Fenergo and Aite Group recently hosted a webinar on research conducted in the area of Cross-Jurisdictional Regulatory Compliance & Entity Data Management.
If you missed this, here’s a snapshot
- KYC Regulations and global OTC Derivative Rules are of most concern to financial institutions
- Financial institutions are dealing with tactical fixes with only some strategic elements
- Functional KYC centralization is trending
- A partially centralized and manually-dominated Tier 1 global bank can save US$14.4m per year
- Most FIs surveyed have no formal process in place to identify inefficiencies in KYC and onboarding lifecycle
- Main critical success factors for change include:
- Data aggregation support
- Lifecycle management
- Validation and controls
- Central access to documents.
