As we develop our systems to increase our capacity and improve our customer service, it's vital that our compliance-first focus and commitment to AML and ATF doesn't waver, and that we continue to set a benchmark for transactional diligence. Nothing beats a set of independent expert eyes inspecting and reporting on the best - and exposing the flaws - of internal systems and processes. We recently commissioned SightSpan to perform Design Effectiveness and Operational Effectiveness reviews to examine exactly what we do and to highlight what's working well and what we could improve.
The project included the following elements:
It's with great pleasure - and a certain degree of relief - that Clarency came through looking reassuringly shiny. Here are a few quotes:
We don't claim to be perfect, and SightSpan's review confirmed that we're not. We expected and welcomed observations on where we can improve, and were delighted to see that of those made, nearly all will be resolved by biz.Clarency 2.0, which is already being introduced to our processes. Here's how SightSpan put it:
As Clarency is already underway to implement enhancements to its core platforms to include
greater automation and accuracy, this is considered a minor Observation, but has been noted here in
order to track mitigation of this risk with the planned enhancements
We're grateful to Joe Bognanno, John Walsh, Stoyan Lozanov and the SightSpan team for making the review an pleasurable and effective process. They've fired us up to keep getting better.
"Clarency has demonstrated an overall impressive level of high standards in both understanding and managing Anti-Money Laundering and Financial Crime Risk. There is a “Culture of Compliance” demonstrated at all levels of the organization."
SightSpan, February 2023
The full report is available to organisations currently working with us, or those with an interest in doing so. To request a copy under NDA, please click here