TAKE THE AML R.O.I. CHALLENGE
As the Compliance Officer for your institution are you faced with pressure from upper management to explain the cost of your BSA/AML Transaction Monitoring program? Do you know what those costs are?
Maybe you are a smaller institution that has gotten away with not automating your program…until recently. Are you faced with an ultimatum from your regulator that you will automate or else? Are you concerned about the cost to do so? Would you be interested in saving as much as 30% on the cost of your program?
AML RightSource ROI Challenge
Now that we have you thinking, do you know the costs that go into establishing a “robust” and “effective” BSA/AML Transaction Monitoring program? First, there is the human element which includes salaries and benefits. Along with that come the training costs, including seminars, conferences, webinars and certifications. Secondly, there is the technology component. The cost of acquiring technology, which includes not only transaction monitoring software but the hardware and IT staff to support it, can be enormous. And don’t forget about the annual support and maintenance costs to run the technology. Finally, there is the opportunity cost of your time, which can be better spent attending to more productive tasks than training staff, dealing with employee turnover or dealing with software that doesn’t work.
When you add it all up, the cost associated with establishing an internal solution to your BSA/AML Transaction Monitoring program can be significant.
So what do you do?
Give us a call or drop us an e-mail to take the AML RightSource ROI challenge and see what we can do for you. In many cases we have saved our clients more than 30% with our outsourced solution to transaction monitoring. Go ahead, give us a call and find out what the Smart Solution can do for you.