Monivation - Digital Compliance Officer performing customer due diligence

Overview

Digital Regulatory Compliance Solutions

We provide legal protection and certainty for our clients’ due diligence processes through compliance by design. With our Digital Compliance Officer®, we can solve regulatory compliance challenges for clients in a highly efficient, cost-effective and automated manner.

SIMPLE

Fully automated, system-driven compliance process with full audit trail.

ACCURATE

Accurate, real-time and consistent regulatory compliance results & reporting.

COMPLIANT

Integrated with global authentic 3rd-party data providers for timely and accurate compliance checks.

Originally built for the complex Enhanced Due Diligence challenges, the Digital Compliance Officer is the only solution of its kind in the world, solving due diligence for all risk types, however specialising in enhanced and investigative due diligence requirements for high-risk Customers / Suppliers.

The DIGITAL COMPLIANCE OFFICER - enabling consistent and compliant sales and services across the entire business.

Solving Regulatory Compliance

DIGITAL COMPLIANCE OFFICER VIRTUAL ADVISORS

The Digital Compliance Officer (DCO) assists employees in delivering a consistent, compliant and differentiating sales and service experience with a diverse workforce and within a significantly reduced time and cost, supported by a FULL AUDIT TRAIL!

The DCO consists of the following Regulatory Compliance Virtual Advisors:

Customer Due Diligence
Virtual Advisor

Enhanced Due Diligence
Virtual Advisor

Supplier Due Diligence
Virtual Advisor

On-going Due Diligence
Virtual Advisor

Sanction Screening
Virtual Advisor

Customer Risk Rating
Virtual Advisor

Adverse Media
Virtual Advisor

PIP / FPPO (PEP)
Virtual Advisor

View more information about the different compliance services available.

We empower staff with the latest Augmented Intelligence technology by combining human decision making, expert knowledge and powerful computing abilities. By using Monivation’s Digital Compliance Officer®, every user becomes equipped to prevent fraud and other forms of financial crime across the business, as well as regulatory compliant. Navigating through your RMCP has never been this innovative and agile.

Digital On-boarding Solutions

DIGITAL COMPLIANCE OFFICER

The Digital Compliance Officer provides for a single user interface to all employees & customers (where self-service). Easily configurable, allowing for unique tailoring of customer needs and enhanced agility to respond to new threats.

The Digital Compliance Officer also includes a KYC Selfie App for digital onboarding, which includes biometric functionality such as facial recognition, liveliness and fingerprint scanning, fully integrated with the Department of Home Affairs to verify the identity of customers.

The Digital Compliance Officer can be deployed and used in multiple ways:

1

REAL-TIME:

a

As a Backend Compliance Engine

b

As a Virtual Advisor to guide and assist staff

2

OFFLINE:

a

As a Batch Processing Compliance Engine

b

For Ongoing Due Diligence / Periodic Reviews

MONIVATION's approach to Regulatory Compliance has proven to result in:

BUSINESS BENEFITS

Consistent Regulatory Compliance

Reduced Regulatory Compliance Cost

Increased
Staff
Satisfaction

Increased Customer Satisfaction

Simple. Accurate. Compliant. CDD results within 5 minutes

No License Fees! Pay-as-u-use with economies of scale for high volumes

Proven to result in an annual saving of up to R10m (refer below case study)

Protect business against fraud and other forms of financial crime

Return on Investment

FINANCIAL BENEFITS

Recently one of South Africa's biggest Banks has put MONIVATION’s Digital Compliance Officer (DCO) to the test, with overwhelming results – see below statistics for annual return on investment:

The requirement was to perform Enhanced Due Diligence (EDD) on 100+ high risk customers.
Limited EDD Agents and Managers were allocated.
Key Performance Indicator was to reduce EDD process from 72 hrs to 24 hrs.
DCO reduced EDD processing time down to 7 min for non-complex customers.
Phenomenal ROI results were reported as listed below.

EDD Agents

0 +

EDD Process per Agent

0 + Minutes

EDD Senior Managers

0 +

Review Process per Manager

0 + Minutes

Annual Benefits Realised:

EDD's Processed by Agents

0 % Increase in Qty

EDD's Reviewed by Mgrs.

0 % Increase in Qty

Annual EDD Expenses

0 % Reduced

Estimated Annual Saving

0 million (ZAR)

What you get

Digital Compliance Officer

MONIVATION has developed a single solution which combines and streamlines a business’s Regulatory and Compliance policies, processes and data, whilst performing real-time due diligence and producing a consolidated due diligence report in less than 5 minutes.

Remote Biometric Onboarding
and Verification App

The Digital Onboarding App validates the identity of the person who is actioning the transaction by matching the person’s identity document details against a live selfie and Department of Home Affairs database.

Due Diligence Report
aligned to RMCP

The DCO is configured according to the rules of your RMCP on a risk sensitive basis. The end-to-end Customer lifecycle will therefore be consistent and compliant.

Automated Dashboard
Risk Reporting

The Customer risk rating, as well as the compliance status of the Customer are depicted in an automated dashboard for informed decision making and immediate escalation of possible high-risk Customers.

Authentic & Trusted
Data Sources

Reliance is only placed on data and documents obtained through integrated services directly from accredited data and credit bureaus, as well as authentic third-party vendors and/or solutions.

Global coverage with local
compliance knowledge

Through our trusted sources, data is sourced from around the globe, for all jurisdictions, and analysed with guidance from the DCO based on local regulatory laws, trends & practices.

Automated
Workflow

Easy workflow for internal referrals as well as escalations to Senior Management for review and approval/rejection of new on-boardings / existing Customer maintenance.

Integration
Services

Easy integration through an application program interface and web services with any internal or external system or data provider enables seamless and quick Governance, Risk and Compliance solutions.

Thematic
Algorithms

All supplementary compliance searches for KYC are automated via advanced Google search strings that are based on sophisticated algorithms, enabling consistent results and reduce the dependency on skilled resources.

Plug-and-Play
Architecture

The simplified plug-and-play architecture enables the DCO to serve as a Consolidator, which seamlessly integrates with any system, enabling effortless sharing of information whilst reducing manual activities, duplication and avoiding unnecessary cost.

Connect with us if you are interested in additional information or a demonstration of our DCO.