The process mining software innovator Apromore is augmenting its core platform to strengthen and streamline compliance functions. In addition to addressing a critical cross-industry use case, Apromore’s new Compliance Center module is noteworthy in that it was co-created with two large banking industry customers.
With Compliance Center, Apromore aims to help customers in financial services, public sector, energy and utilities, manufacturing, and other vertical industries to lock down their compliance processes.
Marcello La Rosa, CEO and co-founder of the Melbourne-based company, said the software was developed to manage three specific functions within compliance. These use cases were informed by two banks — which he declined to name — over a six-month period
The three use cases are auditing and reporting, compliance by design, and monitoring.
Prior to the company’s Compliance Center, a customer would need to build process models then import detail from a governance, risk, and compliance (GRC) system, then overlay those risk controls on top of their process models. That process, La Rosa says, is limited in that it can only check on a sampling of transactions (such as home loans) rather than the full body of transactions that took place.
The company’s goal with Compliance Center is to “operationalize” compliance checking. “So the way we do it is by allowing organizations to important the risk controls and obligations registers from their GRC into Apromore and linking them with elements of the process that you extract from your event logs,” he says
Here is additional detail on the three Compliance Center use cases:
- Auditing and reporting of compliance posture. Apromore reports on the full body of historical transactions — not a sample — and tells the customer every time a given control was effective and every time it was violated. When violated, additional pertinent details are provided.
- Compliance by design. Allows a customer to assess the impact of any change on their compliance posture. This leverages the company’s simulation functionality to produce analysis that indicates the impact in terms of cost, cycle time, and ability to meet a service-level agreement with customers. This ensures the customer maintains compliance from day one as process changes are executed. “Whenever you envisage your changes, you envisage them by taking into account your ability to execute your compliance controls,” La Rosa explains.
- Compliance monitoring. Analyzes transactional data as it’s being ingested so employees and managers can monitor activity against their KPIs. It’s also possible to visualize in a dashboard whenever a control has been violated or rendered ineffective. The interval at which data is ingested and reviewed is determined by the customer — it could be at the end of a given day or other interval as the customer needs.
La Rosa also described the co-creation process with two large banking customers that led to development of the Compliance Center software. The module was co-designed with an individual who’s a former bank executive; his background makes him keenly attuned to the needs of that industry.
Apromore conducted two separate rounds of feedback with the banks in its development process: one with the process mining centers of excellence and then with risk managers and risk analysts. Once the software was developed and implemented, “We did a POC with those organizations so we could test it against their controls and their real-life data sets,” he says.
Other new capabilities:
- Apromore’s first Copilot, an AI-enabled assistant to automate tasks and provide real-time guidance for complex compliance functions
- Variant Comparison, which analyzes process versions to uncover inefficiencies
- A KPI and Metrics Center with real-time analytics and automated reporting.
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