Success in Complex Investigations: Danos Consulting Case Study
Project Overview
The recent Danos Consulting project undertaken for a well-known Investment Bank was a resounding success, achieving all project objectives. Our team was deployed into the Intelligence and Investigation team as part of the Bank’s Compliance function. The primary goal was to eliminate a backlog of complex investigation alerts while concurrently addressing new alerts in the routine course of business, with the aim of mitigating an identified risk reported to the FCA. The workstream employed advanced network analytics to identify risks related to Human Trafficking and Modern-day slavery, typically encompassing TM, Fraud, Money laundering, and sanctions data. The team effectively cleared the backlog, closing the reported risk within the stipulated strict timelines.
- The team successfully handled and closed alerts requiring Level 1 investigation.
- Retaining complex cases identified at Level 1, the team often engaged in extensive regulatory reporting and provided recommendations to the business.
- Drafting and reviewing both information and DAML SAR reports were standard procedures before submission to the Nominated Officer.
- Burndown milestones were consistently met.
- The team actively supported the establishment of a permanent team through training and mentoring for new starters.
- Resources were reallocated to address organisational needs between HTMS and Terrorist Funding using the same network analytics.
- Quality Control of casework and an audit of processes were maintained throughout to provide evidence of risk remediation.
Key Software Systems Used
The team possesses extensive experience in using all office software, adept at extracting and manipulating data into Excel as expected. With a track record of working with several Tier 1 Banks and UK FinTechs, all members are skilled in using specialist investigation software and exhibit proficiency in learning and adapting to new systems.
- Quantexa & similar network analytics software
- Salesforce for case management
- Fortent & SAM8 (SARs data)
- OSINT knowledge and capability of the highest standard
- IRIS
- Worldcheck
- Tableau
- Cybercrime portal
Outcomes
The Danos Consulting team demonstrated the ability to work independently, swiftly investigating and closing alerts across all levels of complexity without encountering any negative resourcing issues for the client. As a seasoned investigation resource, the team possesses built-in supervision and quality control capabilities, allowing for seamless navigation between linked workstreams and providing an agile, skilled temporary resource.
Upon gaining control over the initial backlog and risk and with the organisational path to green well underway, the team continued closing cases. Simultaneously, they assumed the additional responsibility of training and embedding the new permanent team.
The project concluded at the end of December 2023, with all tasks completed. The bank’s Investigations Compliance function has successfully transitioned onto a path to green, with the backlog cleared. The ability to demonstrate sustainability is evident through the fully functioning new BAU team, trained and supported by the Danos Consulting remediation team.
To find out more please contact, Bradley Handelaar, Associate Director, Head of Interim Solutions at Danos Consulting.
E: bhandelaar@danosconsulting.com.
