Financial Services

Compliance

Completions

Problem Statement

Prior to equity funds being released, the Case Owners Department are required to ‘set completion’. This process has high volumes and requires high accuracy.

 

Process Overview

In order to release funds for clients, the business are required to ‘set completion’ which involves reviewing various completion documents against a checklist, liaising with the neighbouring BMU Department and finally requesting the funds. The SME performing a completions process would follow a checklist, currently paper-based, ensuring the case is accurately set for completion and funds are ready to be released to either solicitor or borrower.

This process is completed approximately 20-60 times daily, taking 15-60 minutes depending on case complexity.

Systems: MS Word, MS Excel, MS Outlook, Adobe Pro, DPR Back Office

 

Solution

The process inputs are both structures and unstructured, including hand written documents, therefore full automation is challenging. The VW will be required to complete a high % of this process before the human takes over and completes the process – ‘set completion’ and release funds. This process provides compliance checks against work done, ensuring accuracy has financial reward to the business.

Developed solution accurately processed 100% of cases with <5% exceptions.