As the pressure increases for firms to adhere to anti-money laundering regulations to remain compliant, the standardisation of capabilities has never been more important. We asked Kevin Cecile, operations manager at Lysis Group to tell us more about the approach which Lysis follows when it comes to standardisation of anti-money laundering (AML) capabilities and the certification linked to this process. According to Kevin, experience is key, whether this involves collaborating with a firm’s internal resources or providing additional external support. He indicated that aptitude selection is important and includes pairing expert analysts with similar scope projects because they are familiar with the type of controls and processes needed in similar environments and could add value from the start. Lysis Group covers the full scope of AML and Client Lifecycle Management (CLM) operations including client on-boarding, client-outreach, KYC/CDD, client screening, sanctions, transaction monitoring and off-boarding. Lysis also provides experienced CLM/AML operations managers to run the teams. From a cost perspective, it is important to balance experience and team size. For this reason, Lysis specialises in the deployment of structured teams of CLM/AML specialists to each client, supported by appropriately experienced levels of operations management.

Aptitude selection and assessment Kevin indicated that there are three steps to follow when analysts are trained to work on a project which include identifying the right analyst for the project (aptitude selection), training these analysts to a required level (aptitude assessment) that is in accordance with the project, and finally certification is granted. A typical project would consist of an orientation phase which requires an understanding of the client’s unique systems, processes and policies which will form the basis of the required assessment. Capability development The Lysis Group utilises a Rogo e-assessment tool, which was specifically designed to address any online assessment requirements in a bespoke manner. Before each project starts, the identified analysts will be trained on the client specific policies, procedures, and processes and then complete an online assessment which is based on these specific systems. The assessment also includes AML regulatory related content tailored to the specific country and business environment in which the client operates. The pass-rate for the assessment is set at a minimum of 80%.

This is followed by a schedule of detailed online training sessions that is provided by a subject matter expert (SME) to increase the level of quality assurance even more. The certification process involves detailed feedback to the client regarding the level of standardisation that was achieved by the analysts and the assurance that their project guidance materials are indeed fit for purpose, based on their specific requirements. This ensures that all analysts are meeting the required standard and deliver high quality output in a consistent manner. Rogo is a bespoke e-assessment tool that can be populated with client specific questions regarding policies, procedures, and processes. The questions are reviewed internally, after which the assessment is completed by all recruited analysts.

In addition, the Rogo tool can be tailored to track individual performance levels of analysts on a regular basis, which could highlight possible challenges during the early stages of a project. Measurement and Reporting Parallel to this process, Lysis Group also deploys a team of analysts who perform quality assurance reviews on specific project work which is reportable to the client. This is where the SME’s play a vital role to ensure that the outcome of each analyst review is in line with the relevant standards set out within the client’s policies, procedures, and processes. Furthermore, the performance of analysts is continuously monitored against the required standard to allow quick intervention where deficiencies are observed to achieve high efficiency and facilitates reporting. Lysis Group has developed proven methodologies and processes to facilitate the effective monitoring of analysts’ activities, performances, and reporting. A fresh approach to standardise capabilities Lysis Group prides itself on setting a high level of standardisation of capabilities which serves as a differentiator in the market and speaks to their solid track record as market leaders in the field of financial crime compliance. Kevin concludes by saying that “Lysis Group is uniquely qualified to assist firms with the standardisation of capabilities due to their extensive level of experience and secondly because of the measurable output that the Rogo tool can offer clients. When output can be measured and scaled, it can be managed more effectively.”