New! Banking Apps to Safeguard Loan and Deposit Accounts

April 18, 2016

This week CaseWare Analytics is pleased to announce the release of two new banking apps: Account Activity Manager (ACM) and Loan Examiner (LEX). Available to CaseWare IDEA® Data Analysis users through the Marketplace, the global online store for audit tests, our banking apps offer banks and other financial institutions assurance by providing a simple way to automatically detect errors and possible fraud schemes involved with deposit accounts and loans.

While financial stability is generally improving globally, there is still a degree of uncertainty and a number of risks that financial institutions must do their best to avoid. It is increasingly important for these organizations to recognize the warning signs of fraud, money laundering and other risks so these issues can be detected early—and then avoided. 

With effective monitoring reducing loan-loss contingency alone by 10% to 20% and fines for failing to comply with anti-money laundering regulations becoming stiffer, financial institutions have good incentive to implement a system to monitor accounts. However, many organizations simply lack the capacity to audit and monitor deposit or loan accounts for anomalies and exceptions. They’re often forced to rely on manual reviews of pre-canned reports that are generated from the core banking systems. This, of course, increases the likelihood that high-risk fraud or money laundering scenarios will go undetected due to a shortage of knowledge or expertise.

Our Account Activity Manager and Loan Examiner apps use CaseWare IDEA Data Analysis software and include a variety of tests that identify control weaknesses by analyzing data generated from deposit and loan accounts. Once the apps identify an exception, they report it to the appropriate stakeholder and provide guidelines for remediation.

Both apps monitor 100% of the data related to loan and deposit accounts, protecting both the bank’s and the customer’s assets. You can also use the apps to detect fraud, errors and omissions efficiently, and to identify exceptions and issues early so that any financial impact can be reduced. In addition, the apps help improve compliance with internal policies while also providing guidance for investigation and remediation of any exceptions.

The Account Activity Manager and Loan Examiner apps perform a variety of data analytics tests that help banks and other financial institutions identify, respond to and reduce fraud risk, regulatory compliance risk, financial loss, credit and reputational risk, and more. These tests include:

Account Activity Manager

Loan Examiner

Deposit Account Takeover

Loan Payment Extensions Monitor

Dormant Account Manager

Loan Repayment Analysis

CD Early Withdrawals

Lending Separation of Duties

New Account Money Laundering

Underperforming Loans

Service Charge Manager

Loan Transaction Monitor

Inactive Accounts Manager

Loan Maintenance Monitor

Deposit Account Maintenance

Loan Charge-off & Recovery Monitor

Internal & Employee Account Transaction Monitor

Loan Delinquency Manipulation

 

To learn more about our banking apps and how they can help protect your institution’s loan and deposit accounts, visit the Marketplace or contact us at salesidea@caseware.com.

 

Andrae Duhaney, Product Owner for CaseWare Analytics Banking Apps

Andrae Duhaney has nearly a decade of experience working with continuous controls monitoring technology. Since 2010 he has worked specifically on developing continuous monitoring solutions to help detect P-Card misuse and to ensure anti-money laundering compliance. 

Connect:   Andrae Duhaney

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