SLK Global Solutions said achieved good results with Copasys, an enterprise-wide platform for quality control (QC) and regulatory compliance.
Copasys is designed to solve any organization’s QC and regulatory compliance problems by automating the testing of compliance functions, including manual and robotic process automation (RPA) enabled processes, the company said. Copasys is currently being used for card dispute resolution and mortgage servicing and is being pilot tested for use in mortgage origination, title, tax and settlement, banking and insurance.
SLK said there was a Copasys instance in which leading U.S. bank was having trouble with its dispute resolution QC process. Because the bank was using manual processes and too many calculation variations, it was calculating fees and interest incorrectly, resulting in a high volume of customer complaints, SLK said.
“We studied the problem and decided to attack it with a two-step approach using Copasys,” SLK Global Solutions Vice President Zaid Shariff said in the release. “We first organized the bank’s data, automated its manual QC processes and ensured there was no gap in compliance. We then delivered advanced data analytics and trending for quicker decision making. The results were remarkable. We cut a two-hour process down to 30 seconds while decreasing the bank’s complaint volume and protecting it from regulatory penalties.”
“We discovered that the client’s main challenge was a decentralized and non-standard compliance methodology,” Shariff added. “With Copasys, we implemented a centralized mortgage servicing compliance testing ecosystem including the Copasys regulatory library, which is constantly updated with the latest CFPB, Fannie, Freddie, FHA, VA, USDA and state requirements.”
“With Copasys, companies can customize the platform and build rules that fit their culture and solve the problems that are most pressing to them,” Shariff said. “The platform enables organizations to get smarter the more they use it - identify errors, fix the errors, and set the rules so the error doesn’t happen again.”
“Financial organizations are having enormous trouble maintaining a risk-free business environment due to increasing cost pressures, shifting market trends, and regulatory compliance changes,” Alok Datta, group president of SLK Global Solutions, said. “Some of the biggest challenges are increased labor costs, time consuming and ineffective compliance testing, limited sample sizes, as well as delayed detection of errors and customer complaints. To sum it up, companies face a lack of efficiency, coverage and accuracy – a proverbial Bermuda Triangle.”