A practical process mining approach for compliance management
Journal of Financial Regulation and Compliance
ISSN: 1358-1988
Article publication date: 19 July 2019
Issue publication date: 1 November 2019
Abstract
Purpose
The purpose of this study is to examine whether the compliance management activities in the risk management environment of financial institutions can be enhanced using a Process Mining application.
Design/methodology/approach
In this research, an implementation procedure for a selected Process Mining application is developed and evaluated at a financial institution in Germany.
Findings
The evaluation of the process data with the Process Mining application Disco shows that the compliance of the real-life execution of business processes can be monitored in real-time. Moreover, potential non-compliant activities and durations can be analysed in a detailed manner.
Research limitations/implications
When the research results are regarded, it must be considered that a general condition for the usage of a Process Mining application is that the process data is available and exportable in the required format and that data privacy regulations are fulfilled.
Originality/value
This research presents a practical use case for the implementation of a Process Mining application at the risk management department of financial institutions. It shows the value of using a technical application to carry out tedious tasks that are usually executed manually. This value is discussed and compared with the aim to help financial institutions in determining how the effectiveness and efficiencies of compliance management activities can be improved. Therefore, this research can be taken as a foundation for the practical implementation of a Process Mining application at financial institutions.
Keywords
Citation
Becker, M. and Buchkremer, R. (2019), "A practical process mining approach for compliance management", Journal of Financial Regulation and Compliance, Vol. 27 No. 4, pp. 464-478. https://doi.org/10.1108/JFRC-12-2018-0163
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited