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.
A properly executed QA program identifies, escalates, tracks, and facilitates the resolution of key issues: