Recently the Jade ThirdEye team attended the Regtech Association AUSTRAC Symposium in Melbourne, which included several Regtech providers, AUSTRAC staff members, speakers, and representatives from reporting entities. I find these events to be excellent energisers, as they remind me of the crucial role Jade Thirdeye plays in our reporting entities' daily lives, performing tasks that are highly valued by AUSTRAC and broader Australian government agencies. They also function as fuel for considering how best we can improve our product to provide meaningful value to our customers.
Throughout the event, AUSTRAC repeatedly emphasised the critical role of reporting, especially SMR reporting, in providing intelligence to the government. They stressed the importance of report quality to ensure meaningful assessments can be made. Their comments about ongoing data issues and the lack of coherent stories in the grounds for suspicion underscored the importance of using technology to free our customers from the need to copy and paste into reporting portals. With our reporting automations, we can pre-populate up to 86% of the SMR from transaction monitoring alerts, or deeper investigations within our case management system. This not only saves our customers a significant amount of time but also allows them to focus on crafting the grounds for suspicion, which adds substantial value to the SMR.
Many speakers discussed the benefits of associating documents with SMRs for the regulator and emphasised the importance of understanding if customers had had multiple SMRs or other reports previously submitted, including those to other government bodies. Points like this remind me how important it is that we listen to our customers, and then develop Jade Thirdeye based off a deep understanding of their pain points. Both of these issues are areas where we have created solutions in the past year, thanks to our regular conversations with our engaged customers.
AUSTRAC emphasised the importance of Regtech providers understanding clients' risks and tailoring software to address those specific risks. This highlights that in this sector, it’s about more than just creating a good software solution. In addition to building configurability into our product so each customer can address their individual risks, our Customer Success team, featuring highly skilled and ACAMs certified members, also play a critical role. Through their careful engagements, they ensure our customers get the best out of the software and meet their unique needs.
Ongoing failures in transaction monitoring programs and the need to maintain timeliness and quality in processes underscore the importance of implementing robust quality assurance measures. I’m always happy to highlight how much our product emphasises auditing all actions, as well as the quality assessment practices we've built into our solution, which help reporting entities manage their processes and systems effectively.
I look forward to many more events where we can hear from other Regtechs, reporting entities, and regulators about the roles we each play in combating financial crime worldwide. These events are a fantastic way to spark ideas for improving our solution.
Don't hesitate to reach out to me directly on LinkedIn or via email to discuss product ideas, share feedback, or explore collaboration opportunities.
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