Why Aithent Alert Manager

Sorting through the hundreds upon thousands of alerts to apparent financial crimes or suspicious activity that are generated daily by detection systems is a time-consuming and resource intensive process for any type or size of financial institution. Given the unrelenting rise in fraud and money-laundering, the task takes more resources and is less and less effective in controlling financial crimes as well as allowing the institution to meet its internal and regulatory compliance requirements.

Detection solutions implemented to reduce operational risk at financial institutions flag payments, customers and transactions that match certain defined criteria generating a veritable avalanche of alerts; of which as many as 95 percent draw attention to a false positive, the erroneous identification of what is not a financial crime, a fraud or regulatory violation.

Aithent Alert Manager™ is a browser-based solution that allows financial institutions to gain control of its flow of alerts and, thus, make its compliance, investigation and fraud prevention efforts more effective.

It sits between the in-place detection systems and an institution’s financial crime case management systems, used by investigative groups. Aithent Alert Manager is designed to work with any currently available detection and/or case management system.

Aithent Alert Manager takes sophisticated workflow technology and blends it with the knowledge of alert patterns an institution has gained over time as well as its operational business rules to cut the number of false positives – to zero. The solution can be customized to work with any alert type where the administrator can build specific rules to deal with alerts from intake through to resolution. Key features of the solution include the ability to augment alerts with pertinent data resident on the bank’s systems and to build configurable workflows which assign the alerts to the appropriate analyst team.

By weeding out the false positives and focusing only on those suspicious activities that warrant further scrutiny, the associated compliance activities, such as submission of Suspicious Activity Reports to the Financial Crimes Enforcement Network of the United States Treasury or matters relating to the Bank Secrecy Act and anti-terrorism, will be handled with greater efficiency. The end-product is compliance attained and maintained with greater ease and certainty.