Transaction Monitoring Review and Advisory
A transaction monitoring review examines whether the operating model supports useful risk decisions, from source data through scenarios and alerts to investigations and feedback. The review question and evidence determine which stages need attention.
Transaction Monitoring Data and Lineage
Trace transaction monitoring data from source systems through transformations and reconciliation to the fields and records behind an alert.
Read more ServiceTransaction Monitoring Alert Quality and Effectiveness
Review transaction monitoring alert quality, investigation feedback and scenario governance against the purpose and evidence for each control.
Read moreFollow the monitoring process end to end
A monitoring review looks beyond scenario settings. It can trace how transaction data is sourced and transformed; how scenarios express monitoring objectives; how alerts are prioritised and routed; and how investigation, escalation and feedback are recorded.
This helps locate the question: data coverage or lineage, scenario rationale, alert volumes or priority, investigation capacity, or use of outcomes. Governance matters too: who approves changes, what is documented, and what information supports oversight.
Define the evidence and the decision
Relevant evidence includes the business lines and period, source systems and key data fields, monitoring objectives, scenario and change records, investigation workflows, management information and feedback. Clarify which components are covered and what the evidence cannot establish. Data lineage and alert effectiveness are distinct questions.
For firms within scope, FCA Handbook SYSC 6.3 addresses systems and controls to identify, assess, monitor and manage money laundering risk in proportion to the firm's nature, scale and complexity. FATF Recommendations are international standards implemented through national measures. Requirements depend on jurisdiction and firm type.
Keep review, tuning and implementation distinct
A review can clarify questions, assess selected evidence and inform options. Scenario tuning, threshold changes, configuration and implementation require separate work. Agree purpose, access, sample, decision rights and output in advance. Findings reflect the evidence available.
Trevor Barritt led a NICE Actimize webinar session on transaction monitoring agility in 2017.
Common questions
What is the difference between a monitoring review and an effectiveness review?
A broad review can examine the operating model end to end; an effectiveness enquiry may focus on alert quality, investigation outcomes and feedback. Agree the relevant evidence and measures.
Does a review include scenario tuning or platform implementation?
No. Tuning, configuration or implementation would require separate agreement on scope, access, decision rights and responsibility.
What information is useful for an initial discussion?
Share the business purpose, monitoring risks, relevant systems and data, decision needed, constraints and available scenario or workflow documentation. Do not send customer records before a suitable process is agreed.