banking analytics and regulatory compliance

The client is a large financial services provider in Mauritius catering to customers in Mauritius as well as some continental sub-regions of Africa. Operational since more than a decade, the client has been recognised as one of the best commercial and investment banks in Mauritius offering a vast array of banking conveniences.

Challenge Ahead

The client was keen on building its capability for risk management while still meeting compliance requirements and delivering superior customer service through implementation of several key modules of OFSAA. Post manifold discussions, Profinch was onboarded because of the extensive implementation experience and an in-depth product understanding.
 
 

Project Scope

The scope of project was finalized to implement the following modules
Regulatory Reporting
Know Your Customer
Anti-Money Laundering
 

Highlights

The project was completed within the designated time frame despite multiple hurdles in the form of trailing inefficiencies of the preceding service provider.
01
banking analytics and regulatory compliance
Seamlessly achieved integration with Core Banking and other source systems. This was critical to ensuring OFSAA functions in perfect alignment with the current systems.
02
banking analytics and regulatory compliance
Successful completed the project within the designated time frame alongwith the implementation of additional AML scenarios. This helped build risk coverage on multiple fronts without any lag.
03
banking analytics and regulatory compliance
Inefficiencies and project mistakes corrected to set the stage for seamless implementation. Profinch team spent considerable time and effort fixing inefficiencies of the service provider onboarded initially for OFSAA implementation but later discontinued due to lapses therein. The undoing of mistakes entailed a lot of additional effort and the client was appreciative of it.

Conclusion

Ensuring seamless implementation of OFSAA while fixing prior issues within the timeline was challenging but a great learning experience for the Profinch team. The client has been able to adopt a healthy risk management approach along with an access to insights regarding customers and regulatory requirements.