Fraud case management and compliance case management are two distinct but related aspects of a financial institution’s operations. While they share similarities in terms of process management and data tracking, they serve different purposes and focus on different areas of concern.
Here’s how they differ:
| Area | Fraud | Compliance |
| Focus | Investigation and mitigation of fraudulent activities aimed at causing financial harm (loss) to the institution or its customers. | Investigation of BSA / AML activity or internal policy violations; typically, no immediate loss potential for the institution. |
| Tracking | Financial impact for projected, prevented, recovered, charge off amounts, etc. | Trends and activities of the subject involved and a single suspicious activity amount total. |
| Reporting | Financial impact analysis by fraud type, source, and locations. Case data export for detailed analytics. | Case trends, examiner reports to show evidence of investigations, document why SARs are not filed. |
| Workflow | Task oriented cases, with pre-defined defaults and checklist style workflow. | Open investigations based around stages and inclusive of SAR report pre-population and batch filing. |
| Detection | Relationship scanning (i.e. cross case comparison) across all cases to spot trends and relationships. Integration with front office questionnaires | Integrated with monitoring alerts and front office questionnaire to identify cases. |
| Compatibility | Migrate fraud cases to compliance cases anytime, particularly if a SAR needs to be filed. | Migrate compliance cases to fraud when potential loss tracking and recovery are required. |
| Automations | Task setup based on case type. | SAR continuation automations make it easy to follow up on your SAR filings. |
Many organizations try to fit both of their case management needs into a single system, but with the SimpliRisk platform you get two distinct case management modules that are fully compatible but support the distinct needs of fraud and compliance.