AML Compliance Case Study

Revenue Cycle Management

BUSINESS SITUATION

Our client, seeking to improve its compliance function regarding Office of the Comptroller of the Currency regulatory challenges (consent order), was struggling with a rapidly increasing workload and the challenge of immediately hiring and training a large number of highly skilled staff. The institution faced the daunting task from bank regulators and other stakeholders of quickly and accurately resolving anti-money laundering (AML) and Bank Secrecy Act regulatory requirements related to addressing branch referrals and security blanket alerts and escalated investigations, and, eventually, filing suspicious activity reports.

PROJECT SCOPE

Robert Half pulled together a dedicated team of client account and engagement managers who had extensive experience in financial institution compliance matters. We then deployed an on-site, experienced project manager to help:

  • Perform reviews and evaluations of the client’s operational processes and procedures for alert triage and escalated investigations
  • Develop recommendations for improvement to the global financial crimes compliance (GFCC) managing director to address an AML case backlog and increasing volume of alerts and escalated investigations
  • Identify, test and evaluate more than 2,000 potential new hires in an effort to eventually hire 10 percent of them, or roughly 200 employees, in monthly groups of 30 to 60 over the course of four months
  • Perform onboarding, initial technical training, production support, and ongoing coaching and mentoring

Mobilizing our recruitment network and offices across several states, Robert Half provided more than 200 risk analysts and leads to assist with AML escalation reviews in the firm’s consolidated facility. Our consultants also were tasked with helping clear a backlog of more than 50,000 AML cases.

CLIENT’S RETURN ON INVESTMENT

Client feedback at the mid-engagement checkpoint showed the following returns:

  • Hiring Success: Client selection rates of our consultants ranged between 80 and 92 percent, compared to a pre- engagement target goal of 60 percent. As a result, the client did not need to spend as much time interviewing our consultants and was able to meet the staff numbers required by the consent order more quickly.
  • Production Success: Ninety-five percent of our consultants passed the client’s technical training programs and were retained, exceeding key performance indicators as the engagement rolled into production. Our consultants cleared the backlog of AML cases, built up over nearly two years, within six months.
  • Cost: The client previously worked with another consulting firm for this complex technical engagement. Our solution yielded a savings in consulting fees between $2 million and $3 million. The successful implementation of our plans yielded additional material savings for the client, on costs typically incurred and passed along previously by other firms, who experienced much lower rates of hiring and production successes – for the client.

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