In response to demand, law firms are focused on technology initiatives that improve client experience around service delivery. However, the initial client onboarding experience is often overlooked, with responsibility for this activity falling to fee earners.
With Know Your Customer (KYC) activities largely carried out in face-to-face interactions, beyond the control of compliance teams, demonstrating a compliant and consistent process is difficult. Failing to do so increases reputational and regulatory risk.
Manual processes are hampering firms, with intense competition putting pressure on KYC and client intake teams to speed up the onboarding process. In a Proof of Value exercise with a leading international law firm, it was demonstrated that, in the time taken to complete one case using the firm’s existing process, Encompass could complete more than 60 cases!
The standardisation of processes offered by Encompass ensures a consistent, robust and repeatable approach to evolving compliance obligations.