Dynamic Datasets and Fields

March 11, 2019

One of the biggest challenges for compliance teams in this market is the ever changing and constantly updated regulatory framework – leading to disparate processes and data in various systems. We addressed this solution through the use of a fully dynamic module whereby compliance can directly create and manage all the entities and the respective information that you as a company collect on the respective subject.

One of the main constants within this industry is change – change in required documentation, change in risk, change is what is perceived as risky. This is not only a result of regulatory bodies but also on companies becoming more risk-averse by leading to collecting new data on their subjects to be able to better evaluate the risk they are on-boarding.

The more we are moving towards a shortened, improved, more technological means of on-boarding subjects the more data is automatically being collected on a subject to reduce the probability of on-boarding risk.

This however leads to constantly adding new required data on compliance teams. Compliance teams within large organisations such as banks and financial institutions are however limited by the systems that have to be used to collect data. The older, larger and legacy oriented are the systems such as core banking systems, CRM’s etc are, the bigger is the challenge of adding new fields to such systems on a yearly basis. Even if IT would accept such a process it would be quite a costly and lengthy process. What happens then is that usually compliance teams collect all this other data in separate documents, PDFs, files etc. leading to having disparate locations where the data on subjects is residing, some of which would be digital and some physical.

One can instantly see the obvious problems that the above approach brings to the table – reliance on physical processes, creating multiple locations of data on the same subject, no possibility of automation, higher probability of error, inefficient processes, etc.

What we have done with KYC Portal is created a module that allows the compliance team (without and development or technical expertise required) to be able to instantly set the types of entities and for each entity define the entire dataset of what is collected / expected from such entity. The system allows the compliance team to be able to set the rules on each field, the types, create complex types, associate scoring categories and anything that they would like to start collecting.

This module brings a lot of value to the table since it allows the compliance teams to be able to centralise all the data collected on subjects into one central console. This central view is not only beneficial from an efficiency perspective but it also allows the compliance team to be able to link workflows and risk to any of the fields collected.
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Targeted For Compliance and due diligence teams to be able to manage data sets in real time on all subjects
Status LIVE
Keywords due diligence, compliance, data, forms, dynamic
Direct Benefits Ability to change the data requested on any subject at any point in time based on regulatory requirements, market happenings and internal requirements.