One of the most frustrating parts of dealing with a financial crime issue is the lack of context. Has this happened before? Did we know this could happen? Were we already aware of this risk? Usually Compliance Officers are stuck searching through Jira, Slack, internal notes or people’s memories to learn more - and more often than not, you simply have to start from scratch.
When Cable surfaces an issue in a Paper Trail, we tell you if the same issue has occurred before, and immediately let you see all the relevant details. We call this feature “Repeat Issues”.
We also make sure that open Paper Trails are updated if we identify new accounts impacted by the same issue, and introduced a way for you to easily see if Cable’s data analysis confirms that you’ve remediated an issue, so that you can always rely on Cable for your independent testing. In other words, Cable connects the dots for you, so you can focus on the big picture!
We are constantly analysing your data to find any regulatory Breaches or control Failures. We map out the relevant regulatory requirements for your business type in your geography, as well as all your internal controls. This means that we can tell you instantly about an issue requiring your attention.
And now we’ve gone one step further. If we see that a new Breach or Failure is a repeat of a previous issue which has been closed, we now alert you to the fact that the new Breach or Failure occurred in the past and display immediately relevant information about that previous issue. For example, we’ll tell you when this issue occurred, whether a full remediation happened, and if the source of the issue was fixed.
To make things even easier, we also give you a quick and easy way to click between Repeat Issues to get the full details of each Paper Trail involved. With this increased visibility into your regulatory and control compliance, you can better identify causes of issues, make sure past fixes are working, know if issues are one-off events or part of a broader problem, and communicate confidently to your stakeholders about your control effectiveness.
Keeping Trails Up To Date
When you identify a regulatory Breach or control Failure today, whilst you are preparing a fix or remediating accounts, you are probably also testing any new accounts to see if they have also been impacted by the issue. The list of accounts to be remediated keeps growing, but keeping track of them is almost impossible.
For any open Paper Trail, the list of accounts that have been impacted is kept completely up to date in Cable, so you always know what needs remediating.
For example, if Cable identifies 10 new customers without a customer risk assessment - this might indicate you have a problem with your customer onboarding flow. But if you’re a fast growing fintech onboarding hundreds or thousands of customers a day, those 10 accounts might soon be 1,000, or even 10,000, before a fix for the issue has been released and you can close the Paper Trail. So we simply add new accounts to the account list in the Paper Trail.
Relying on the Data
For a lot of issues that Cable surfaces for you, you might remediate the issue manually by reviewing each account involved. You can easily manage this process by marking each account as “In Review” and then “Remediated”. We keep track of all the actions taken on an account, with dates and names of the people who have taken those actions.
But what if you have a Paper Trail where 1,000 or 10,000 accounts have been impacted,? Chances are that you won’t manually remediate each of the accounts, but instead will find a technical fix to remediate all the accounts in one go. As the accounts are remediated, you shouldn’t need to manually mark each account as “Remediated” in Cable - you have better things to do!
So we’ve introduced a way to differentiate between you manually marking an account as remediated and Cable seeing in your data that the same account was actually remediated. If you manually remediate an account, you’ll see a single tick next to the account, with the name of the person who manually marked the account as Remediated in the audit log. But if Cable sees that an account has been remediated in your data, you’ll see a double tick next to the account, with “Cable” next to the date that the issue was resolved in your data.
This change saves you hours of time and lets you maximise the benefit of our operational workflow tool.
More importantly, you can be confident that we show you results that rely first and foremost on your data, enabling you to trust us as your independent automated assurance tool.