Regulatory compliance differs from other aspects of corporate compliance. The KYC Portal reporting module gives you a real-time dashboard view of your current situation by presenting you with a pre-defined sub-set of data sitting within your KYCP, whilst also allowing you to create reports
from a corporate compliance aspect for internal purposes. More information on operational compliance reports and the reporting dashboard here
This level of detailed reporting allows you to prepare all the information that you need for all regulatory requirements as well as filling the details for ancillary report requirements such as the Business Risk Assessment. Since KYC Portal is fully dynamic by allowing you to create your own fields, your own statuses, your own entities etc…, the reporting module is just as dynamic. The system doesn’t have any static reports, however, it gives you the ability to create your own reports from scratch and as many as you require. You define the name of the report and also the schedule of when you want this report to run. Once you set a report to run, the system will show you the schedule when they are due to run as well as the historical element of the extracted data so you would then be able to view the CSV’s and download any of the generated CSV extracts over time.
Having this kind of flexibility and control is very important from a reporting perspective since it will allow you to tailor any data extract on a historical basis (daily, weekly or monthly). Such extracts will be able to provide you with the data you need for the end of year regulatory compliance reports.
In the KYCP report builder, you will find filters at application, entity, as well as field-level filters. You can run a report on any application that is in a particular status that you define in the system (such as APPROVED and APPROVED IN PRINCIPLE), which are in a specific risk bracket (such as extreme and high) or any application for which the risk was manually over-ridden by your team.
You can filter applications that are assigned to a specific user or even a specific team. The system also has a level of entity (key principle) filters such as Directors and UBOs. Such filters can also be set on the risk bracket of such entities or if the required documents for such entities have been provided or verified.
Any fields that you would have defined against an entity can also be added as filters in any kind of report.
With the regulatory environment constantly evolving, the compliance target is always moving. You might find that, just when you’ve achieved full compliance, something shifts and you’ve got to tweak your approach to stay compliant. Your business needs to be able to adapt; otherwise, you put your business at risk.
With KYC Portal in place, you are safeguarded, giving you complete control to tweak and adapt to any changes, easily and effectively.