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Clearing and Processing Alerts to Drive ACPR Regulatory Compliance

Our client is one of the largest insurance and asset management providers in the world, committed to innovative, personalized, best-in-class customer experience solutions.

Industry: Banking, Financial Services & Insurance

40k

backlogged alerts cleared

95%

of real-time alerts closed within 2 days

3,300

alerts closed per week

Challenge

In France, the Autorité de contrôle prudentiel et de resolution (ACPR) is responsible for the supervision of banking and insurance undertakings, including know your customer (KYC) guidelines and regulations.

As these requirements grew tighter, this insurance client was confronted with a situation that had spiraled out of control—it needed to clear two years of over 40,000 alerts (sanctions, politically exposed persons, high-risk countries, etc.) while also processing the daily flow of new alerts.

Not only was there a very tight response window for those new alerts, but in the face of significant fines, there was zero margin for error.

Solution

With peaks of activity difficult to predict, regulated entities such as insurance companies are challenged to adapt quickly. Impressed by the project management methodology at Concentrix, this client trusted us to handle level 1 filtering of alerts (95-98% of cases are false alerts to be discarded), allowing the client to focus on confirmed alerts (level 2).

Concentrix began by sourcing a small team of anti-money laundering (AML) advisors for the program, most of whom were experienced, top performers on other KYC projects. At the same time, we prepared the training material in anticipation of facilitating the training sessions. Our solution included:

  • Training material & process formalization: We formalized the client’s specific processes in the form of documentation, which we continuously improved over the course of a year. This included the creation of training materials, as well as guidance for handling the client’s specific cases, helping the client structure its operations.
  • Implementation of a flexible system: In addition to our core team of experienced, top performers, our highly competent management and effective instructional documentation gave us the ability to double the size of the team during activity peaks.
  • Heightened vigilance to meet the regulator’s stringent requirements: We processed level 1 alerts using the client’s tools, followed by the implementation of a “level 1.5” step to ensure that false alerts are indeed false, ensuring zero errors.
  • Success measurement: To ensure visibility of the program’s success, we created custom reporting visuals to monitor the project’s key KPIs, including productivity, closing time, and quality.

“Not only was there a very tight response window for those new alerts, but in the face of significant fines, there was zero margin for error.”

Outcomes

With the combination of improved processes and experienced AML advisors, Concentrix helped the client realize:

40K backlogged alerts successfully cleared while managing the continuous flow of real-time alerts

95% of real-time alerts are closed within 2 days

3,300 real-time alerts closed per week

As a result of our efforts, having established a relationship of trust, client satisfaction is high, and we are discussing an extension of the team’s scope.

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