Dominic Suszek, President & CEOThe current risk and compliance issues in the financial services sector revolve around client data and how information can be stored, accessed, analyzed, and enhanced so that organizations comply with regulatory mandates. Many financial institutions still depend on obsolete applications to manage account holder information and these antiquated systems are simply not capable of supporting the needs of a robust compliance program. This in turn is increasing the risk for regulatory penalties, which then requires adding resources to address identified failures. To avert these pitfalls, organizations need proven systems to assist them in identifying unusual activity and this can only be done with a solution that captures a thorough understanding of client details, including the identification of beneficial owners and their associated transactions. “The Global RADAR application was created to provide organizations with a clear path to compliance success by managing the client onboarding and ongoing management of customer information, replacing outdated applications and paper based processes,” says Dominic Suszek, President and CEO of Global RADAR.
The London based firm, Global RADAR, was created to help financial organizations comply and manage regulatory requirements while providing operational improvements, replacing outdated legacy systems. Since inception, Global RADAR has evolved with the changing and expanding climate in the realm of anti-money laundering and counter terrorism financing. Today, the firm is known for its deep acumen and understanding to solve challenges faced by leading financial institutions including banks and broker dealers. Global RADAR provides a one-stop solution to manage compliance efforts from customer due diligence and document management to transaction surveillance in a single application.
“As a leader in the financial market, our goal has been driven by the four pillars of an effective compliance program—Customer Due Diligence, Document Management, Watch List Screening and Transaction Surveillance” notes Suszek. Global RADAR started with building its primary module—the Customer Due Diligence Module. “This module has evolved to include the Document Management, the second key pillar in an effective compliance program” explains Suszek.
The Global RADAR application creates operational improvements that help replace outdated legacy systems in the financial services sector
Global RADAR has elevated document management to a whole new level. While the process of identifying, obtaining, cataloguing, and making documents easily accessible is the basis of the Global RADAR Document Management Module, these components are strongest when they work in unison with the other pillars. “Our document management solution enables organizations to quickly identify the client risks and allows them to prioritize their review processes and increase staff productivity,” says Suszek.
Recent regulations like the Customer Due Diligence Final Rule issued by FinCEN earlier in 2016 has clearly defined the requirements for adequate customer due diligence on beneficial owners. Global RADAR has worked closely with various supervisory agencies as well as with banks and broker dealers of all sizes from various markets to ensure the requirements are met.
Failures involving inadequate compliance programs which include deficient document management practices has led to billions of dollars in fines and costly remediation projects. The ability to identify, gather, capture, store, and easily retrieve the documents significantly differentiates Global RADAR from its market competitors.
“Oversight by regulators and their enforcement of regulations will continue to grow globally, and this will remain a key factor in the direction we take as Global RADAR continues to grow,” highlights Suszek. Staying on par with the changing compliance landscape, Global RADAR looks forward to the continued evolution of the requirements and will continue provide a solution which can be utilized to meet the expanding standards.