Pega Systems Inc. has introduced the Pega Financial Crime and Alerts Investigation Management Accelerator, a solution aimed at helping financial institutions cope with the increasing number of risk alerts and streamline investigations related to financial crimes. Financial crimes, such as fraud, money laundering, and sanctions violations, are on the rise, and this puts significant pressure on risk teams within financial institutions to investigate each potential incident. While detection and monitoring systems have improved, the sheer volume of alerts and investigations, exacerbated by global economic sanctions, remains a challenge. Additionally, different departments within financial institutions often operate in isolation, using separate monitoring and case management tools, which can lead to inefficiencies and inconsistent outcomes.
The Pega Financial Crime and Alerts Investigation Management Accelerator is designed to address these challenges by providing financial institutions with a unified solution to manage alerts and investigations from various risk detection systems across different departments and jurisdictions. It offers a transparent and actionable view of each customer’s risk profile in a single application, encouraging collaboration and efficiency even in the largest and most complex financial institutions. By leveraging intelligent automation and AI, financial institutions can expedite investigations, reduce costs, and achieve better outcomes for their customers.
Key features and benefits of the Pega Financial Crime and Alerts Investigation Management Accelerator include:
- Smarter Process Orchestration with Case Management and Intelligent Automation: Pega enables the consistent capture and triage of alerts from different monitoring systems, allowing investigators to focus on examining cases rather than managing data. The accelerator processes and enriches alerts, eliminates redundant ones, and merges new alerts into existing investigation cases when applicable. Cases are assigned based on skill and routed to the most suitable risk investigator, who is guided through the necessary stages and steps for efficient and accurate case handling.
- Reduced Time and Costs with Automation and AI: Automation and AI are employed to minimize manual labor and expedite investigations. For instance, the accelerator utilizes generative AI to analyze case data and automatically draft Suspicious Activity Reports (SAR), eliminating the need for the time-consuming manual creation of SARs. Automation is integrated throughout the process, making investigations more efficient and effective.
- Increased Flexibility with Configurable System Options: The accelerator is highly configurable, enabling financial institutions to use pre-built process templates as a starting point and customize them to suit their unique requirements. It can be seamlessly integrated with existing alert monitoring and detection systems, Pega’s Know Your Customer (KYC) and Client Lifecycle Management solutions, and other third-party systems and services.
Pega’s low-code platform, known for its AI-powered decisioning and workflow automation capabilities, is trusted by a majority of the world’s largest financial institutions. For over three decades, Pega has been providing global financial institutions with case management, workflow automation, and customer risk solutions across various areas, including KYC, AML, alert management, fraud, account opening, and client lifecycle management. Pega supports various types of financial institutions, offering predefined industry best practices across jurisdictions and lines of business. The Pega Financial Crime and Alerts Investigation Management Accelerator is available for download on Pega Marketplace.