5 Things BAM+ Does Better
July 20, 2016
Read Time: 0 min
Whether you know a little or a lot about BSA/AML software automation, there are a few key elements to consider. First of all, what are the system’s capabilities? Second, what are some indicators of software that gets the job done?
Many Compliance Officers and examiners agree that automation makes your BSA program more efficient. But it’s important to know what you’re looking for. These features of BAM+ encompass some qualities that set BAM+ apart.
BSA/AML Automation – 5 Things BAM+ Does Better
- Efficiency – A main benefit of BAM+ is its easy-to-use dashboard. From the dashboard, you can see everything you need to accomplish that day. You can work alerts, assign tasks and more. For example, you may assign a task for your colleague to follow up with a customer on a certain alert. You’re notified when it is complete. You’re also able to document and track your investigation log – for example, SAR and no-SAR decisions – keeping you organized and efficient.
- Flexibility – Every institution’s risks are different. However, many software vendors simply create systems with default parameters that are not based on specific risks. Banker’s Toolbox is different because we set each of our clients up differently based on each institution’s unique risk factors. BAM+ leverages a combination of behavior-based and rules-based scenarios to target known patterns. Also, with BAM+, you have the flexibility to continuously adjust your parameters as needed to detect new risks. It becomes your central repository for all things BSA, AML and fraud.
- Transparency – Some BSA/AML software leaves you in the dark, giving you little insight into why an alert was created. With BAM+, the transparent information and sources provided within each scenario allow you to know why the alert took place. Furthermore, BAM+ gives you insights into patterns and what they could represent. After all, your job still requires a human element. You’ll be the one reviewing the data, making decisions and answering to examiners.
- Accuracy – Other systems produce too many alerts, and not all of them are truly suspicious. These bad alerts are known as “false positives.” A busy BSA Officer doesn’t have time for those! With BAM+, you define the ranges of “normal” activity for your customers, which results in fewer false positives. Additionally, our team can perform a data validation, which helps you determine whether all of your data is accurately flowing into the system. Because it is configured to your needs, BAM+ is a learning system that gets more intelligent over time.
- Regulatory Reporting – BAM+ makes it quick and easy for you to prepare regulatory reports. You can carry information directly from BAM+ into your report preparation (SARs, CTRs, etc.), which takes the majority of the manual work out of the equation. It pre-populates information from your investigation, making it simple to prepare a report to file with FinCEN. BAM+ also empowers you to generate reports that will impress your examiners or board of directors.
When it comes to suspicious activity monitoring, it is imperative to choose a solution that gets it right. In our experience, a combination of rules-based and behavior-based logic helps you use the right tools for the job. After all, there is no one-size-fits-all answer!
