The above words by the famous American investor Warren Edward Buffett hold true for every business. Reputation is the stanchion of trust and loyalty that holds together customer relationships and business partnerships. According to industry stalwart and experienced Enterprise Governance, Risk, and Compliance (eGRC) Manager James Cluck, all it takes is a single tweet/post/story highlighting one unfortunate incident like money laundering to ruin a company’s image built over the years. Cluck affirms that inadequate Anti Money Laundering (AML) programs are not enough to cover enterprises and firms, and can potentially end up exposing them to serious risks. “Protecting enterprises and keeping up with the bad guys who are becoming more adept at launching attacks due to unlimited budgets and technology on their side can be a task for most financial institutions,” remarks Cluck. But Templar Shield—a premier cybersecurity, risk, and compliance technology firm—is making it a cakewalk for its clients.
Templar Shield’s smart approach builds a cohesive platform that integrates AML into every level of the organization for better data and optimum results. As a robust professional service and value-added reseller, the company provides a variety of service options to meet customers’ specific needs including advisory, integrated risk transformation consulting, operations, and technology solutions. Notably, Templar Shield’s AML Solution Elements range through AML risk assessment, quality control testing (QCT), AML rule management, policy management, issues management, and fraud investigations.
“Our AML solution powered by the RSA Archer Integrated Risk Platform seamlessly connects an organization’s operational aspect of an AML program with its compliance and regulatory requirements,” informs Sesh Vaidyula, Partner, Client Engagement. The company’s platform provides institutions with cuttingedge technology to simplify complex AML program elements resulting in a comprehensive, up-to-date program, which is easier to run, with fewer staff hours, providing regulatoryready output to evidence your firm’s preparedness.
Speaking further Vaidyula explains that most banks and financial firms who take the siloed approach fail to perceive the overall aspect of AML compliance and restrict them to only the transactional/tactical point of view. He stresses that legacy enterprises have their compliance structure broken down into multiple processes/groups, some of which are either automated or still manual. This disintegrated approach leads to a gap in terms of handling the various functionalities and smooth flow of information among stakeholders. To resolve this, Templar Shield’s AML solution takes an enterprise-wide approach and helps customers gain a holistic, end-toend view of their AML infrastructure using robust GRC technologies and makes them agile in addressing emerging financial crimes/ fraud trends. The solution builds a common platform for different stakeholders to effectively collaborate and manage their compliance requirements, thereby enabling them to proactively understand the governance facet or assurance side of compliance and allows easy exchange of data between variegated AML technologies at the same time.
“Templar Shield takes a client-first approach to analyze a company’s unique requirements,” underscores Cluck, GRC & Engagement Manager, Templar Shield.
Our AML solution powered by the RSA Archer Integrated Risk Platform seamlessly connects an organization’s operational aspect with its compliance and regulatory requirements
Elaborating further, Vaidyula cites a case study when Templar Shield helped a 100 billion dollar and wealth management company to enhance their AML capabilities. The company had chosen Templar Shield to define and deploy a BSA/ AML, which included rule tuning and optimization solution to facilitate a single solution for documentation and automation of related processes. Until then, the client had been struggling with a complex process for updating and optimization with a nine-stage workf low of approvals, updates, and reviews. The lack of tracking made it almost impossible for the client to identify bottlenecks or analyze governance issues.
Templar Shield started by implementing an AML solution in Archer, enabling advanced workf low, automated notifications, transactional monitoring, software integration, and auto-updates. Templar also offered personalized dashboards for the client to manage their reports. The streamlined rules review and approval workf low process greatly reduced turnaround time to review and approve the transactions. Also, it enables clients to seamlessly meet the auditors’ standards for change management tracking and provided them with a centralized location for the rules and threshold optimization process and documentation.
This is but one among success stories that Templar Shield has penned over the years. With innovation at its core, the company is currently aiming to secure its positions as a leading AML solution provider. Presently creating a stir in Canada, Europe, UK, APAC, and India, the company is planning to expand its geographical footprints. At the outset, Templar Shield is keen on harnessing the benefits of robust technologies like AI, ML, blockchain, and others to add dimensions in the risk and compliance landscape along with remodeling the FinTech and RegTech space. “We are looking forward to forming the Templar network through an ecosystem of partners–technical or business to jointly solve the industry challenges and add value to customers across the globe,” concludes Vaidyula.