50 Smartest Companies of the Year 2016

Battle Financial Crimes with Premier Global Compliance & Risk Management Solutions Provider: Global RADAR

“Customer Due Diligence is the cornerstone of Global RADAR.”

Like people, businesses face multiple financial challenges too. With a singular focus on risk management and compliance, Global RADAR was born and it established itself as a leading software provider in the financial services sector.Their team of compliance professionals and software engineers developed the company into a simple, powerful web-based risk management solution that provides a comprehensive approach to anti-money laundering(AML) compliance in one intuitive, streamlined application. Headquartered in London, UK, it provides services to retail, institutional and commercial clients with a global presence in over 20 countries.

Mitigating Financial Terrorism with Regulatory Risk Management
The business world is being confronted with remarkable changes and difficulties that require many compliance regulations that have penetrated every facet of organizations. In the financial services sectors, these regulations involve gathering customer information, along with the storage, access, and analysis of this client data in adherence with the regulatory requirements. The improvement of the information quality for existing client profiles while having effective systems in place to capture necessary due diligence information for new clients is ingrained in regulatory requirements. Monitoring activity to ensure transactions are in line with client profiles is another example of regulatory requirements being closely monitored by supervisory authorities. Global RADAR is addressing these requirements by providing a client onboarding and customer due diligence solution. Effectively the solution addresses the re-profile requirements for existing clients while serving as a tool to simplify the data capture process for new clients. The company’s powerful and intuitive solutions not only mitigate risk, but also enhance operations while addressing regulatory requirements.

Software that curbs expenditure
The average cost to set up and maintain a new account is more than $325 per year excluding the priceless amount of time lost trying to sort out the risk of clients. Global RADAR’s automated risk rating process enables you to quickly identify high, moderate or low risk clients, allowing you to prioritize your review processes and increasing staff productivity. The company’s Dashboard allows users to cut time and cost by effectively addressing client management and reporting requirements, however the biggest cost reduction comes from the prevention of financial penalties and orders that lead to costly remediation efforts. There has been over $7 billion in fines since 2012 for non-compliance with AML regulations. With the huge penalties being issued, it pays to have a reliable system like Global RADAR to protect you. The Client Onboarding / Customer Due Diligence pillar which has been the cornerstone of Global RADAR® has evolved to include additional pillars which consist of Document Management, Watch List Screen and Transaction Surveillance.

Aspects that set Global RADAR apart from its competitors

  • Clients benefit from an automated workflow. It improves the customer experience by reducing cost and time wasted during the new client onboarding process.
  • Information obtained can be effectively utilized for cross selling products and services in real time using their systems.
  • Global RADAR also provides a completely self-configurable interface, putting the power in the hands of consumers. It offers the most personally tailored experience to meet the specific needs of every organization.
    Unlike its competitors, Global RADAR offers customers to test the application settings in a staging area before deploying to production. System enhancements are easily incorporated without having to wait months or even years to see them.
  • The company allows organizations to understand their clients’ relationships and organization beyond the traditional systems capabilities, detailing information on all ownership layers to ultimate beneficial owners.

Devoted innovators
Global RADAR has spent the last ten years perfecting a solution to meet the evolving requirements of organizations and their regulators globally. It works closely with highly qualified professionals from various regulatory and law enforcement agencies along with banks and broker dealers of all sizes from various markets to ensure that they continue to meet the requirements of an expanding regulatory landscape.

Favoring Clients around the world
From Malaysia to Switzerland and from Canada to Buenos Aries, the sun never sets on Global RADAR’s clients. It serves customers from Malaysia, USA, Canada, the Caribbean, Central and South America, Europe. On every occasion where Global RADAR® was implemented to address compliance challenges, 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. Due to the diverse nature of its clients, the oversight authorities and their enforcement differ significantly. This is one of the reasons the company has maintained its ability to be nimble and to provide self-configurable customized options that are available on demand.

Road ahead
Global RADAR feels that 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 continue to grow and this will remain a key factor in the direction in which Global RADAR will keep growing. In addition to the changing landscape, the company will continue to evolve to provide a solution which can be utilized in sectors such as crypto currencies.

Meet the Key Executive

Dominic Suszek, Founder & CEO – Dominic is best described by his perseverance and insight. As a professional whose career has spanned over thirty years of experience in the financial services sector, he has been at the very foundation of change and growth in this industry. He first began in banking, through his own introduction into technology. As the industry matured and accepted change, it underwent its greatest growth and hardest challenges which was during the last three decades. These changes have included significant developments in regulatory oversight. Having been a part of this history had allowed Dominic to share personal insights and set a vision for the future, and Global RADAR® has thrived because of it.

“The compliance landscape is always changing and it’s our mission to help you stay ahead of it.”