Accenture Introduces Offering to Help Financial Institutions Combat Financial Crime and Comply with Regulations
21 Noviembre 2019 - 5:29AM
Business Wire
Compliance-as-a-service offering expands
Accenture’s managed service capabilities
Accenture (NYSE: ACN) has introduced a compliance-as-a-service
offering to help financial institutions, fintech and technology
companies cost-effectively combat financial crime and comply with
related regulations.
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Navigating the regulations that combat financial crime can be
very expensive, and financial institutions have incurred hundreds
of millions of dollars in penalties for failing to prevent parties
from disguising illegally obtained funds as legitimate income. It
is estimated that financial services firms globally will spend 4%
of total revenues, on average, on compliance-related activities,
with that figure expected to rise to 10% by 2021.
Accenture’s compliance-as-a-service (CaaS) offering provides an
end-to-end capability that leverages SynOps — Accenture’s
human-machine operating “engine” that synergizes data, applied
intelligence, digital technologies and exceptional talent — to help
financial institutions manage the scope and complexity of the
ever-changing regulatory and compliance environment.
Designed to serve the compliance departments of banks, insurers,
capital markets and other organizations, the CaaS offering —which
expands Accenture’s managed service capabilities — delivers a
variety of comprehensive managed services, including:
- Know Your Customer (KYC): Tools and capabilities that help
businesses verify the identity of clients and assess their
suitability, along with the potential risk of illegal intentions in
a business relationship. One large bank using this capability
reduced case processing times by 15% and significantly reduced
false positives.
- Anti-Money Laundering (AML): Intensive measures to enable low-
and high-risk customers to comply with AML regulations, including
transaction monitoring and alert management. For example, newly
fortified AML controls recently helped a large bank achieve quality
ratings greater than 95% and eliminate future quality assurance
backlogs.
- Compliance and controls testing, combined with governance,
analytics and continuous reporting.
- Contract lifecycle management, improved by transformational
technologies, process and data strategies for London Interbank
Offered Rate (LIBOR) contracts.
- Privacy data management, to ensure data practices keep pace
with changing privacy regulations.
“Today’s compliance officers need to be agile and transform from
reactive to strategic in an increasingly complex environment,” said
Bob Bradley, who leads the CaaS offering for Accenture Operations.
“Although the cost of compliance continues to rise, compliance
budgets remain stagnant. By moving compliance-related functions to
a flexible operating model, our comprehensive offering will enable
clients to manage risk with efficiency and speed, freeing them up
to focus on higher value-added opportunities as part of their
journey to intelligent operations.”
Steve Culp, a senior managing director at Accenture and head of
the company’s Finance & Risk practice, said, “In addition to
facing intense cost-pressure, compliance functions must also find
talent with the full array of required skills needed to thrive in
this new compliance environment, making technology-centered
approaches essential. This new offering helps compliance employees
enhance their skillsets, improve their productivity, and contend
with emerging challenges such as data privacy.”
Accenture’s CaaS offering was recently recognized as a leader in
Everest Group’s “2020 Financial Crime and Compliance Operations
PEAK Matrix assessment.”
About Accenture
Accenture (NYSE: ACN) is a leading global professional services
company, providing a broad range of services and solutions in
strategy, consulting, digital, technology and operations. Combining
unmatched experience and specialized skills across more than 40
industries and all business functions — underpinned by the world’s
largest delivery network — Accenture works at the intersection of
business and technology to help clients improve their performance
and create sustainable value for their stakeholders. With 492,000
people serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
Copyright © 2019 Accenture. All rights reserved. Accenture and
its logo are trademarks of Accenture.
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version on businesswire.com: https://www.businesswire.com/news/home/20191121005119/en/
Jenn Francis Accenture +1 630 338 6426
jennifer.francis@accenture.com
Michael McGinn Accenture +1 917 452 9458
m.mcginn@accenture.com
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