Risk Management in the Client Digital Lifecycle Experience: Helping to Make Sanctions Work

It could be argued that the economic and monetary sanctions imposed on Russia have been the most successful single thing that Ukraine’s allies have done to damage Putin’s war efforts.  They have not only sought to entirely bar Russia from participating in the world’s financial system but have also taught to totally isolate the regime from all sources of foreign currency.  

Not only have these efforts have been achieved with a global solidarity never witnessed before, but with a breathtaking speed of execution compared to previous efforts. I can only imagine that this has come to as a great surprise to the Russians, who normally face a lot of rhetoric and cajoling but little single-minded coordination and execution.  

The intent within the sanctions program has also introduced for the first time the type of targeting of individuals and entities that draws on big data, relational science, and artificial intelligence. 

This approach has not only identified the main actors in the banking and political system, but also a host of indirect actors who benefit from connections to the regime.  This approach has allowed the allies to swiftly create a far larger and extensive spider’s web of deceit, and to close many more back door exit plans those individuals and businesses may have thought would be open to them to continue to operate in the shadows. 

The sanction program only works, and continues to work, with the support of financial institutions around the globe. These institutions are making every effort to not only prevent “bad actors” getting into the system, but also ensuring that those “stuck” inside cannot get their own and other’s capital and financial assets out.   The huge upgrade that many organisations have introduced in scalable transaction monitoring to detect and prevent financial crime is one of the chief tools helping to ensure that the intent of the full weight of the sanctions becomes a reality.  New solutions in this space are not only able to detect attempted intrusions more quickly, but also to block them more effectively and will less need for human confirmation.   

Simultaneously, financial institutions are continuing to evolve and harden their investment in digital client lifecycle risk management, an area of prime focus for us at Wealth Dynamix.   

If one digs into exactly what this means, as guided by the work of the Wolfberg Group, 3 areas come into focus: 

  1. expanding the concepts of identification and verification in authentication by introducing a broader behavioural and demographic footprint to accompany different types of biometric methods of authentication of individuals and documents,
  2. expanding the attributes of the client’s risk profile into one that is holistic and dynamic, rather than static and narrowly defined.  This brings the on-going activities of individuals and entities into scope and defines the client vis a vis their associated extended network of collaborators,
  3. expanding the notion of client management to comply with a risk framework built on a trigger event approach rather than based on a scheduled periodic review process.  This means acquiring the ability to apply a targeted and disciplined approach to due diligence in real-time.

In thinking about what these recommendations mean in practical terms for us, a software provider of client lifecycle solutions, we have recognised that for the past three years, our private banking and universal bank wealth clients, as they have been evolving from brick and mortar activities to digital cloud based ones have always been doing so with a careful eye on security (across a myriad of dimensions) and safety (based on the risk in the activity to themselves and their clients). More often than not, they have been choosing to introduce digital life cycle journeys which emphasise: 

  1. Simplicity in client effort & design 
  2. Speed in the prospecting to conversion journey 
  3. Smart workflows which align risk to the on-boarded situation 

This thinking has introduced a lot of wonderful and innovative things into the client experience, and greatly reduced the time and effort that it often takes to initiate a product (and by extension profit) conversation. However, we believe that any CLM approach that places too much emphasis on just these 3 dimensions (the “sexy bits”)  

  1. may well lack an underlying client data model that can easily be extended and introduced that broadens the set of client attributes used for authentication and verification thereby preventing unauthorised account takeover, and 3rd party social engineering efforts, 
  2. could end up imbalanced when it comes to prospecting/on-boarding capabilities versus client management. Client management provides the means for organisations to introduce new workflows, and business rules that can respond to trigger events, and alert Relationship and Risk Managers of changes to an individual’s risk profile 
  3. may well be unable to support the real-time change management requirements of a dynamic triggerbased approach.  Flexible decision engines coupled with a lo code/no code internal user experience make it possible to turn good intentions into great compliance.  They also enable firms to continuous refine and deploy client risk scorecards that can quickly reflect new relationships and changes to a client’s operating network. 
  4. Is likely to struggle with client types that can only be served through a more complex authentication, verification, and on-going management approach. Financial crime is more often than not initiated and perpetuated at a distance, and systems that can not cope as well with both ongoing KYC and KYB requirements inclusive of both primary and indirect relationships will be compromised.   

The success of sanctions such as those we are seeing against Russia is strengthened by firms embracing the idea that client digital lifecycle management and client digital lifecycle risk management are one in the same. We are building cloudbased systems here at Wealth Dynamix that recognise that client profiles need to be created and maintained as evolutionary, so that institutions have the ability to safely, securely, and swiftly respond and act. We invite you to come and visit us and see for yourself.  

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Roger Portnoy
Roger Portnoy

Strategic Advisor, Wealth Dynamix

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

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Gabriel Chan

Head of Sales – APAC

An accomplished, results-driven sales and marketing professional, Gabriel has held sales and marketing leadership positions in Singapore and China at some of the world’s most successful and respected global technology enterprises.

