To enable key Front Office, Client Onboarding and Operations staff to do their jobs, data needs to be collected from a multitude of sources – from entity data providers like Avox, to AML data providers like World-Check and Lexis Nexis, to KYC utility data providers like Markit KYC and Clarient etc.This data is traditionally delivered to the front door of the financial institution through different data providers and, in most cases, is manually consumed, processed and distributed to a huge number of internal systems.

In this paper, Fenergo suggests that data and technology integration is the key to keeping pace with regulatory demands and supporting banks to ensure that they are delivering a consistent technology infrastructure for global regulation, the associated data and the end-to-end management of all client lifecycle events.

img style=”margin: 10px; float: left;” src=”http://www.fenergo.com/wp-content/uploads/2020/08/Whitepapers.png” alt=”Whitepaper ” width=”325″ height=”163″ />We suggest that financial institutions need to review their operating models alongside their technology, data management and regulatory compliance strategies, capabilities and obligations in an effort to introduce greater cohesion and connectivity to the end-to-end process.

Whitepaper In doing so, they can reduce the complexity of their internal IT and data management environments and find better ways to consume, process and distribute client and counterparty data and documentation to support regulatory compliance and client lifecycle management more efficiently.