Status, risks, categories and Roles
In the Transaction Monitoring System, status represents the current state of a case as it moves through the investigation process. The status helps users track the progress of flagged transactions and ensures cases are properly managed from creation to closure.
- Common Statuses:
- Pending: A case has been created and awaits action or review.
- In Progress: A case is actively being worked on by a user.
- Escalated: A case has been marked as requiring higher-level attention or urgent review.
- Closed: The investigation is complete, and the case has been resolved.
Risk levels categorize the severity of a flagged transaction, helping users prioritize cases based on the potential threat they pose. Each transaction can be evaluated against predefined rules that assign risk scores, which fall into different risk categories.
- Common Risk Levels:
- Low Risk: A minor issue or anomaly that likely requires minimal investigation.
- Medium Risk: Transactions with a moderate chance of suspicious activity, requiring further review.
- High Risk: Transactions that display strong indicators of potential fraud or non-compliance.
- Critical Risk: Urgent and high-priority cases that indicate serious risk and demand immediate attention.
Categories allow users to classify cases based on the type of activity or rule that was violated. This helps in organizing and filtering cases for easier review and reporting. Each case can belong to one or more categories depending on its nature.
- Common Categories:
- Fraud: Cases related to suspected fraudulent activity.
- AML Violation: Cases that indicate a potential violation of Anti-Money Laundering regulations.
- Chargeback: Cases involving disputes or chargebacks from customers.
- Policy Violation: Cases where internal or external policy rules have been breached.
Categories ensure that cases are tagged appropriately, making it easier for users to find, sort, and manage them based on the specific nature of the violation.
Roles define the permissions and responsibilities assigned to each user within the system. Each role grants a specific level of access to system features, ensuring that users can only perform actions that align with their job functions.
- Common Roles:
- Admin: Full control over the system, including managing users, rules, cases, and settings.
- Compliance Officer: Can review, manage, and escalate cases. They typically handle cases related to regulatory compliance.
- Analyst: Focused on reviewing cases and providing insights or recommendations for investigation.
- User: Limited access to view cases and rules relevant to their team but no ability to modify or escalate cases.
Roles ensure that only authorized users have access to sensitive data and system functionalities, maintaining security and accountability.
In the Transaction Monitoring System, status, category, risk levels, and roles are fully customizable. Organizations can create their own case statuses (e.g., Pending, Closed), tailor categories (e.g., Fraud, AML Violation) to fit their needs, and adjust risk levels (e.g., Low, High) for better prioritization. Additionally, roles can be customized, allowing for specific permissions beyond the predefined ones like Admin or Analyst. This flexibility ensures the system adapts to any organization’s unique requirements.
