Efficiency is about more than cost reduction. Efficiency and compliance are strongly correlated within AML programs. With the expansion and growth in AML programs within financial institutions, the cost of compliance for these institutions has skyrocketed. Finding ways to operate more efficiently within AML can have significant impact on the cost of compliance. Not only does efficiency drive cost reduction, but it also delivers quality improvements and improved compliance. This type of optimization can be difficult as changes to operations usually affects the risk posture of the organization and may cause AML vulnerabilities.
Booz Allen has developed an AML efficiency methodology which preserves risk-appetite while delivering efficiency and optimization. The contents of this thought piece will cover some of the fundamentals of our proven methodology, which every AML organization can use to self-evaluate their program.
“Through implementing our recommendations, our client was able to reduce annual cost of compliance by over 30% without impacting their risk based approach.”
