Global RADAR specializes in global compliance and risk management software solutions for leading financial institutions. Global RADAR was born from the necessity to create a Risk Management Solution that would address regulatory requirements while providing operational efficiencies large core systems could not provide. Global RADAR provides better data management and simplified processes for onboarding new clients, managing existing clients and remediating existing profiles to new standards. Below is our interview with Dominic Suszek Founder and CEO of Global RADAR:
Q: Dominic, could you paint us a picture of the current risk and compliance issues existing in the banking sector? In your interactions with CIOs of leading companies, what sense do you get of the challenges they face now and how is Global RADAR effectively addressing those challenges?
A: The current risk and compliance issues in banking revolve around client data and how information can be stored, accessed, analyzed and enhanced to ensure compliance with regulatory requirements. The hurdles banks face can be summarized as weak client data on legacy profiles which has led to significant increased cost in fines and in staffing to monitor activity and adequately identify unusual activity. The first challenge has been to improve the quality of information for existing client profiles while having effective systems in place to capture necessary information for new clients which leads to the second challenge, monitoring activity to ensure transactions are in line with these client profiles. Banks are required to have a thorough understanding of clients and their transactions and having processes in place to detect if the two don’t add up. This simple requirement impacts all personnel responsible within an organization. Ensuring all client profiles are comprehensive and that processes are in place to monitor documents and transactions are the cornerstone of any institutions compliance program.
As a leader in this market, Global RADAR® has been addressing these two basic requirements by providing a customer due diligence solution which addresses the re-profile requirements for existing clients while serving as a tool to simplify the data capture process for new clients. Customer Due Diligence is the cornerstone of Global RADAR®. Combined with automated risk rating, watch list screening and activity surveillance, Global RADAR® provides a stop one solution to manage compliance efforts from customer due diligence to activity surveillance in a single application. Global RADAR® is a powerful and intuitive solution that not only mitigates risk, but enhances day-to-day operations all while addressing regulatory requirements.
Compliance issues have penetrated every facet of organizations from the front line personnel, client facing associates, compliance officers and management all the way up to executive officers and board members. Global RADAR® was developed to protect all those impacted keeping in mind that efficiency of operations was a critical component to an organizations compliance success.
Q: Global RADAR software provides better data management and simplified processes for onboarding new clients, managing existing clients, and remediating existing profiles to new standards. Can you give us more insights into your software?
A: A big part of how our software reduces costs is the efficiency of our automated system. For example, the average cost to set up and maintain a new account is more than $325 per year; manual, and paper-based can cost up to 20 times more than computer-assisted, electronic document processing. This does not include the priceless amount of time lost trying to sort out the risk of clients. Thanks to our automated risk rating process, you are able to quickly identify high, moderate or low risk clients, allowing you to prioritize your review processes, increasing staff productivity. Even our dashboard allows users to cut time and costly efforts by effectively addressing client management and reporting requirements. The biggest cost reduction of course comes from the prevention of financial penalties. There has been approx. $7.2 billion in fines since 2012 for non-compliance with anti-money laundering regulations. With the huge penalties being enforced today, it pays to have an incredibly reliable system like Global RADAR to protect you.
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Q: Please elaborate your software’s core competencies like Client Onboarding and Risk Rating, and Transaction Surveillance, and also throw some light on the other solutions you offer. Is there any particular solution you would like to focus on?
A: As a leader in this market, our goal has been driven by the four pillars of an effective compliance program. Our core competency, the Client Onboarding / Customer Due Diligence pillar has been the cornerstone of Global RADAR® from the beginning and the solution has evolved to include the additional pillars which consists of Document Management, Watch List Screen and Transaction Surveillance.
Q: Even the most competent of organizations tend to face market competition. What are the strategies employed by Global RADAR to thwart this competition, and what according to you, are the company’s key differentiating factors?
