Banking & Finance
Overview
Financial institutions are powered by high-volume transactions, demand varying data formats and are regulated by strict regulations such as The Proceeds of Crime Act (POCA), The Bank Secrecy Act (BSA), Basel II, Sarbanes Oxley (SOX) and the USA Patriot Act. In order to meet compliance requirements and prevent fraud in a sustainable manner, there must be technologies in place that can import and analyze 100% of an organization’s data, regardless of type, volume or veracity.
Internal Audit, Risk & Compliance and Business operations now require data analytics that can monitor their data sources in a holistic fashion, in a way that is collaborative, automated and repeatable. CaseWare Analytics allows financial managers, auditors and compliance personnel to detect potential money-laundering schemes, monitor loan portfolio risks and analyse potential risks within the business, such as access controls, disbursements and regulatory compliance.
Solution Benefits 
With hundreds of financial institutions as customers, CaseWare Analytics provides the following key benefits:
- Better Fraud Detection
Gain insight into 100% of transactions, and through a collaborative workflow, facilitate analysis and investigation of exceptions.
- Enhanced Monitoring of Controls
Monitor multiple systems concurrently and remove blind spots associated with assessing only a single application.
Analytics
Loans
- Identify loans over or under specified amount, terms, or interest rate
- Disbursement and original loan amount varies
- Loans without schedules or incorrect schedules
- Analyze impact of write-off for loans with late payments or other criteria
Investment Securities
- Identify investments for which no dividends or interest have been received
- Segregate securities that are outside certain investment grade parameters
- Analyze trading activity for market timing
- Analyze account activities for excessive trading or wash sales
Savings & Deposits
- Identify clerks authorizing deposits for self or family members
- Show accounts with incorrect service charge credits or reversals
- Show accounts incorrectly exempted from service charges
- Identify multiple accounts with the same address
- Identify branches with excessive fee reversals
- Match accounts to names, addresses, phones, or other characteristics identified in OFAC, PEP or Government sanctioned lists
General Ledger
- Identify employees with a large number of reversing entries
- Review suspense accounts activity for appropriate use
- Verify feeder systems data in a consolidated ledger
- Validate GL account footing
Accounts Payables
- Identify duplicate payments across payment systems (ERP, P-cards, E-Procurement, etc.)
- Summarize cash disbursements by account, bank, group, vendor, etc.
- Look for check disbursements for unrecorded liabilities
- Identify missing, duplicate, void or out of sequence check numbers
- Identify check requests that exceed set or selected dollar amounts
- Reconcile inter-branch transfers by extraction or inclusion