During more than 20 years spent at IBM, Sun Microsystems and Microsoft, Gabriel developed and implemented sales and channel strategies to support strategic business objectives.

His specialism is growing and extending sales territories to grow revenues and increase market share.

Travis Morgans

Head of Consultants

Travis combines 15 years of software delivery, business modelling and leadership experience with a passion for transforming business needs into effective digital solutions. Before joining Wealth Dynamix in March 2018, Travis led Operations for Nikon – a role which incorporated CRM product ownership responsibility and initiated over 10 years of MS Dynamics experience, from 2011 to Dynamics 365​.

 Since joining the Wealth Dynamix team, Travis has been instrumental in designing and delivering some of our most strategic WDX1 projects. Leading the consulting team for WDX1, he is responsible for their recruitment and development. The team’s complex remit supports a fundamental aim – to ensure Wealth Dynamix delivers the best client experience. ​Travis is also responsible for ensuring the WDX1 product is designed and evolved in the most adaptable way possible to drive adoption across our client base, existing and future.  

Joanne Donoghue

Chief Marketing Officer

An experienced, tenacious marketer, Jo joined the Wealth Dynamix team in 2021 as Head of Marketing and quickly rose to the position of Chief Marketing Officer. A Brand and Marketing specialist with a proven track record in BRB and B2C communications, Jo combines a customer-centred approach with strategic thinking.

Having held senior Marketing positions in numerous FTSE 100 businesses, including Asda Stores Ltd, The Co-operative Retail Group, plus financial services brands MBNA, OneFamily, TransUnion, The Co-operative Group, she possesses a wealth of experience in the fields of finance and technology.

Jo is passionate about activating the Wealth Dynamix brand across every channel, taking a holistic marketing approach to drive consistency, salience and thought-leadership activity.

About – Agustin Collazo

Head of Strategic Client Relationships

Agustin joined Wealth Dynamix over six years ago bringing a wealth of experience in change management.

Having experienced first-hand the challenges of managing clients through change, Agu now brings that expertise to Wealth Management firms looking to leverage technology in order to help them connect more effectively with their clients.

Agu has a deep technical knowledge of our solutions that allows him to deliver our products effectively, unlocking the full potential of every feature.

As our Head of Strategic Client Relationships, Agu’s specialist expertise supports firms to become more efficient, transparent and dependable using our CLM solutions.

Juan Stoppa

Head of Development

Juan has over 20 years’ experience developing and implementing CRM solutions and has spent the last 10 focusing primarily on the Client Lifecycle Management (CLM) in the Wealth Management industry.

Currently Head of Development, Juan is responsible on overseeing the technical direction of the product.

Before joining Wealth Dynamix, Juan has worked for Barclays, Fujitsu and Ciber delivering large scale CRM projects in the financial services industry.

Juan has a first degree in Telecommunication Engineering from Universidad Blas Pascal and a MSc in Business Information Technology from London South Bank University.

Ben Altmira

Director of Operations & Change

An internationally experienced change management professional, Ben is responsible for overseeing projects both internally, and for clients.

In a career spanning more than 20 years in global banking, finance and management consulting, Ben has led strategy formulation, project planning, change management adoption, business networking consultation and transformational change projects at Fortis Investments, Barclays Wealth and Investment Management and Verisure Securitas Direct. Since beginning his career at Deloitte, Ben has also amassed a wealth of experience working on complex CRM system implementations, and is a PROSCI-certified Change Practitioner and a Certified Scrum Master (Scrum Alliance).

David Backx

Director of Pre-sales and Implementations

When David joined Wealth Dynamix in 2015 he brought with him a vast amount of experience delivering large-scale Microsoft Dynamics CRM projects. As a Senior Business Analyst at Royal Bank of Scotland David managed deployments with more than 2000 users, for both Business and Commercial Banking, as well as working on key AML initiatives for RBS International. In his current role at Wealth Dynamix David supports the growth and strategic direction of client implementations in Europe. Wealth Dynamix leverages David’s product expertise to shape the product roadmap and ensure that the firm delivers solutions with the right capabilities, that will be enthusiastically adopted, by all customers.

Prior to his involvement in the wealth management sector, David worked as a waste management contracts manager, working with Multi Services Kent to ensure effective waste clearance and re-use at the 2012 London Olympics.

Cedric Neuville

Director of Pre-sales and Consulting Europe

Since joining Wealth Dynamix in 2019, Cédric has worked closely with clients to ensure that the WDX and CLMi solutions are deployed efficiently and effectively.

In a career spanning more than 25 years, Cédric has become an accomplished business and global project management leader covering both technology and financial markets sectors. Having held various roles in private banking (front, middle and back office) and brokerages, in both functional and technical roles, Cédric has led many projects including client onboarding implementations and KYC reviews, regulatory compliance projects (including PSD2, MIFID2/PRIIPS, GDPR, CRS, Rubik) and digital transformation projects (online and mobile design and implementation).

Cédric has vast experience building and managing international project teams, having created three offshore teams in Tunisia and India, managed a 70-employee company as Deputy CEO and a startup Fintech founded to create smartphone apps.

Johnny Beloe

Director of Pre-Sales

As Director of Pre-Sales, Johnny is responsible for maintaining the firm’s pre-sales policies, methodologies and resourcing. He is also leads some of WDX’s largest pre-sales analysis exercises, conducted for a wider variety of financial services firms spanning multiple jurisdictions.

Continual engagement with existing and prospective clients helps to inform the WDX1 product strategy, roadmap and pricing.

Johnny has spent his whole career in financial technology in various consultancy and
pre-sales roles. His expertise covers the full stack of systems required by leading Private Banks and Wealth Managers, encompassing core banking solutions, portfolio management solutions, Client Lifecycle Management (CLM) solutions and more.

William Rouse

Commercial Director UK MEA

William’s commercial expertise in connecting technology to solve wealth management business challenges was borne out of his early career as a stockbroker, followed by a variety of Client Relationship Management and Sales roles in asset management and banking.

Having experienced first-hand the challenges of doing the job, William recognises that an unwavering focus on client service is required to build progressive and mutually beneficial partnerships in FOR the longer term. Having gained further experience working for financial technology service providers including Calastone and Contemi, he has the specialist expertise needed to identify how to leverage technology to help wealth managers connect more effectively with their clients, and become more efficient, transparent and dependable.

In addition to his role as Commercial Director at Wealth Dynamix, responsible for new business development in the UK, US and Middle East, William sits on the board of the Securities Investment Management Association (SIMA) where he is actively involved in exploring industry trends and challenges.

Dominic Snell

Chief Product Officer

An experienced and accomplished specialist in CRM technology and wealth management, Dominic is responsible for defining and leading the product roadmap for Client Lifecycle Management (CLM) solutions at Wealth Dynamix. Experienced in SaaS strategy definition, Dominic formulated the development and launch plan for the firm’s cloud-based CLMi solution.

Prior to joining Wealth Dynamix in 2014, Dominic held senior positions in both RBS and Barclays Wealth and Investment Management, where he was responsible for leading enterprise-scale CRM implementation projects.

With more than 15 years wealth management and WealthTech experience he has vast expertise and insights into best practice CRM and CLM execution.

Francois De Lescure

Chief Revenue Officer

François joined Wealth Dynamix in 2020 to grow the company’s presence in France and further extend business operations across Europe and has since been designated Chief Revenue Officer, a member of the board. 

Having closed several flagship deals for the company across Europe and Switzerland, today his role encompasses responsibility for new and existing revenues, recruiting, structuring and managing the sales team, plus owning the business forecast and reseller channels.

Previously, François served as Chief Sales and Marketing Officer, Executive Committee member and investor at DreamQuark, an Artificial Intelligence software startup. At DreamQuark, he secured the firm’s first recurring revenues with Tier-1 banks and insurance companies, won the Fintech of the Year award and enabled A and B level fundraising. Before that François spent almost 10 years at Nokia Networks, leading European Sales for Analytics Software.

François has an MBA awarded by INSEAD and an engineering degree from the École Centrale de Nantes.

Natalie Levine

Chief Operating Officer

Currently Chief Operating Officer and Board Member at Wealth Dynamix, Natalie is responsible for the strategic direction of operations across the business. A wealth and investment management industry expert, with more than 25 years experience delivering large-scale technology projects, Natalie plays a pivotal role in ensuring the efficient running of the firm and meeting key business goals.

Prior to joining Wealth Dynamix in 2019, Natalie was Head of Technology at Bridgepoint Advisers, a UK-based private equity investment firm. She joined Bridgepoint following an 18-year tenure at Quilter Cheviot, where she was Head of Technology responsible for Operations and execution of the firm’s business plan.

Brent Randall

Co-founder and CFO

A wealth and investment management industry expert, Brent has more than 25 years of experience in developing front to back software solutions that address sector-specific operational and compliance challenges.

Prior to co-founding Wealth Dynamix in 2012, he was a Director at Third Financial Software, where he drove product development.

Previously, he led business development and product strategy for the wealth management division of Financial Objects.

Brent spent 13 years at DST (now SS&C) until 2007, where he was Associate Director responsible for the global product strategy of institutional front office and wealth management solutions.

He graduated from Downing College, Cambridge, with an honours degree in Geography.

Gary Linieres

Co-founder and CEO

With a lifetime career in wealth management, beginning in front office sales more than 25 years ago, Gary is recognised as a highly successful, award-winning executive and serial entrepreneur.

Currently CEO at Wealth Dynamix, one of Europe’s fastest growing WealthTech firms which he founded in 2012, Gary has pioneered a new approach to Client Lifecycle Management (CLM) and built solutions suited to both enterprise-scale and mid-size financial institutions.

In his early career Gary excelled in a wide variety of FinTech sales management and executive roles in the UK, Switzerland and France.

Following his tenure as Managing Director at Financial Objects, which saw revenues grow by more than 300% on his watch, Gary founded and subsequently exited from Third Financial Software after it became a leading front office technology provider.

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