There are two ways for financial institutions to identify deficiencies in their data and financial crime screening systems:
Regulatory guidelines (e.g. OFAC, DFS Part 504, etc.) clearly expect all financial institutions to adopt the first approach. However, based upon the history of breaches, failures and fines in recent years, it can be assumed that assurance programs are not being implemented or, if they are, they are severely deficient.
The Assurance Program Development services provided by SQA America Consulting replicate those that were developed in partnership with a well-known global bank under the close scrutiny of both US and European regulators. The assurance programs developed by SQAAC are detailed, easily understood and implemented, and robust. By working in close partnership with SQA Consulting Limited in the UK, SQAAC is able to leverage a proven approach that is time tested as well as used and trusted by many household name banks.
SQAAC’s assurance programs are supported by the SQA Data Profiler and the SQA Sanctions Assessment Center analysis/testing tools, which means that proven technologies/methodologies will be heavily leveraged. The Assurance Program developed by SQAAC is specific to the identified risks and requirements of each individual organization. Once the program is designed and implemented, SQAAC can partner with the financial institution to execute the testing and analysis as a recurring service. Or, if preferred, direct End-User licensing can be provided for use of the SQA tools for the organization’s own internal assurance testing. In either case, an Assurance Program can be designed and implemented that will not represent a major overhead expense to any financial crime compliance organization.
SQA America Consulting would welcome the opportunity to answer any questions and/or schedule a time to present our Assurance Program Development services in more detail. Please contact us at your convenience.