Case Study

Business Process Automation Reduces overhead and Mitigates compliance Risk


Discover how a Fortune 500 financial services firm increased efficiency and improved compliance through workflow automation.

The Customer

Our customer, a Fortune 500 company, is a national wealth management firm. The firm manages more than $60 billion in assets under management and employs over 1,500 financial advisors.

The Challenge

This firm has experienced rapid growth over the past decade, in part due to several mergers and acquisitions. As a result of this expansion, tracking and managing newly acquired customer accounts became an increasingly complex and manual process, fraught with AML compliance risks. Initially, these “inherited” accounts lacked properly obtained and verified customer information required by the “Know Your Customer” (KYC) rule. Additionally, regulatory mailings were not being sent, such as a privacy notice or USA Patriot Act notice. The process necessitated an excessive amount of manual effort to identify customers and accounts, then conduct regulatory compliance verifications, and finally send regulatory notices when required.

The Solution

Terrapin Technologies’ business process automation technology provided the client with automated workflows that flag these accounts for follow-up, alerts the financial advisor, and schedules the appropriate mailings. When needed, the workflow is able to restrict pay for unresponsive customers preventing solicitations without proper customer information. If no action is required, the result is a fully automated solution that meets their compliance rules and categorizes the customer appropriately. All of the business rules are captured in visual workflow diagrams that are readily accessible for the client’s documentation and supervisory procedures.

The Results

The results of automating these manual processes delivered significant efficiency gains and reduced costs, with a reduction in time spent onboarding these accounts by 90%. Automated verifications, alerts, and mailings — all tracked and logged in the system — have helped their supervisory procedures and demonstrate reasonable efforts to obtain missing information. The assigned financial advisor is also alerted, which opens the door to meet with the customer providing opportunities for new business. As a result of automating these processes, our client has reduced costs, mitigated risk, and increased sales opportunities.

a reduction in time spent onboarding these accounts by 90%


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