Webinar Recap: What’s New in CaseWare Monitor 5.4
Version 5.4 of CaseWare Monitor is due to be released soon and to mark this event, Mike Gilbert, Product Owner for CaseWare Monitor, and Michel Caluori, Delivery Manager at CaseWare Analytics, hosted a webinar to detail the exciting new features and functionality. If you currently use or are thinking about using our continuous controls monitoring platform that is used detect financial crimes and control failures in various areas, including accounts payable, purchasing cards (P-Cards), travel and entertainment (T&E), IT security, procure-to-pay (P2P) and more, here’s a short summary of what was covered.
This release brings with it a series of enhancements made to help improve the remediation process. Navigation panel quick links have been added, which allows users to quickly jump from folder to folder or from item to item. The platform also now offers the ability to batch attach items. With the click of a button, the system will search folders, and if it finds any files that correlate with an alert in the system it will automatically attach it to the case. Remediation is easier because all of the information for a case is in one place—there’s no need to search through a number of folders to find what you need.
CaseWare Monitor 5.4 includes workflow decision learning, which reduces workload and repetitive decision making and improves consistency. The system learns based on previous decisions, is configurable to re-perform decisions, and provides the option to break decisions. For example, if your P-Card program bans technology purchases for all but one employee, the system can learn that this employee is exempt. The compliance manager doesn’t need to review an alert: the system will see that the purchase was from the exempt employee and will let it through.
Figure 1: Workflow decision learning reduces rework and repetitive decision-making.
Our newest release of CaseWare Monitor includes a new enterprise search capability that returns results incredibly fast, even for tens of millions of records. Available from almost any window in the platform, the tool searches internal sources (such as customer and vendor masters, alert, cases, regulatory reports, HR records, etc.) and external sources (such as export control lists). To refine searches, there is also an advanced search window that allows users to add filters to reduce inapplicable results. This new tool makes it easier to find additional pieces of information to tie into investigations.
Real-time onboarding due diligence
CaseWare Monitor 5.4 offers real-time onboarding due diligence, which helps to minimize the number of alerts that come in. This API allows you to use CaseWare Monitor from your onboarding system to screen and verify the customer. It then feeds the information back to the onboarding system so you can make an informed decision. The platform also run analytics and generates customer risk-scores to further aid sound decision making. By catching issues before onboarding a customer, the number of post-acquisition investigations is reduced.
Figure 2: Identity verification and sanctions screening during onboarding phase with CaseWare AML Compliance reduces risks and costs of investigations and compliance.
Rules-based analytics are no longer enough to effectively detect fraud and other types of financial crimes. The newest release of CaseWare Monitor features advanced analytic models focused on fraud detection, including:
- Predictive analytics – Leveraging current and historical information via models to predict an outcome based upon a set of inputs or conditions
- Prescriptive – Models and data simulate or optimize a course of action based upon a set of rules, models and business process
- Anomaly detection – Detects changes in behavior based on history, and creates clusters to detect behavior that is drastically different from similar peers
- Network linking – Uses static and/or transactional data to identify associations by link analysis, and adjusts risk scores based on strength and distance of associations
- Machine learning – Analytics feed back into the platform to feed machine learning and continuously improve processes
Figure 3: Actions through the workflow and case management system feed machine learning and inform future prescriptive actions.
Missed the webinar but want more information about what’s new in CaseWare Monitor 5.4? Check out the full recording of the event here.
About Anu Sood:
Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development.
Connect: Anu Sood