Reduce risk and increase efficiency with perpetual KYC
Maintaining an accurate view of a customer and mitigating risk is essential to safeguard against financial crime. However, periodic refresh cycles and remediation workloads are unmanageable, resulting in an unknown exposure to risk.
Organizations are moving towards an event-driven approach to performing KYC. Perpetual KYC (pKYC) involves monitoring for changes and investigating alerts from a wide range of channels, from internal systems to transaction monitoring and sanctions screening. When an alert requires further review Encompass refreshes the digital KYC profile, providing real-time information for material risk assessment. This improves compliance by enabling KYC to be prioritized on customers where their risk profile has changed.
It is a journey to get to pKYC that offers incremental gains. A complete digital KYC profile built by Encompass at onboarding provides the foundation that increases efficiency of refresh and remediation by removing the need for KYC to start again.
Benefits of perpetual KYC (pKYC)
Futureproof KYC due diligence needs
Encompass streamlines the manual KYC data collation process with dynamic KYC process automation, through a single platform. This creates a complete digital KYC profile of the most current public and premium data and documents available, ready to refresh and review when future due diligence is needed.
Minimize risk exposure and maintain ongoing compliance
Refreshing digital KYC profiles with Encompass enables higher risk customers to be reviewed more frequently. pKYC reduces the time lag between KYC reviews and potential risk exposure of undetected and uninvestigated changes. Every action taken is recorded in a dynamic audit trail for demonstrable compliance.
Deploying Encompass across the entire KYC lifecycle reduces the need to outsource work and removes unnecessary duplicated KYC due diligence. Lower risks can be straight through processed (STP) and a prioritized investigation workflow provided for KYC analysts.
Why choose Encompass for pKYC and continuous compliance?
Reduce risks with dynamic KYC process automation
Follow the same process for all your due diligence investigations and consistently apply controls, every time with Encompass. Automate your manual KYC analyst process, reducing manual input and repeat work.
Scalable to support future growth and KYC remediation needs
Automate manual error-prone KYC processes to enable a digital operating model to support new and ongoing KYC needs. Retrieve and integrate KYC data and documents from your chosen global public and premium providers via a single integration to Encompass. Encompass creates a digital KYC profile with full data attribute lineage and source documents for customers every time, complete with a comprehensive audit trail of every action taken, for demonstrable compliance across the client lifecycle.
Improve customer experience
The platform connects to over 175 global public and premium data products to power a single view of the customer and deeper customer insight. Encompass collates and integrates data and documents to unwrap corporate structures in more detail and limits outreach to when records change instead of a previously determined review cycle. This accelerates KYC reviews and reduces customer friction.
Seamless integration into a digital ecosystem
Encompass has strategic partnerships that enable customers to integrate Encompass into their existing workflow and technology stack to create the digital ecosystem needed for pKYC.