Resources Training

Upgrading your compliance systems, the fast and easy way

upgrade compliance

Banks and IT’s relationship status: It’s complicated. Through the years they’ve managed to coexist, but if they want it to work out over the long term, they both need to change.

The good news is that mending the relationship between banks and IT isn’t as difficult as healing a relationship between actual people. Confidence is all a bank needs to change its future completely. As for IT, all that’s required is a bit of understanding of what banks need.

Enough with the relationship metaphor. You’re here to read about how to upgrade your compliance systems the fast and easy way. That’s because you already know that your current system won’t maintain your compliance much longer. The only reason why you haven’t yet taken the next step is that you’ve had bad experiences with IT projects in the past that took forever to complete, or failed altogether. It isn’t something to look forward to. That’s why you have to choose an IT partner carefully. Perhaps the following points will help you to do just that.

What’s best in your situation: replace your entire system or implement modules?

How much time do you have? Moreover, how outdated is your current system? These are the questions to ask yourself when deciding whether to replace your entire system or to implement a few additional modules that will make your current system better equipped to fight today’s financial crime.

If you’re constantly overburdened with false positive alerts and see no way to reduce their frequency in a way that won’t also jeopardize your compliance, it’s time to replace your entire transaction monitoring system. But if your false positives are minimal and you just want, for example, to be able to see all your integrity risks in one place, it’s better to take a modular approach.

Issues that can be resolved by adding modules to your current systems include:

  • adapting to conform to new regulations such as GDPR, 6AMLD, PSD2, and others
  • connecting with other systems and data sources
  • becoming able to adopt new technologies such as machine learning and artificial intelligence
  • integrating data or alerts from multiple systems into a single interface
  • creating client profiles and client integrity risk views
  • adding a risk-based approach to your current rule-based monitoring system

Tools designed by and for banks

Every company has a moral and legal obligation to fight financial crime. However, compliance in banking isn’t the same as it is for other companies. Banks have special obligations, and have to adhere to particular types of compliance regulations, such as monitoring for money-laundering, terrorist finance, and sanctions. These obligations require specialized systems.

Choosing a transaction monitoring system or an incident management system specifically designed for banks will make the implementation process much smoother and quicker. The standard configurations of such systems are already adapted to banks’ specific needs. But you also need your system to be flexible and be easy to adapt to your bank’s individual requirements and processes or future needs.

“We’re not only users of the system, but we’ve also helped develop it. It wasn’t a process in which BusinessForensics said: we have a system on the shelf for your data, connect to it and go. This was challenging during the implementation. The benefit for new customers is that there is now a proven tool that they only have to fine tune as per their own needs.” – Vinodh Moenasing, NIBC

Preserving your historical data

Legacy systems aren’t uncommon in banking. In fact, it’s commonplace for banks to store historical information in systems that are no longer in use. This creates difficulties for their employees, because the less frequently the data is viewed, the harder it becomes to use and navigate the system. Not to mention what happens when your database software reaches its “end of life” and is no longer supported by its vendor.

One of the most valuable assets you currently have is your (forensic) history—the knowledge or wisdom contained within the data in your current system. If you are replacing your old system, your forensic history should be migrated into the new system, safeguarding the value of this knowledge. And who knows? When you bring that old data into your new system, you might uncover previously hidden truths or find useful information tucked away in your ‘cold cases.’

Convincing your staff to take a data-driven approach

Change is difficult for everyone, but change is also inevitable. You could postpone the transition to the Information Age for a few years but someday you will need to make it. And the sooner your staff starts the transition, the sooner they’ll learn that becoming data-driven will only make their research and analysis better. They’ll also discover that they’ll have more time to spend on the most relevant cases.

This doesn’t mean that the transition won’t pose challenges, but the implementation managers in charge of upgrading your system should be aware of the problems most likely to occur in order to help mitigate them. It’s important that your staff get specific training in how to deal with these changes as well as hands-on training with the new system and also great aftercare as soon as the solution goes live.

Once your new system has been implemented, you shouldn’t be left to figure it all out by yourself. Make sure you get the support you need when you need it. BusinessForensics has designed a ‘customer maturity model’: we’ll give you full support during the time when you’re learning to work with our product. This is also when the solution learns from the feedback your employees provide, allowing us to optimize your system’s efficiency and effectiveness. Even after your staff has learned to work with the product, our support team will still be available to assist you with anything you need, whenever you need it.

“It took time for our staff to get used to the new way of working but once employees get to know the system well, they start to think in processes and start asking if a process can be added to the BusinessForensics application and if it would be an improvement to do so. The answer almost always is: yes, it’s possible, and yes, it’s an improvement.” Koen Juffermans – ICS


Your competitive advantage is determined by how you respond to the constant regulatory and technological changes that are part of today’s business landscape, as well as how you deal with financial crimes. Our solution helps increase your resilience to future risks: implementing it will give you a competitive advantage by decreasing your chances of incurring regulatory fines and improving your ability to adapt to change. While other financial institutions might get media attention for compliance failures, your reputation will grow stronger every year.

Now your options are:

  • Requesting a meeting to discuss KPIs of our other clients, and how they improved them.
  • Have us create a proof-of-concept using your data and processes.
  • Talk with or visit one of our clients.
  • Let us help you build a business case: compare the costs and benefits of replacing or enhancing your current system.
  • Visit one of our events such as a client meetup or the fraud film festival.

Contact us at + 31 168 479 038 or for any of the above opportunities or, if you’d like to learn more on your own, you can:


Tames Rietdijk

Tames Rietdijk is the CEO of BusinessForensics. His area of expertise lies with Product management, Forensic investigations and Data analytics. His work is focused on improving market mechanisms and operational efficiencies to increase value for his customers.