The complex regulatory landscape and threat of harsher enforcement actions are forcing firms to review their compliance processes. It is crucial for firms to dynamically maintain accurate customer information as client risk profiles can change quickly.
Benefits of Automation
An automated approach can increase operational efficiencies and scalability. It can also free up staff from burdensome repetitive work and allow them to focus on core business activities. However, there are a variety of challenges for firms considering this transition. These include:
- Reliance on external data sources with unknown reliability
- Difficulty tracking the changing risk profile for a large volume of clients
- Customers being less willing to provide information after initial onboarding
Move to Event-Driven Review with KYC360
With KYC360's CLM solution, organisations benefit from:
- Continuous Risk Monitoring
Maintain a dynamic, real-time view of customer risk profiles. - Proactive Risk Management
Address changes such as expired documents or adverse media risk immediately. - Event-Driven Reviews
Transition from periodic reviews to event-triggered processes, streamlining compliance and improving agility. - Enhanced Customer Experience
Build trust and retention with faster, more efficient processes.
The KYC360 platform is an end-to-end solution offering slicker business processes with a streamlined, automated approach to Know Your Customer (KYC) compliance. This enables our customers to outperform commercially through operational efficiency gains whilst delivering improved customer experience and KYC data quality.
