Customer Insights – November 2020

This month we shine a spotlight on one of the most active members of our community, Suncorp’s Financial Crimes Team, to find out how adopting technology has helped to manage their AML/CTF regime. We also explain how you can influence which new features are added to AML Accelerate.

Customer Spotlight

Michelle Milts is the AML/CTF Manager at Suncorp and was kind enough to answer our questions on productivity and best-practice.

Tell us about your past experience working within financial crime risk management and your current role at Suncorp Bank.

Michelle: I currently work as the AML/CTF Manager for the Financial Crimes Team 2nd LoD headed by the Executive Manager who also is the AML/CTF Compliance Officer. I have been with Suncorp for six years and worked in AML/CTF for this time, previously I have worked for AUSTRAC and other financial institutions totalling 12-13 years experience in AML/CTF and Sanctions area. I run a small dedicated team and I’m always looking for ways to effectively and efficiently uplift and enhance our ways of working, this includes looking for RegTech solutions to help us manage our AML/CTF regime. This is how I became involved with Artic Intelligence and on-boarded both the Accelerate Platform and the Risk Assessment Platform (RAP).

What Arctic Intelligence platforms do you use, and what have they helped you achieve?

Michelle:

a) Suncorp uses the Accelerate Platform to facilitate our enterprise-wide risk assessment for our designated business group members, this platform enables us to produce an individual risk assessment for our five members and an overall risk assessment for the group.

b) Suncorp also uses the Risk Assessment Platform (RAP), this enables us to facilitate granular risk assessment of our platforms, channels, products and employees. This platform is agile and can be configured for certain individual assessments which includes being able to establish question sets, weightings and control environments individually to achieve a robust risk assessment outcome. 

c) Having the Arctic team in Australia makes it very easy for us to provide feedback to the team, get fast support when required, training of team members on how to use the platforms and very easy to be set up as an API in a short period of time. 

Do you have any advice for other regulated entities looking to reduce financial crime vulnerabilities?

Michelle: These platforms enable the reporting entity to establish a robust risk assessment that is the corner stone of any AML/CTF program, the Accelerate platform uses empirical evidence to help support the risk outcomes. The Suncorp designated business group is able to understand its risks and as part of good governance these outcomes are audited through the platform with record keeping capabilities and attachment functionality. These enables the reporting entity to focus on its high risk outcomes e.g. platforms, channels, products and employees and address the management of these risks through its control environment by control testing and oversight and monitoring.

Vote on New Features for AML Accelerate

Is there a new feature or improvement you want to see added to AML Accelerate?

Let us know! Log into our Community Forums and submit or vote for ideas that are important to you.

We’re listening and genuinely value your input; most new features and improvements to AML Accelerate have come from you – our community of users.

Features and enhancements accepted for a future release of AML Accelerate will have their status updated, so you can see what is planned (or not), and what has been completed and is available in the platform.

Patricia Sellars-Jones, Customer Manager

Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.

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