Six Indicators It May Be Time to Switch AML Software Solutions
Analyzing BSA/AML software automation platforms
Ask yourself: Is your current AML software helping you or hindering you? Your system should make your job easier, not more complicated. If your answer leans toward the latter, here are six indicators it may be time to switch.
1) The functionality is lacking. If you have a feeling that other systems work better than yours, you’re probably right. If you aren’t sure why alerts were created, don’t like the workflow or find that the system doesn’t give you what you need, it may be time to switch.
2) You’re working bad alerts. There are many reasons why bad alerts or “false positives” may be created. Perhaps your parameters aren’t set where they need to be, the data hasn’t been validated, etc. Look for a system that has the flexibility to give you a true picture of suspicious activity at your institution, thus reducing your false positives.
3) You don’t get the support you need. You may have questions about your system down the road, and that’s okay! Look for a vendor that has a dedicated support team there to help you, like this BSA Analyst did. This also includes training, education and a whole team of experts who strive for your success.
4) The cost increase is significant. There’s nothing like the shock of a price increase at contract renewal, especially when the vendor asks for up to 100% more without clear justification. If you simply can’t afford the bill, it may be time to keep looking.
5) The system is outdated. With new trends and regulations constantly impacting the world of BSA/AML, look for a solution that can accommodate them. For example, the new CDD regulation is the most significant event in BSA since the USA PATRIOT Act. Make sure your vendor will be prepared to support you throughout the changes.
6) Your exam grades could be better. This is a clear indicator that something needs to change. If your examiner isn’t impressed with your use of the current system, it may be lacking in functionality, reporting or otherwise.