From automation to orchestration

High quality risk assessments underpin financial crime prevention and regulatory compliance strategies. 

These are created by bringing together information from disparate systems, at speed. Get it wrong and the cost to create and decipher intelligence from unconnected solutions can be enormous.

As we move further into a digital first age, only those organisations able to make effective risk assessments within commercially competitive timeframes will survive. 

The three biggest offenders draining a team's abilities to process new credit or account applications at speed and with minimum risk are:

• Manual interventions
• Lack of integrated process logic
• Isolated systems

The time to move from one-step automation to orchestration is here. 

What is Outcome Orchestration?

Quite simply it is the use of business logic to coordinate disparate IT systems, enabling decision making and action taking. 

Outcome Orchestration creates an automated and intelligent way of dealing with applications by feeding rich real-time response codes into wider decisioning systems. The outcomes are then used to drive acceptance, refer or decline decisions in a much more refined way. Add in a feedback loop and all areas of the business have a single up to date view of a customer. Crucial when multiple departments and product lines are involved with a single customer.

How can it help?

When we work with clients to deploy this automation, they are able to craft very nuanced journeys for their applicants based on events triggered in decision rules, workflow tasks or predictive analysis scores. All through their existing SIRA interface.

They find we help to:

• Speed up the customer boarding process
• Remove the need to manually update other systems
• Reduce overheads as automated decision making drives efficiency
• Provide greater control over the assessment of fraud and financial crime risk.

Case study 1: Banking client transforms credit application decision time

One of our largest banking clients significantly reduced the time it took to approve and board new credit applications. 

They were able to configure multiple acceptance journeys based on the rich real-time responses being driven from SIRA (our national database of adverse intelligence) and rule hits and scores from our analytics tool, Precision. 

These outcomes were then automatically fed into their wider customer boarding systems. The whole process removed significant manual process delays and allowed them to create a much more sophisticated range of treatment strategies based on the rule hits, and risk scores achieved.

Being able to undertake the configuration for themselves has meant they can continually refine and adapt their fraud defenses. 

Case study 2: Insurance client avoids compliance issues 

This client was able to create a real-time automated process that inserted fraud analysis outcome response codes from SIRA and Precision into its wider customer boarding systems. This resulted in:

• Reduced referral rates
• Meeting client service level compliance agreements
• Different treatment strategies based on specific rule hit profiles
• Reduced time on customer claim decisions.

If you're interested in deploying Outcome Orchestration logic into your SIRA instance, please contact your Account Development Manager.