mind knowing that the AML Accelerate solution is updated as compliance obligations, ML and TF risks, and technology evolve;
- Multiple users across business functions can use the AML Accelerate solution, which enhances Suncorp's overall AML Risk Management Framework;
- Cost-effective annual/license fees based on the number of entities in the Suncorp Group.
The AML Accelerate solution was able to address the business requirements for the Suncorps Groups Enterprise-Wide AML/CTF Risk Assessment as part of the AML/CTF Optimisation Project. Suncorp continues to work collaboratively with Arctic Intelligence to ensure current and future requirements are met.