A QA team acts as an independent partner to its Customers, i.e. FCC Investigators/Analysts, Training Department, and Compliance Departments. The QA team consists of experienced Subject Matter Experts to provide effective and timely expert guidance to the analyst/investigators. A robust QA program is responsible for the enforcement of Regulatory expectations and internal Policies through an in-house program to control and address potential risks and challenges in effective analyst performance.
A robust Quality Assurance (QA) process serves as a key control for Compliance and Operational Risk mitigation, and helps ensure regulatory compliance by verifying the quality of the alert decision process
A key component of a well defined QA process is that it provides a timely feedback loop on the quality of alert decisions
A QA program should review work products for quality of documentation, decision making, and review of management oversight
Root cause analysis of errors and other process deficiencies are a key output from a robust QA process. Ideally, it should provide analysts input for continuous process improvement
Maintain a consistent program that evolves with changes within the business, company, industry, and regulatory environment
ComplyGenics assists a financial client to build a robust quality assurance program
Standardization, Core Competencies and KPI’s
The Quality Assurance framework is built on a set of core competencies against which the analyst is measured. Core competencies are established as Key Performance Indicators (KPI) to identify proficiency and skill set necessary to conduct AML Investigations – high-level competencies include:
Core competencies are instituted to drive uniformity and standardization across regional centers.
Key QA Metrics
Incorrect Dispositions / reopens - Ensure that analysts make the right decision when choosing the appropriate closing action of the case. Competencies are also tracked to measure error rate and areas of deficiencies
Tracking & Reporting
Data are maintained in the QA platform where reports are extracted as appropriate for reporting requirements. Reports such as analyst feedback, aging reports, QA Team’s workload and productivity reports are periodically published.
Our team will help assess and provide inputs to help your organization follow industry best practices across the governance and controls relating to maintaining the inventory of transaction monitoring models.
QA Tools and System
A Quality Assurance platform should be designed to store all QA reviews and related data. The tool should be able to efficiently serve as a warehouse of all evaluations completed. Serve as a record keeping tool to demonstrate a complete audit trail of the case i.e. all corrections done in lieu of a QA review with confirmation from Management that case has been worked correctly.
Issue Escalation, Tracking, & Resolution
Escalation - Timely report QA results to team leads, group management, and executive management. Report QA results and trends – such as results by employee, by team lead, by question, and month-to-month trends
Tracking & Resolution – Develop action plans to address significant issues and track action plans to resolution. Include target date for resolution and action plan owner
The Quality team along with the Training team and the FCC Management team continue to collaborate to support the business and the organization as a whole. All departments supporting the business and the QA team internally have the same understanding of Policies & Procedures and the Quality guidelines
The Quality Assurance team is responsible for continuous feedback regarding the interpretation of procedures and guidelines. FCC Management uses all QA reviews to understand individual analyst’s opportunities or challenges. QA results are used to design specific Performance Improvement Plans (PIP) to support continuous growth and learning.
Training & Feedback
QA results are used to assist the Training Department in the improvement and development of rigorous training techniques, improve its modules and all related learning resources to drive speed to competency. Daily feedback to analysts to ensure continuous improvement in performance.
A properly executed QA program identifies, escalates, tracks, and facilitates the resolution of key issues: