pioneering
AML/CFT supervision
pioneering
AML/CFT supervision
Strix™ AML is a 3-module suite designed from the ground up specifically for AML/CFT Supervision as a standalone Enterprise software product.
Strix™ AML modules include:
Strix™ AML enables supervisors to develop and document customized risk models for AML/CFT risk assessments while simultaneously saving resources. Strix™ AML is an AML/CFT risk analysis tool that enables supervisors to gain a deep understanding of AML/CFT specific risks held by their supervised entities and sectors and to use this knowledge to inform their supervisory engagement.
Second order performance benefits, still extremely valuable, include streamlining the compilation of a large volume of survey data and automating the risk assessment process for speed, accuracy, and consistency of scoring and ranking. Strix™ AML also adds data analysis features including individual risk factor analysis, geographic breakdown analysis, peer comparison, and trend analyses.
From a financial perspective, Strix™ AML is expected to have significant recurring savings over manual assessment processes such as using spreadsheets. Strix™ AML improves on ease-of-use and suitability for AML/CFT interests and themes.
summary of benefits
Enhanced Effectiveness by Supervisors on FATF Immediate Outcome 3 and better compliance with FATF Recommendations 26 & 28
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- IO 3: Supervisors appropriately supervise, monitor and regulate financial institutions, DNFBPs and VASPs for compliance with AML/CFT requirements commensurate with their risks
- Recommendation 26: Regulation and supervision of financial institutions & Recommendation 28: Regulation and Supervision of DNFBPs
- Call for a Risk-Based Approach to Supervision and Monitoring
Automation of the Risk Model
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- Survey data imports into the scoring risk model with minimum or no IT support
- Risk model algorithm operates quickly and accurately scores and ranks risks
- Consistency of risk analysis process between reporting cycles and across sectors
Empower Risk-Based Approach (RBA)
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- Build one’s own Risk Model: customize Risk Factors to suit a sector’s unique risk environment
Demonstrate Effectiveness
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- Allocate supervisory resources commensurate with risk as a basis for an effective Risk-Based Approach
Tool Documentation
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- Provides a comprehensive record of the Risk Model used in support of an RBA Methodology
- Documentation of Data and Risk Factors used facilitates justification and audit of underlying assumptions
User Friendly / Ease of Use
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- Flexible Risk Models that adapt the risk algorithm with each model change real time
- No need to proof check score calculations since scoring algorithm code has been peer reviewed for accuracy
- Reduced dependency on IT Dept. for creating and sending surveys, compiling and importing data, error checking data, resubmitting surveys
- Recurring annual savings – An equivalent Excel Risk Model would be sufficiently complex and macro-laden that average users would find AML/CFT analysis cumbersome and time intensive, especially for large sectors
Strix™ AML is a 3-module suite designed from the ground up specifically for AML/CFT Supervision as a standalone Enterprise software product.
Strix™ AML modules include:
Strix™ AML enables supervisors to develop and document customized risk models for AML/CFT risk assessments while simultaneously saving resources. Strix™ AML is an AML/CFT risk analysis tool that enables supervisors to gain a deep understanding of AML/CFT specific risks held by their supervised entities and sectors and to use this knowledge to inform their supervisory engagement.
Second order performance benefits, still extremely valuable, include streamlining the compilation of a large volume of survey data and automating the risk assessment process for speed, accuracy, and consistency of scoring and ranking. Strix™ AML also adds data analysis features including individual risk factor analysis, geographic breakdown analysis, peer comparison, and trend analyses.
From a financial perspective, Strix™ AML is expected to have significant recurring savings over manual assessment processes such as using spreadsheets. Strix™ AML improves on ease-of-use and suitability for AML/CFT interests and themes.
summary of benefits
Enhanced Effectiveness by Supervisors on FATF Immediate Outcome 3 and better compliance with FATF Recommendations 26 & 28
Show more
- IO 3: Supervisors appropriately supervise, monitor and regulate financial institutions, DNFBPs and VASPs for compliance with AML/CFT requirements commensurate with their risks
- Recommendation 26: Regulation and supervision of financial institutions & Recommendation 28: Regulation and Supervision of DNFBPs
- Call for a Risk-Based Approach to Supervision and Monitoring
Automation of the Risk Model
Show more
- Survey data imports into the scoring risk model with minimum or no IT support
- Risk model algorithm operates quickly and accurately scores and ranks risks
- Consistency of risk analysis process between reporting cycles and across sectors
Empower Risk-Based Approach (RBA)
Show more
- Build one’s own Risk Model: customize Risk Factors to suit a sector’s unique risk environment
Demonstrate Effectiveness
Show more
- Allocate supervisory resources commensurate with risk as a basis for an effective Risk-Based Approach
Tool Documentation
Show more
- Provides a comprehensive record of the Risk Model used in support of an RBA Methodology
- Documentation of Data and Risk Factors used facilitates justification and audit of underlying assumptions
User Friendly / Ease of Use
Show more
- Flexible Risk Models that adapt the risk algorithm with each model change real time
- No need to proof check score calculations since scoring algorithm code has been peer reviewed for accuracy
- Reduced dependency on IT Dept. for creating and sending surveys, compiling and importing data, error checking data, resubmitting surveys
- Recurring annual savings – An equivalent Excel Risk Model would be sufficiently complex and macro-laden that average users would find AML/CFT analysis cumbersome and time intensive, especially for large sectors
