How Acuminor helped to transform a Nordic bank’s financial crime risk management


In a recent post by Acuminor, the firm described how its Risk Assessment Pro platform helped to change a bank’s financial crime risk management. 

In the ever-evolving landscape of finance, a national bank based in the Nordics discovered an innovative solution to handle the intricate demands of financial crime risk assessments – Acuminor’s Risk Assessment Pro.

This avant-garde platform enabled the bank to make an astonishing yearly saving of €800K, previously splurged on consultancy fees. In addition to the cost savings, the platform significantly accelerated the risk assessment process and generated superior actionable outcomes that were implemented across the bank’s financial crime control strategies, for instance, the refreshing of their transaction monitoring scenarios.

A deep dive into the effects of the Risk Assessment Pro platform reveals how the bank managed to construct and maintain a precise financial crime risk assessment. This thorough outlook equipped them with a robust understanding of the multiple threats which could expose them to money laundering, terrorist financing, and sanction infringements. Armed with this knowledge, the bank was able to detect high-risk areas, evaluate their controls’ performance, and highlight vulnerabilities.

The increasing complexity of illicit activities in the financial ecosystem makes an intricate understanding of risks indispensable. It equips financial institutions with crucial intelligence necessary to safeguard their operations proactively, lessen regulatory concerns, curtail unnecessary de-risking, and enhance their controls. This, in turn, preserves their market reputation.

Risk Assessment Pro’s innovative capabilities extend beyond institutional risk evaluation. The platform also has the capacity to generate tailored customer risk indicators, a feature the bank leveraged to optimise its Know Your Customer (KYC) process. This automated generation of indicators refined the efficiency of customer onboarding and continuing due diligence, ensuring compliance with a risk-based approach as mandated by regulatory bodies.

One of the significant accomplishments of employing Risk Assessment Pro was the identification of gaps in the bank’s transaction monitoring setup. This insight enabled the bank to eliminate unnecessary transaction monitoring rules and replace them with precise, relevant transaction risk models. This refined transaction monitoring facilitates better detection and prevention of suspicious activities, lowering the risk of financial crimes. It also helped the bank communicate more effectively with their transaction monitoring tech provider, allowing for clarity on required changes and scenarios.

The platform’s impact on time efficiency is nothing short of astounding. Three significant projects – risk assessment, KYC process refinement, and transaction monitoring revamp – were finalised within weeks. Compared to the initial plan of 18 months, which involved consultants and manual processes, this represents a remarkable acceleration.

With yearly savings of €800K and a quickened project timeline, the bank witnessed a transformative ROI. This case is a testament to how digital technologies like Acuminor’s Risk Assessment Pro can lead to extensive efficiencies, cost savings, and effective risk management in the banking sector.

The narrative goes beyond the transformation of a single bank. It illustrates the future of financial crime risk management, showcasing how integrating cutting-edge technology can revolutionise banking operations, making them more secure, efficient, and in compliance with regulatory requirements. Acuminor’s Risk Assessment Pro is at the vanguard of this digital shift, offering valuable insights that enable banks to maintain an edge in the fight against financial crime.

Read the full post here.

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