Compliance, anti fraud and risk checks are becoming an ever more important and unavoidable part of doing business. Whether it is to meet regulatory requirements or to protect your business, the checks needed to screen and onboard potential customers are also becoming increasingly complex. This has led to the onboarding process becoming a time and money sync for most businesses, as the onboarding process travels through multiple staff and departments, slowing business and hurting revenue.
However, the penalties for non-compliance and the risk of fraud or bad debt mean that it is a cost that businesses must bear.
Regulators are becoming increasingly vigorous in their investigating and punishing those found to be in breach of compliance regulations. This is especially true of the Financial Conduct Authority (FCA), which imposed more than £200 million in fines in 2022. Should the FCA find a company to be in breach of AML compliance after they have facilitated money laundering, however unwittingly, then professional disqualification or jail time may be added to the imposed sanctions. With £88 billion being laundered through the UK economy each year, being exploited by money launderers should be considered a real risk to all UK businesses.
Added to these risks, are those presented by losses to bad debt and fraud. As insolvency figures continue to rise so does the risk associated with offering credit, an often unavoidable part of doing business. Fraudulent activity is also becoming a much more common risk, as technology allows criminals to commit more sophisticated frauds from all over the world. In 2022, over £1.2 billion was lost to fraud in the UK.
This is all to say that businesses need a strong framework of compliance and onboarding checks, and it is most likely that this need will increase as regulations and threats develop. So is the interruption of process and revenue something that companies must just accept?
Luckily, the answer is no. Red Flag Alert Automate digitally transforms your business to bring your compliance and onboarding checks into one seamless process; reducing the time taken from days to minutes whilst also increasing accuracy and minimising human error.
Below are just some of the ways that Red Flag Alert Automate can help your business.
As the need for different checks came about at different times and responded to threats to different parts of a business most companies have a fragmented and heavily siloed compliance and onboarding process. With each stage passing through different staff members in different departments.
Not only is this process inefficient but it also can lead to delays, as the more departments it passes through the more likely delays due to workload of absences become, and even interdepartmental friction if it is perceived that one department is delaying a deal, either as a one-off or persistently.
Red Flag Alert Automate streamlines your entire process into one easy-to-manage automated workflow.
Your client simply enters all the details you require for your onboarding process into a branded webform and clicks submit. Automate then runs through all your required checks and sends the results to all relevant staff.
Red Flag Alert Automate leverages cutting-edge technology to complete your entire suite compliance and onboarding checks in seconds.
Should a check require your customer to supply extra photos or documentation, such as an aliveness and ID verification test for AML, Automate will automatically send out the check to your customer and continue with the process as soon as they have completed it.
Should any stage of the process result in a fail, such as credit risk or bank account verification, an alert will be sent to the responsible staff member to either confirm the failure or supply a manual override.
Automate eliminates staff hours being wasted manually entering information into check software and subsequently verifying the results. By your customer entering their information on a convenient web form, and not having to send over copies of sensitive documentation, we free up your staff to concentrate on more profitable work; and by leveraging advanced technology to analyse the results of your required checks, we minimize the risk of human error allowing a bad actor or bad deal through.
Most importantly of all, we significantly shorten the time between the deal being agreed and being signed. Letting your revenue flow quicker and providing a much more convenient experience for your customer.
Just as compliance and onboarding are generally fragmented between departments, so is managing the process and storing records. This means that there is little visibility across the entire process and should your company ever be called upon to prove it had the proper compliance and safeguards in place, it can be difficult to compile all relevant information, which in turn opens you up to regulatory fines.
Automate allows you to manage the entire process from one convenient platform, including tracking any ongoing checks that may be waiting on a customer to provide further information. The platform also allows you to store all previous checks, including copies of any documentation and even uploaded internal documents. The platform features an email function that allows you to quickly and conveniently send results to team members or to contact your customers.
Deciding whether someone is safe to work with can be complex and different situations require different workflows. Automate allows you to create the custom workflows needed to completely protect your business. What’s more, this can all be done on your end with no coding skills needed, thanks to our advanced AI tool.
Simply type the condition you would like to include and the AI will do the rest. For example, fraudsters frequently set up ‘burner’ businesses to run a scheme. To ensure that you are dealing with an established company you may want to run fraud checks on potential customers associated with a company that is less than a year old. Doing this is as simple as typing ‘if the company is less than one year old run IDV check’.
This revolutionary tool gives you complete control of your process and allows you to react in real-time to new threats and requirements.
Red Flag Alert Automate ties in with your pre-existing compliance and onboarding software. Whether it is a pre-existing AML check program or open banking software, our system can communicate with it and automate your process.
Red Flag Alert Automate is a revolutionary new system that will digitally transform your workflow, speed up revenue and give you an advantage over competitors still using out-of-date, costly and slow processes.
Automate your business processes and get a demo today to save staff hours and increase efficiency with Red Flag Alert.