A fast-growing bank takes a key step toward strengthening its BSA/AML compliance program by replacing its system.

The Challenge 

Replacing a critical system in a timely manner 

Having an effective transaction monitoring (TM) system in place is critical for compliance with anti-money laundering practices (AML) under the Bank
Secrecy Act (BSA). Through feedback from the Office of the Comptroller of the Currency and an independent audit, the bank recognized that it must
replace its TM system – and do so within a short timeframe.

The Solution

Experienced support, from selection to implementation planning

To select and implement a new TM system, the bank worked with a team from West Monroe Partners, which offered a unique blend of financial services regulatory experience, program management skills, and deep technology expertise. The project team first worked with the bank to define requirements for the new TM system, drafting user stories to highlight specific business needs. After documenting the necessary business requirements, the team provided on-site management for selecting a solution provider from among several leading industry vendors. This process included: 

  • Conducting detailed vendor analysis to understand available solutions
  • Developing a request for proposal (RFP) and
    leading the proposal process to minimize the
    time required by BSA/AML stakeholders
  • Creating a scorecard to evaluate and quantify
    vendor responses and identify the top two
    vendors to invite for on-site demonstrations
  • Leading vendor analysis
  • Presenting recommendations to the Executive
    Committee for approval

The project team also helped the bank prepare for deployment by documenting system impacts, architecture/process design, and a high-level plan with implementation scenarios and timelines. This initial planning also evaluated complex source system integrations to determine technology challenges and levels of effort required by the bank’s IT resources. Throughout the project, the bank’s cross-functional stakeholder team had constant insight into progress.

The Impact

Moving forward with a sound solution 

This approach helped the bank understand available solutions and make a sound system decision based on its business requirements. The project also equipped key stakeholders with knowledge about transaction monitoring, while minimizing the amount of their time required during the system selection and planning process. The bank is now ready to move forward to implement a transaction monitoring solution that strengthens its BSA/AML program.

Download PDF