Case study – Suncorp

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.

Objectives

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 Intelligences AML Accelerate solution, in part because of its ability to manage the DBG members’ money laundering and terrorism financing risks separately, at both an entity and enterprise level.

The Solution

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.

The Result

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.