Intelligent Controls Testing for Financial Services
Enterprise risk management systems have empowered financial institutions with the ability to gain increased control over their risk; however, testing these risk management frameworks is often manual and entraps Business Line and Service Delivery on the first line of defense (1LOD) with testing their controls, rather than optimizing the existing controls environment. Synechron’s Intelligent Controls Testing Accelerator for financial services provides an intelligent analytics platform and uses Data Science and Predictive Analytics to automate laborious manual testing processes. This empowers the 1LOD to minimize manual control testing and refocus their efforts on proactively visualizing, interpreting and resolving root causes of control breaches.
It defines the control, related assertions and pass conditions and automates the control testing using robotic process automation (RPA) supported with advanced Data Science technologies for anomaly detection and root cause identification with predictive analysis. The results can be viewed via configurable dashboards for instant analysis at the control level, control group level or collated across controls for an end-to-end view process risk. The Accelerator currently focuses on key controls related to the trade execution processes, which impacts customer-facing areas of the bank as well as the banks’ trading desks. The flexibility of the logic and technology allows for quick and easy adoption across other key control functions, simply by adding new controls to the controls library.
Synechron’s Intelligent Controls Testing Accelerator for financial services has the following active controls tests available for testing:
Trade Reporting Mandate
Trading Desk Mandates
Counterparty Regulatory Classifications
/ /HOW WE HELP
Automate Laborious Manual Testing Processes
Synechron’s Intelligent Controls Testing Accelerator for financial services:
Enables continuous and dynamic monitoring of key controls
Improves management of key controls
Improves efficiency and consistency
Enhances test coverage
Enables better decision-making
Reduces the need for repetitive testing
Flags material risks in a systematic way
/ /THE WORK WE DO
Synechron’s Intelligent Controls Testing Accelerator for Financial Services is a proof of concept framework that can be adapted to apply to other Regulatory Compliance use cases. Click to read how Synechron is helping clients to automate laborious manual testing processes.