Review Functionality in COT

July 24, 2023

Subject outreach happens all throughout the lifecycle of a relationship with a counterparty. Separate from the obvious onboarding process, once a subject is onboarded and active, outreach happens all throughout the lifecycle both on individuals as well as corporate relationships. Embedding this outreach within the due diligence lifecycle tool is crucial both for audit purposes but mostly for commercial efficiencies.

KYC Portal CLM centralises the entire review process on subjects all throughout the lifecycle with a counterparty. The actual review date policy is dynamic and can be set based on the client’s preferences based on the risk band of the overall application. Clients also have the option to set a different review policy at entity level within the application. This is used for those clients who perceive higher risk based on certain types of entities. As an example, this allows the client to set the review days for high risk applications to happen every 8 months, but should the UBO within this application be high risk, the review of the UBO only (separate from the overall application) should happen every 30 days.
The system also allows the clients to set the status in the lifecycle when such a review calculation should be triggered. Also the ability to set review specific checklists so that once the review is completed the entire set of tasks relating to a review are fully audited as an action list by date of review conducted. The solution also allows authorised user to override the automatically created review date should the need arise.
As part of this overall review process, within the Customer Outreach Tool section in KYCP, the compliance team can trigger a REQUEST REVIEW function allowing them to trigger a request for the end corporate customer to login and conduct the review process themselves.
KYC Portal CLM 
When this is selected the compliance team can choose the items that need to be reviewed by the customer once they login to the Customer Outreach Tool. The customer would see this as a list of actions that need to be done across the entire structure. The items that can be triggered as part of this request are the following:
  • Updating or inputting of fields
  • Updating or filling of questionnaires
  • Uploading of documents
  • Date by when these need to be submitted
The above can be selected for all or any of the entities within the structure that the customer has access to. This would allow them to verify current information and input new requirements. All of which actions are immediately audited within the application itself, and that it's being done in KYCP by the customer themselves.
KYC Portal CLM 
This new feature adds a new element to what can be exposed to the customer within a review request. This is the ability to allow the customer to apply changes to the structure of the company that they have in KYC Portal. A feature that comes in handy should the compliance be doing the review of a customer (or remediation) and need the customer to update the related parties involved in the structure itself. Such changes would be automatically updated in the KYCP application as well as fully audited based on all the actions done by the customer in real time.
For more information, contact us directly on or schedule your live demo with us today. If you are an existing client and you would like more information about this feature, please contact our CRM Team.
Targeted For Automating client outreach for reviews of B2B and other corporate counterpaties
Status LIVE
Keywords ongoing KYC, perpetual due diligence, reviews, remediation
Direct Benefits Ability to streamline the review process with institutional clients through the digital outreach channel of KYC Portal CLM