One of our long-term clients - a large financial institution (FI) headquartered in North America that provides products and services to clients in over 100 markets.
After a review of its compliance operations, our client identified several areas of inefficiencies related to its internal controls, customer due diligence (CDD) and transaction monitoring processes. Functional and organizational structuring was a key issue for the FI, with each business unit and jurisdiction having its own client onboarding, KYC, regulatory compliance and data teams. In a structure like this, not only is the work duplicated, but very often, each business unit will have its own siloes of client data and documentation that doesn’t contribute to a single view of the client. This approach also inhibits the sharing of attributes across the institution to expedite future compliance and onboarding processes. This caused a lot of friction in the institution’s ability to provide a good customer experience and created a costly compliance operational nightmare.
In an effort to find a better way to manage compliance for the group, our client undertook a dramatic digital transformational project to radically restructure its compliance program and ensure the highest level of control over its KYC processes...
To read more about the success of this implementation, please download the case study.