Streamlining KYC processes
Increasing regulation, inconsistent onboarding practices and heightened regulatory scrutiny are creating an unmanageable Know Your Customer (KYC) remediation and refresh workload.
Key benefits of automating KYC remediation and refresh
Avoid risks associated with outdated KYC
Regulators expect KYC files to be up to date and in line with an organization’s global KYC policies, but manual processes cannot keep up with the pace of regulatory change. Automating KYC remediation and refresh processes ensures organizations can quickly and easily perform remediation to achieve compliance faster and mitigate regulatory and reputational risk.
Increase operational efficiency and STP
Outsourcing remediation projects or employing teams of analysts to manually review and refresh KYC files is costly and unscalable. The Encompass dynamic KYC process automation platform significantly reduces the cost by automating costly manual processes. Data and documents are collated via Encompass and matched and merged, which increases straight through processing (STP) and enables skilled analysts to focus on exception management.
Maintain high levels of customer satisfaction
Delays in KYC remediation and refresh can result in disruptions in customer transactions and relationships. Repeat and unnecessary requests for information often publicly available cause customer friction. Encompass streamlines information gathering and analysis to significantly reduce the time taken to complete KYC refresh and remediation and maintain regulatory compliance.
Why choose Encompass for managing the KYC remediation and periodic refresh process?
Real-time digital KYC profiles
Customer profiles created at onboarding are simple to review. Removing the need for KYC to start again and providing significant efficiency gains.
Quick and easy bulk uploads of KYC files
A bulk processing functionality makes it quick and easy to upload all customer KYC data for remediation and refresh, wherever it resides.
Flexibility to remediate KYC profiles in line with global policies
Ensure each KYC record is completed consistently to the standard of the relevant policy for different customer segments, in line with a risk-based approach.
Comprehensive KYC audit trail
Encompass creates real-time audit trails to record every search and action taken, complete with source documents and full data attribute lineage.
Make KYC remediation a business advantage
Complete and accurate digital KYC profiles provide critical information in real-time and deep customer insight to grow your business and enhance the customer experience.