The Artesian Risk & Compliance Hub (ARCH) is a powerful system to identify risks, solve problems and on-board faster.Talk to us today
Artesian delivers 12.5 million insights per month, on 800,000 companies to over 30,000 users
of financial institutions have lost customers due to inefficient or slow onboarding
believe poor data management lengthens onboarding and negatively affects customer experience
ranked the need to improve data and document capture as the highest critical business issue and pain point
believe the client experience during the onboarding process impacts the lifetime value of the client
Financial services organisations are struggling to meet the conflicting demands of Customer Experience, Risk Control and Compliance and the results of this seeming conflict of interests have been costly. Whether in terms of customer satisfaction, inaccurate understanding of risk or regulatory fines, the costs are huge and growing. ARCH brings comprehensive data and sophisticated rules together and puts the results in the hands of employees right at the beginning of the business process.
ARCH accesses an organisation’s chosen data sources as well as globally available unstructured data and applies custom policies to that combined data in the form of multi-dimensional rules. These rules ensure that all available data is screened and interpreted based on the company’s own policies. Any potential issues can be clearly flagged through a browser-based interface or as data to be ingested by other systems via API.
Effective risk and customer management requires companies to move to an event driven approach to customer monitoring instead of performing periodical checks during the life of a customer relationship.
Furthermore, these events should give the earliest possible view of an actual or impending risk event. ARCH is always on, monitoring structured and unstructured data sources and applying rules to any matches in order to categorise the level of review required.
Know sooner, know more & save time
Banks are struggling to meet the competing requirements of excellent customer service, accurate risk assessment and regulatory adherence, particularly in Commercial Onboarding. Often Relationship Managers aren’t aware of the risks that the onboarding team will find. ARCH flags any risks that will be found later and enables the RM to access missing data in the sales process rather than at the point of onboarding.
Portfolio risk management has long been stuck in the rut of knowing too little, too late and even what is ‘known’ is often a false positive. ARCH enables banks to access unstructured sources of data that were previously unavailable to them. By accurately categorising the data to review, impending risk events can be acted upon and mitigated before they have occurred enabling the bank to avoid the change in IFRS9 stage.
Banks are in the habit of time interval-based KYC checks, with the intervals driven by risk categories. This means that a change may occur that requires a review according to regulation, but which may not be reviewed for several years. ARCH is always on, applying policy to all available structured and unstructured data sources so that when a change occurs the appropriate level of action can be flagged and taken, be it a simple update of a database or a full client review.
“ Artesian will help us put risk and compliance at the heart of our commercial process, to serve a greater need than regulation alone. ”Read the press release
Separating the science from the art of underwriting
Commercial lines underwriting is both an art and a science. ARCH automates the science with a combination of data and sophisticated rules, bringing efficiency, consistency and accuracy so that underwriters can focus on underwriting. Decisions can be recorded whilst both justified in the future and used for decision analysis and pricing optimisation.
A vast amount of data pertaining to risk exists in unstructured format on the Internet and often remains untapped by underwriters and brokers. ARCH uses assisted machine learning to finely categorise that data according to the predetermined definitions of an insurer and flags any existing risks according to policy. This prevents the need to search the Internet hoping to find risk needles in data haystacks.
Regulation requires insurers and brokers to carry out KYC checks in order to comply with the fight against financial crime. The industry is in the habit of making these checks after a policy has been written, regularly leaving an MLRO in a difficult position. ARCH enables a KYC check to be carried out comprehensively, according to the MLRO’s chosen data sources and rules, at the point of first customer engagement. This means that appropriate decisions can be made before a quotation has been issued.
6bn - Artesian’s advanced risk-algorithms have analysed over 6 billion online articles (and counting) to spot adverse-media stories about your customers and prospects, creating a holistic risk profile from both structured and unstructured data.
With ARCH, Insurers can make decisions faster; they can improve their ability to segment risks effectively; they can improve both their clients’ and distributors’ customer experience and they can reduce their operating costs.
Pre-screen prospective clients in order to get a clear view on organisational appetite and the complexity of the on-boarding process.
The latest thinking on addressing KYC challenges and improving customer experiences with insight from Refinitiv, PwC, Fenergo, McKinsey and Metro Bank.
ARCH brings data and rules together in a way that will enable organisations to put the results of client risk and KYC checks in the hands of front-line employees, in a way that positively changes customer engagement. The ARCH Decision Engine can quickly ingest new data sources and apply rules to the data across multiple dimensions, including industry risk, jurisdiction risk, product risk and financial risk, for example. The rules can be generic for various lines of business and can also have bespoke rules configured for each organisation or department.