What's New in Beam? July 2020 Product Update

What's New in Beam? July 2020 Product Update

We have been very busy developing exciting new features in the Beam platform. Today we are happy to announce some major improvements that will make compliance even smoother in your organization.

Quality Control (QC)

This feature allows QC managers to verify that analysts are meeting their KPIs. Here's how it works:

  1. Beam generates a queue of randomly selected cases that have been completed.  
  2. QC managers open each case in the queue and compare them to a checklist of actions the analyst was supposed to take before closing the case. This checklist can include any important steps you require, such as including specific fields in the SAR form. You can also assign a different weight to each checklist item based on its importance.
  3. After the QC manager finishes comparing the case to the checklist, Beam calculates a QC score for the case.

Mangers can review the QC scores and coach the analysts who aren't meeting their KPIs to help them increase their scores. The QC scores are also helpful for showing auditors that you have a quantifiable approach to ensuring the quality of your compliance program.

Unusual Activity Reports (UARs) and Internal Reports

We are also happy to announce that unusual activity reports (UARs) and internal reports are now available.

UARs are particularly useful for fintechs who do not file SARs directly but need to report suspicious activity to their sponsor bank. You can download the UAR as a PDF so that you can easily share it with the bank, who can then use it as the foundation of their own investigation and filing of a SAR.

Internal reports are simple narrative reports that analysts can use to summarize their investigation of a case. This is useful when you determine that the activity in a case is not suspicious or anytime you want to describe the investigation without filing a SAR or UAR.

Narrative Templates

Beam now provides narrative templates. These templates allow your organization to provide analysts with pre-populated narratives that conform to its standards and requirements. When the analyst selects a template, Beam automatically fills in the narrative with the names and addresses of the parties involved in the suspicious activity and any other details you want to include. These templates help ensure the quality and consistency of your reports, and they are big time savers for analysts, who no longer have to create narratives from scratch.

Risk Scores

Another new feature we just rolled out is risk scores for parties. Beam now calculates and assigns a risk score to parties based on the attributes specified by your organization. For example, you might want their risk score to increase if they only have a middle initial and to increase even more if their middle name is missing altogether. You can use this calculated risk score in your rules to drive your EDD policy.

To learn more about the latest changes to the Beam platform, check out the Release Notes section of the Beam Support Portal (customer sign in required). And if you have any ideas for features you’d like to see us add, feel free to create a support ticket and choose Feature Request as the ticket type.