A: In regards to competition, we simply want to be the best solution available to all financial service providers, from banks to broker dealers to investment advisors. However, there are several specific aspects of Global RADAR® that set us apart. We give clients the benefit of an automated workflow. This improves the customer experience by reducing cost and time wasted during the new client onboarding process. With our system, information obtained can be effectively utilized for cross selling products and services in real time as well. Global RADAR® also provides a completely self-configurable interface, putting the power in the hands of consumers. We understand that every organization is different, and we pride ourselves on offering the most personally tailored experience to meet the specific needs of every single one. Additionally, our software is remarkably intuitive. You are able to test the application settings in a staging area before you deploy to production. Several competing companies do not offer this feature and, often times, it ends up saving a lot of time and frustration. System enhancements are easily incorporated without having to wait months or even years (like some of our competitors) to see them. Global RADAR® was created by bankers for bankers, so we have definite insight into the pain points that bankers experience and have developed this solution to address these points. Overall we are confident that Global RADAR® allows organizations to understand their clients’ relationships and organization beyond the traditional systems capabilities.
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Q: What are some of the investments Global RADAR has made for innovations? Could you give us an inside view of what goes on in your innovation lab?
A: Global RADAR® has spent the last ten years perfecting a solution to meet the evolving requirements of organizations and their regulators globally. We work closely with seasoned highly qualified professionals from various regulatory and law enforcement agencies along with banks and broker dealers of all sizes from various markets to ensure we grow and continue to meet the requirements of an expanding regulatory landscape.
Q: Please tell us more about your illustrious clientele and discuss one or two case studies where Global RADAR assisted one of its clients to curb their business challenges, while delivering incremental enhancements.
A: With a presence from Malaysia to Switzerland and from Canada to Buenos Aries, the sun never sets on our clients. We are fortunate to be a solution of choice for markets such as Malaysia, the US, Canada, the Caribbean, Central and South America as well as Europe. Many of our clients have come to implement Global RADAR® to prepare for an examination or as a result of findings that have resulted in a consent orders and civil money penalties, or in anticipation of new legislation such as what has occurred in Panama. On every occasion where Global RADAR® was implemented, the application deployment was very well received by the institution and their regulator as a remedy to deficiencies that had been identified through an examination process. When dealing with clients around the world, while the regulatory landscape is relatively constant, the oversight authorities and their enforcement differ significantly. This is one of the reasons we have maintained our ability to be nimble and to be able to provide self-configurable customized options that are available on demand.
Q: The name Global RADAR, is there an interesting story behind its coinage? Global RADAR® was originally called BSA RADAR®.
A: Because of our extensive expansion into the global market place, we found it necessary to replace the term BSA, which is a very US-centric regulation with Global RADAR®. This demonstrated our desire to ensure we met the needs and requirements of financial service providers and regulators from around the world. Also, as part of our evolution into the global market place, we’ve not only enhanced the name, but we now also provide the application in multiple languages including Spanish, French and Portuguese.
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Q: If you (CEO) were to give an analogy between any of your personal traits/hobbies and your thought leadership and the way you manage the company, what would that be?
A: Perseverance and insight, those would be the qualities that I believe best describe my personal traits. As a professional whose career has spanned over thirty years of experience in the financial services sector, I have been at the very foundation of change and growth in this industry. Recalling my days of as a teller when I started in banking, through my own introduction into technology as the industry matured and accepted change, the banking sector has undergone its greatest growth and hardest challenges during the last three decades. These changes have included significant developments in regulatory oversight. Having been a part of this history has allowed me to share personal insights and set a vision for the future, and Global RADAR® has thrived because of it.
Q: What is Global RADAR’s next big step to advance forward in the industry in terms of technology?
A: While there has been significant growth in many corners of the world, there are still many sectors that are in their infancy. Oversight by regulators and their enforcement of legislations globally will steadily continue to grow and this will remain a key factor in the direction we take as Global RADAR® continues to grow. In addition to the changing enforcement landscape, we will continue to evolve to provide a solution which can be utilized in sectors such as cryptocurrencies.
Q: Is there anything more you would like to add or highlight?
A: Global RADAR® is a solution that was born from the necessity to create a solution that would address regulatory requirements while providing operational efficiencies large core systems could not provide. I frequently tell people that Global RADAR® was created to be the solution I would have loved to have as a banker when I had to work through all these issues.
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