How do you accommodate the regulatory gap analysis process with other compliance activities like KYC?

In a webinar exploring the key challenges around onboarding solution implementation, we were asked how firms can accommodate the regulatory gap analysis process with other compliance activities like KYC. Watch Antony Bream, our MD – UK, Northern Europe & Americas share his thoughts on the subject with our Marketing Director, Lucy Heavens.

Video transcript:

Hi Antony, we recently held a webinar around onboarding implementations, and we had some fantastic questions from the audience, so we’re going to cover one of those today. How do you accommodate the regulatory gap analysis process with other compliance activities like KYC?

Good question. We’ve spent the past nine years working very closely with our clients and other partners related to this field of compliance, to really understand and document and embed into our software, the best practice and compliant process steps necessary to look at onboarding of a new client or a new entity.

So what’s possible then is to actually look at compliance frameworks and regulations as they change, as they adapt to the market, and then you can easily modify those processes to make those changes back into our software, and that allows you to be compliant to that change.

So, for example, as well as our processes which follow the key steps activities that are necessary for an onboard process, we also reach out to specific specialised partners who provide the data necessary to make those decisions. So it’s really a combination of the process and the data. By being able to modify our process, but also our forms and our fields in our software, you can adapt how the process is being performed to reflect the new change in that compliance and whether it’s negative news, PEPS, sanctions that are necessary for higher risk onboarding cases.

We’ve just recently finished a benchmarking exercise across the market of those vendors that provide those data fields and we now have an integration into a variety of different partners that allow us to gather those metrics for different risk scenarios and different compliance frameworks and also adapt our processes to reflect those modifications that are necessary, and build in the intelligence to make it still a simpler, more efficient, more streamlined process for advisors, operations, compliance and case handlers to follow internally, as well as gathering the right data from the customer to remain compliant.

Thank you very much.

Watch the original webinar where this question was raised below.

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Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.

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