Project Overview

Matrix-IFS have been working with a leading international commercial bank on their Global AML Competence to assist with the OCC/ DFS 504 model validation and assist with remediation of multiple comments that were cited by internal audit and regulators. One of the main initiatives, included a review of the Actimize SAM design and tuning, enhancements to achieve better coverage per bank’s risks, red flags and audit comments.

Project Solution

Throughout the project Matrix-IFS:

• Established framework, with sustainable methodology and efficiency metrics
• Performed a full assessment of data inputs, quality, and adequacy of models
• Compare the banks’ risks identified to current transaction monitoring coverage to identify potential gaps and models that are candidates to mitigate and coverage of those gaps
• Clearly define the objectives and requirements of the overall design, development and execution phases of the project. This will include the minimum required for existing system decommission, enhancements and automation of existing manual controls and reports
• Performed a tactical root cause alert analysis and a historical alert analysis to address the impact of the issues.
• Assessed the client’s tactical fixes by performing independent testing to verify that sufficient solutions were put into place for the