Technically speaking, CLM stands for Client Lifecycle
Management platform. A system that allows organisations to define and
streamline the entire lifecycle of their counterparties. This is usually
focused based on the type of sector, service or product that the organisation
is offering. However in this case, our clients use KYC Portal CLM for managing relationships
(or rather lifecycles) for all various types of services. From corporates,
vendors, suppliers, merchants, funds and many more different use cases also
including employees in some cases.
KYC Portal CLM is a dynamic client lifecycle management
platform that automates processes for any type of service offered including; vendor
management, supplier due diligence, client and corporate onboarding and much
This article focuses on the various use cases how KYC Portal CLM is currently being used in the market, showcasing the versatility of the tool
and the benefits it brings to the table.
We believe that the three most crucial elements of any
lifecycle management platform are the following:
- The ability to design and define what a counterparty
is made up of (be it a vendor, a supplier, an individual, corporate, etc) as
well as all the elements that you need on such counterparty (fields, forms,
documents, risk, etc).
ability to design and define the actual lifecycle and who has access to such
processes such as the teams, the users, the flow, the automation of steps based
on the real time elements and how each user in the solution is allowed to
interact with such a lifecycle at any point in time.
- The ability for the lifecycle management platform
to interact with all the required third-party systems. These could be internal
systems you already have in place as well as third-party providers which
usually provide ancillary data to further augment the lifecycle itself.
One thing that we have learnt over the past few years however,
is the fact that such lifecycles are prone to change. They change due to
internal processes, regulations, market happenings and many other factors that
happen on a daily basis. Most lifecycle management platforms actually help in
identifying bottlenecks in processes which lead into requests to change the
lifecycle itself. Such changes however usually come with big costs – both
financial as well as costs related to the effort to have such changes implemented.
This is one of the biggest unique selling points of KYC
Portal CLM. The configuration of the entire platform is through the back-office of
the system itself – the Configuration Studio. A visual interface that can be
managed by anyone and does not require any coding technical expertise. KYC Portal CLM allows
your team to create and maintain any part of the policy. This includes all
granular control such as the definition of what the entities in a counterparty
are (such as company, trust, individual, UBO, etc) together with all the rules
relating to that entity. It also allows you to control the fields required for
each entity and all associated rules and validation, the required documents based
on conditional policy, checklists, questionnaires, the statuses of workflow
with associated teams and access, automated rules, screening, scraping of
company house data, credit rating integrations and much more.
This ability to
change the configuration in real time allows our clients to tweak any part of
the lifecycle on the fly, without having to wait days for development and
without having to put the solution on hold from use. If the regulations change
and you suddenly need to start asking for a new set of information or documents
from your clients, it can be done within a matter of minutes. If KYC Portal CLM highlighted bottlenecks in the current process of the lifecycle, your operations
team can easily tweak the process within a few hours.
This level of flexibility has led to KYC Portal CLM being used
in various industries for various reasons. We have live customers using KYC
Portal CLM for vendor and supplier onboarding and relationship management in
banking, oil and gas, logistics, gaming and payments industries. KYC Portal CLM is
also being used to digitise counterparty outreach and onboarding and this is
being used in forex industries, wealth and asset management as well as the
industries mentioned above. Almost all clients within all industries are using
KYC Portal CLM to be able to streamline the back office of due diligence,
successfully reducing their risk exposure and also the cost to maintain such
risk. Separate from the industries mentioned above such clients also include
crypto, precious metals, legal, corporate and financial services, insurance and
The above flexibility comes in handy when considering that
such a lifecycle management tool needs to ingest data from multiple third party
systems. For any lifecycle management platform to be effective, it needs to be
able to sit on top of all the data points that teams use in order to manage
such lifecycle. Usually such data sits in a number of systems both internal as
well as external. Data on counterparties will sit in systems such as ERPs,
CRMs, core systems and numerous other sources such as excel sheets, PDFs and
many more. However throughout such a lifecycle, many use third-party sources
such as company house registers, screening data, credit rating and others. All
this, separate from the data that is being collected on such counterparts
throughout the onboarding process. Any lifecycle management platform should
allow for such data feeds.
This is done via integration points such as the REST
API of KYC Portal CLM. However it is also important that the lifecycle management
platform allows you to configure all the necessary data elements to be able to
store those values. KYC Portal allows the compliance and operational teams to
be able to design such fields and decide at which stage of the process they
should be filled in, from where and also what should happen to the lifecycle
based on such data.
This is why KYC Portal CLM was designed to be the
most flexible counterparty lifecycle management platform on the market. A system
that delivers peace of mind. A tool that sits on top of all your data sources,
allowing you to orchestrate the most complicated lifecycle processes within a
solution that is totally configurable. A lifecycle that reduces your risk
exposure, as well as the cost of maintaining such risk.
For more info contact us directly at firstname.lastname@example.org or schedule your live demo with us today.