Standardize and streamline compliance tasks
Harness automation and AI to accelerate your impact on customers
With scrutiny growing from regulators like the SEC, OCC, and FinCEN, your teams are under increasing pressure to uphold compliance. Sometimes, it can feel like there simply aren't enough hours in the day to stay on top of ever-changing regulations — not helped by outdated, disparate technology and siloed data.
Speed wins
When you are playing catch-up, you cannot seize growth opportunities. It's hard to take advantage of customer insights and respond to changing expectations when you’re a step behind. This is why enhancing and streamlining compliance across Morgan Stanley is the first step on the path to sustainable growth.
Once your processes are optimized, you’ll be on the front foot and ready to take advantage of new opportunities as they arise. Using trusted data and enhanced technology is crucial for achieving the efficiency you're looking for.
We know that you’ve already started working on automation and system integrations to help your legal and finance teams align. Choosing a strategic partner that continuously develops innovative solutions and prioritizes legal and regulatory expertise is paramount to a successful strategy.
Avoid risk and discover opportunity with automation
When automation tools are tailor made for the financial services industry, they help you cut hours of manual work and avoid human error. Top-end automation tools should:
- Automatically monitor and report on regulatory changes
- Alert global events that may impact business operations
- Improve the accuracy of customer risk profiles
Automation cuts manual tasks to free your compliance staff up for higher-value activities that enhance the effectiveness of your compliance program and contribute to your overall strategic goals. When manual tasks aren’t bogging them down, they’ll have the space and time needed to reduce the risk of non-compliance. Even better, they can more accurately identify emerging threats and vulnerabilities, allowing for more proactive risk management.
Because automation tools can run 24/7, they typically lead to significant cost savings that you can reinvest elsewhere. Automated solutions can handle large volumes of data — taking the pressure off your teams. This capability helps mitigate risks and provides insights for proactive management.
Navigate change with powerful AI
Compliance procedures become even more challenging during peak periods. Even the most robust compliance teams are overwhelmed by the number of compliance checks during busy times.
Furthermore, the need for timely and accurate reporting to regulators becomes more challenging with increased activity. The latest AI tools can help. Because AI models can rapidly analyze vast datasets, they bring several immediate benefits, such as:
- Continuously monitoring regulations and notifying compliance teams of relevant updates
- Quickly spotting patterns or anomalies that indicate compliance concerns
- Instantly unifying data from different organizational silos to uncover hidden risks
- Predicting and highlighting risks early, leading to proactive mitigation measures
- Reducing financial losses and enhancing customer trust
Speed isn't the only benefit. AI tools can give banks a more complete picture of the regulatory landscape. They can evaluate pending legislation and public comments made by regulators to detect future changes.
AI can also help streamline internal processes. It proactively identifies missing links between risk and control processes and emerging trends to alert you of any shortfalls in your strategy. Redundant processes or over-tested data can also be determined.
Ultimately, this kind of streamlining helps you:
- Improve the customer experience
- Expand into new markets faster
- Take on new business at scale
Working with us can help you get there
Thomson Reuters can help Morgan Stanley optimize compliance processes. We've done the same for a leading bank looking for support with streamlining its anti-money laundering (AML) processes.
This bank was struggling with time-intensive tasks that produced a lot of false positives due to human error. Operational bottlenecks frustrated staff and negatively impacted the customer experience.
We stepped in to support the bank with Thomson Reuters Risk and Fraud solutions. Combining machine learning and natural-language processing, our solution helped teams swiftly identify relevant risk indicators within vast amounts of data.
We'd be happy to talk about how we can support you with streamlining compliance processes and accelerating digital transformation.