You have to get over yourself and recognize that you have put a lot of effort into something that in the next five years may become obsolete.
Make sure you are not too in love with your products because that leads to complacency. Do not get obsessed with your creations because you are going to have to recreate them in a few years as the market changes. It is going to be volatile and changing all the time. One of our value statements is: “Don’t be afraid of chaos and discomfort”. How do you manage to serve the needs of a highly volatile market?īy embracing it. We had a lot of good success, but we also had some failures.
The system would identify the handful of bills that needed closer scrutiny and allow the company to complete its billing process more efficiently. Using data analytics, we were also trying to find anomalies in the bills themselves that could potentially lead to bad press. We were reading the printed bills and looking to identify any errors that would lead to revenue losses. The project was to automate the audit of the bills at a utility company in Canada. Our first project in 2010 was quite successful as CCM was a hot topic… and using analytics to automate the audit process was a key pursuit for many companies. Therefore, this has been the area where we have expanded the most by extending our capabilities into customer due diligence (sanctions and PEP screening, identity verification) transaction monitoring, and regulatory reporting to bodies like FinCEN and FINTRAC. However, in more recent years we realized that the technology was primarily being used by compliance departments, whether they are looking at Anti-Bribery, Anti- Corruption (ABAC), or Anti-Money Laundering (AML). The initial concept was Continuous Controls Monitoring (CCM), and we expanded it into about 20 countries in the first five years, primarily by having strong partnerships in countries such as Australia, Germany, United States, the Caribbean, and Latin America. When we started CaseWare RCM, the focus was on providing technologies that would automate the role of internal auditors by leveraging data analytics. Why was the company set up? And how did you expand your company and its offerings over the years? In addition to these, Alessa offers due diligence, sanctions screening, transaction monitoring, and screening, regulatory reporting, advanced analytics and workflow automation, and case management. Alessa integrates with existing systems to detect suspicious activities, automate processes, reduce false-positives, decrease repetitive tasks, and engage the entire organization in a culture of compliance. It is used in more than 20 countries by banking, insurance, FinTech, gaming, manufacturing, and retail companies.
Rigid reporting and EDD (Enhanced Due Diligence) requirements also need these institutions to perform careful screening and ongoing monitoring of all transactions and customers.ĬaseWare RCM Inc, a division of CaseWare International, focuses on building great software to fight financial crimes.Īlessa (formerly known as CaseWare Monitor) is CaseWare RCM’s flagship product. “Do not get obsessed with your creations because you are going to have to recreate them in a few years as the market changes.”įinancial institutions have high volumes of transactions, offering a huge variety of products and are held to certain stringent regulations.
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