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Guides Design an Ongoing Monitoring Set-up

Design an Ongoing Monitoring Set-up

Following our discussions on and , we'll explore how create effective monitoring processes, incorporating external data sources and setting flexible frequencies for monitoring checks.

Monitoring processes are essential for continuously reviewing and analyzing activities or entities to ensure compliance, detect anomalies, and prevent fraudulent activities. They are used in various contexts, for example, Anti-Money Laundering (AML) Compliance, Identity Verification, and Regulatory Compliance.

In this post we will help you build processes for monitoring your customer base and build the right triggers to create the necessary actions with later on.

Structure of a Monitoring Process

At high level, a typical monitoring process involves:

  • Data Collection: Regularly gathering relevant data, both internally and from external sources.

  • Check and Enrich: Use external sources to perform a battery of checks and enrichment of that data to identify any irregularities or compliance issues.

  • Actionable Insights: Generating reports or alerts based on the analysis to take appropriate actions.

You’ve hopefully built datasets following the article. Additionally, you might have to segment your customer base in risk groups. It is now time to add external services to your risk strategy and monitor specific use cases of compliance, risk and fraud.

Integrating External Data Vendors

A unique aspect of our platform is its ability to incorporate data from external vendors for comprehensive monitoring.

We plan to keep adding new vendors continuously to support more and more use-case. If you are using one or have one in mind, feel free to reach to support@spektr.com or write to us directly in our channel.

Currently, to use any external services available in the service catalog, you will have to use spektr contract. We are actively working to enable you to use your own.

Setting up Data Vendors

The spektr service catalog is meant to grow in order to support your use case. Stay tuned for regarding addition of new data vendors.

Here is a small video to show the integration of ComplyAdvantage in order to check individual against Politically Exposed Person lists:

Next, let's close the loose ends with Loops.

For suggestions and questions about monitoring, feel free to contact us at support@spektr.com or write to us directly on our channel.