- 14.05.2021 02:45 pm
- 13.05.2021 03:30 pm
- 12.05.2021 05:15 pm
- 12.05.2021 01:30 pm
- 11.05.2021 01:15 pm
- 11.05.2021 11:15 am
- 10.05.2021 06:00 pm
- 10.05.2021 10:15 am
- 10.05.2021 09:15 am
- 07.05.2021 06:00 pm
- 07.05.2021 05:45 pm
- 06.05.2021 03:45 pm
KYC remediation has traditionally been a compliance headache for many regulated firms.
With increasing operational costs, never-ending timelines and the perceived loss of productivity expected in delivering a remediation project, many firms delay activity or avoid the challenge altogether until the regulator comes to call.
However, due to the current economic and market volatility, sitting on inaccurate client data can expose your business to both reputational damage and commercial risk, as well as potential fines.
The traditional ways of tackling remediation - relying on siloed legacy systems and manual remediation processes not only makes assessing your clients’ risk status difficult but also dramatically increases overall KYC remediation costs and prolongs the project delivery time.
To reduce spiralling KYC remediation costs and overheads, firms are investing in technology solutions to digitally transform their next project. Digital transformation (DT) is proving crucial in making KYC remediation both cost-effective and efficient.
Below is a list of key benefits for digitally transforming remediation.
DT enables you to efficiently manage remediation by collecting and verifying client data and documentation. By automating labour-intensive legacy and resource-heavy manual processes, your business can drive operational savings and reduce time to revenue.
Improved data accuracy
DT ensures you have access to the highest-quality global data sources, enabling you to cross-check client data against more sources in seconds, improving efficiency and reducing the risk of human error.
Future-proofing KYC life-cycle management
You minimise your future risk by automatically adding each client to a monitoring service for continued compliance. Monitoring services can be configured to your needs: by choosing which aspects you monitor, and the frequency of checks, you can ensure immediate alerts about the changes you need to know about, whilst ignoring changes that don’t affect you.
Increase upsell/cross-sell opportunities
With an enriched, up-to-date, and accurate client/counterparty profile, you are empowered to re-use this information to support revenue-generating campaigns through upselling and cross-selling opportunities.
Digital self-service verification
For hard to reach client data, digital self-service solutions allow your clients to update their details. They can upload documents and be verified in minutes, at their own convenience, using their own smartphone, thus improving the efficiency of the whole lifecycle, from onboarding through to the remediation process.
Highly secure and scalable
Highly scalable and secure cloud solutions facilitate expanded remediation projects, seamlessly handling increasing volumes of client documentation and data.
Simplifies regulator audit process
Digital-first remediation solutions offer a secure and searchable archive of all updates, allowing easy access and providing an audit trail of every change and record of action taken.
Remediation drive future sales
Remediation has sometimes been given a bad reputation by regulated entities. Ever-increasing costs and complexities of KYC remediation can be frustrating for the compliance teams involved in cleaning up the data.
But turn that on its head and look at it another way. By giving you a better understanding of your customers, remediation can drive future sales. There are now plenty of providers that can ease the pain of KYC remediation, by automating many of the manual functions, saving time, resources and budget. And, by doing the work now, you can put in place digital solutions to help future-proof yourself against ongoing changes in compliance legislation. Either by using automated monitoring solutions, to prevent your data from getting out-of-date or by making it easy to add additional compliance services that may be required in the future.
Register for Webinar: Digitally Transform KYC Remediation in 2021
For compliance officers and business leaders, it has never been more important to understand who your customers are, their circumstance, and to ensure that the data you hold on them is sufficient, accurate and up-to-date.
Delivering efficient KYC Remediation projects will be a key priority if you want to ensure compliance and reduce costs in 2021 and beyond. NorthRow and WNS are hosting a webinar on Tuesday 3rd of November at 2pm on how to implement digital-first, efficient remediation projects that save you money, time and resource. We will be bringing together industry leaders from Finance, Legal and Technology to discuss.