risk management solutions, compliance solution, kyc verification - KYC Portal CLM
Due diligence is an essential process for any major business. Fundamentally, businesses need to know who they’re buying from or who they are on-boarding as clients. Nowadays with new regulations constantly being introduced, the compliance burden and requirements for any corporation, have increased over time and across the globe, therefore putting a strain on compliance teams who still handle this process, manually.
We see many companies hiring more people to ensure the information submitted is complete and accurate and to help deal with the increasing amount of documentation required to verify customer identities. Adding more employees to do manual work doesn’t solve KYC challenges. In fact, it adds to them. The more manual tasks performed, the greater the chance of errors and mistakes in areas such as data entry can lead to non-compliance and hefty KYC fines, besides the fact that manual processes slow down your customer on-boarding.
In today’s fast-paced world, organisations are moving away from manual KYC processes and are starting to invest in automated solutions like KYC Portal. In its 11th annual Cost of Compliance survey, Thomson Reuters states that compliance teams are facing a change in the way they handle compliance obligations as budgets are shifted; “This could mean that compliance teams are developing more effective and efficient ways of operating, perhaps by using RegTech solutions or outsourcing arrangements.
In another report published by Thomson Reuters in Q1 2020, it was concluded that the financial services industry has much to gain from the effective implementation of fintech, RegTech and InsurTech – “There are nevertheless considerable benefits to be gained from implementing such solutions. For risk and compliance functions, much of the benefit may come from the ability to automate rote processes with increasing accuracy and speed. Indeed, when 900 respondents to the 10th annual cost of compliance survey report were asked to predict the biggest change for compliance in the next 10 years, the most popular response was automation.
The survey concluded that this crisis is putting an impact on risk and compliance budgets however, firms need to realise that in 2020 it would be a potentially unwise time to reduce the budget available for risk and compliance; “Under such circumstances, appropriate resourcing and allocation of budget to the compliance function cannot be allowed to dwindle. The ‘cost’ of compliance may be considered high, but the costs of non-compliance are much higher both for firms and for individuals.” “Of course, there will always be competing priorities – but in troubled times, firms need a well-resourced, highly skilled compliance function more than ever.
KYC Portal focuses on streamlining and automating the back-office of any due diligence process. It allows you to do this by integrating with any 3rd party service provider of your choice from ID Verification to Screening Services, giving you a centralised, due diligence workflow solution. Having KYC Portal as part of your compliance function and team, it allows you to focus more on the important tasks at hand whilst reducing your risk exposure to mere hours instead of weeks or months which is a top priority in the world we are living in right now.
Schedule your live online demo with us today.
You can access the full Thomson Reuters survey “Cost of Compliance: New decade, new challenges” here.
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