Customer Success Story:Financial Monitoring Solution
The Customer
Our customer is a large New Zealand insurance provider. The initial development of this product occurred 2016/2017 however, because of the immense value the platform continues to provide, we continue to develop and enhance the product and work with the customer to ensure it evolves with their changing needs.
The Challenge
Our customer is a large insurance provider who processes significant volumes of payments daily for insurance claims, co-payments, and reimbursements. The large volume of transactions, the number of different payment methods or claim avenues, as well as the number of people involved in entering customer data and processing transactions, created significant opportunity for error, duplication and fraud within the organisation. The customer needed a tool to reduce this risk, align to best practice and provide appropriate users with end-to-end operational visibility across the financial data.
GKC responded to and won a request for tender for a Continuous Control Monitoring and Management (CCMM) solution for the customers financial transactions. As the customer was already familiar with Splunk (having used it in their technical teams), and Splunk was a continuous monitoring and control system by design, Splunk was a natural fit as the product solution for the CCMM platform.
The Solution
To preserve the strict controls required around the financial data, a separate Splunk instance was purchased by the customer and deployed for the CCMM platform.
Given the complex nature of the data and the risk mitigation purpose of the platform, GKC’s proof of concept was very involved. The product design was refined, and the full functional platform was developed including the bespoke case management functionality. We also worked with their Finance Team to understand the data sources, exception/trigger criteria and risk areas to develop the initial rules and workflows. GKC also utilised the expertise of our own Finance Manager to ensure the completeness and effectiveness of the rules developed. Finally, this was followed by a user acceptance testing phase.
The productionised solution was broken into multiple phases, and the platform was further enhanced and added to under additional engagements. Because of the quality of the POC, much of the platform and code were able to be easily reused in live platform.
Initial Engagement
Implementation of new standalone Splunk Enterprise instance
Platform build and migration of core code from POC
Migration of historic data files and management of historic cases generated
Configuration of backup process
Addition of development environment
Implementation of workflows and rules developed in POC
Live data feeds into productionised platform with duplication to development platform
Solution documentation
Further Development
Addition of a test environment
Dashboard development for different stakeholders
Addition of new data feeds
Enhancement of existing trigger criteria and workflows, addition of new trigger criteria and workflows
Refinement of case management functionality
The final solution pulls in data sources from multiple systems organisation wide, including the contact centre, HR/payroll, the finance department, and customer and provider records. Amongst other functions, it now includes checks for duplication, value and volume, controls around the timing of key data point updates, data validation against master files, cross reference of employee records against payments and customer records. This is a comprehensive continuous audit feature checking 100% of the customers financial data with quantifiable return on investment.
The solution was so successful, it was further expanded to offer similar functionality to employee operational purchases on payment cards.
Since implementation, GKC has provided ongoing monitoring and support of the platform to ensure its success.
The Outcome
Harnessing the inherent power of Splunk Enterprise, GKC built a bespoke Continuous Control Monitoring and Management solution to provide a continuous audit and risk management function for our customer. This solution has stood the test of time and continues to provide valuable insight and mitigate real risk for this customer today.