how we help

legal and accountancy firms

In response to client demand, legal and accountancy firms globally are focused on technology initiatives that will improve client experience around service delivery.

However, the initial client intake experience is often overlooked, with responsibility for this activity falling to fee-earners.

With Know Your Client (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, however, can lead to regulatory action and fines.

KYC automation from encompass addresses this challenge. We offer multifaceted support for your global organisation.

learn how encompass benefits your business

KYC operations and client intake

KYC operations and client intake

Intense competition to secure and retain business is putting pressure on KYC and client intake teams to significantly speed up the onboarding process. However:

  • KYC teams are not getting full value from existing data sources
  • the data required to unwrap complex corporate structures cannot be accessed
  • adverse media screening generates high volumes of false positives
  • internal Service Level Agreements for client onboarding times are not being met

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery to streamline the client intake process and significantly improve turnaround times.

The encompass KYC platform automatically accesses all required KYC data sources to dynamically unwrap corporate ownership structures, discover beneficial owners and identify regulatory and adverse media risk.

Our results speak for themselves. The UK operations of a leading international law firm put encompass’ automated KYC discovery capabilities to the test. The tests demonstrated that in the time taken to complete one case using the firm’s existing process, encompass’ automated process could complete more than 60.

%

time saved using encompass

compliance

As legal and accountancy firms have come into scope for anti-money laundering regulation, it is critically important to implement and adhere to robust and consistent KYC processes. However:

  • KYC activities handled by fee-earners are hard to control and audit
  • poor quality or incomplete KYC is exposing many firms to risk
  • experienced analysts are burdened with low-skilled tasks
  • job dissatisfaction results in high analyst turnover

a single platform for KYC discovery

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery. The automation of manual processes ensures established KYC processes are carried out consistently across a firm’s entire customer base, supported by a comprehensive audit trail for demonstrable compliance.

The encompass KYC platform automatically accesses all required KYC data sources to quickly and accurately unwrap corporate ownership structures, discover beneficial owners and identify regulatory and adverse media risk. By alleviating the manual burden on KYC analysts encompass significantly improves both productivity and job satisfaction.

Our results speak for themselves.Working with Brodies LLP, a leading Scottish legal firm, their senior team recognised encompass as a key component in achieving the firm’s goal of fully meeting the requirements of regulations, such as 4MLD and GDPR, while maintaining their high standards for client service.

Our aim is to establish best practice for compliance in our sector, and we saw working with encompass as a way to create advantages from a change in regulations… with encompass, the job of the KYC analysts is far easier, the richness and quality of our data is far better and more accessible, and the process of KYC is accelerated.

Dave Edwards, Finance Director | Brodies LLP

 

compliance

As legal and accountancy firms have come into scope for anti-money laundering regulation, it is critically important to implement and adhere to robust and consistent KYC processes. However:

  • KYC activities handled by fee-earners are hard to control and audit
  • poor quality or incomplete KYC is exposing many firms to risk
  • experienced analysts are burdened with low-skilled tasks
  • job dissatisfaction results in high analyst turnover

a single platform for KYC discovery

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery. The automation of manual processes ensures established KYC processes are carried out consistently across a firm’s entire customer base, supported by a comprehensive audit trail for demonstrable compliance.

The encompass KYC platform automatically accesses all required KYC data sources to quickly and accurately unwrap corporate ownership structures, discover beneficial owners and identify regulatory and adverse media risk. By alleviating the manual burden on KYC analysts encompass significantly improves both productivity and job satisfaction.

Our results speak for themselves. Working with Brodies LLP, a leading Scottish legal firm, their senior team recognised encompass as a key component in achieving the firm’s goal of fully meeting the requirements of regulations, such as 4MLD and GDPR, while maintaining their high standards for client service.

Our aim is to establish best practice for compliance in our sector, and we saw working with encompass as a way to create advantages from a change in regulations… with encompass, the job of the KYC analysts is far easier, the richness and quality of our data is far better and more accessible, and the process of KYC is accelerated.

Dave Edwards, Finance Director | Brodies LLP

 

change management

change management

Legal and accountancy firms are increasingly turning to client lifecycle management (CLM) technology to improve the client intake process. A successful implementation will ensure firms can offer prospective clients a smooth and efficient onboarding experience, while complying with increasingly stringent anti-financial crime regulation.

However, in most cases costly investments in CLM solutions have not delivered the expected return due to:

  • long, complex deployment delaying implementation schedules
  • the challenges of integrating all required data sources for robust KYC

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery across a firm’s complete set of trusted KYC data sources, and in line with existing policies and procedures.

Our flexible deployment options cater to a firm’s specific needs. The encompass user interface offers immediate, out-of-the-box deployment, allowing firms to automate costly and time-consuming KYC process prior to a full CLM rollout. Post-rollout, our API integrates quickly and easily to fully automate the KYC process entirely within the CLM environment.

Our results speak for themselves. Working with Brodies LLP, a leading Scottish legal firm, their senior team were particularly complimentary of how easily and quickly encompass was integrated into their existing processes, and the subsequent results

Integration of encompass with [our existing systems] allows the firm to maintain one version of the truth about its clients, including results of our KYC checks… The system presents information in a means that is simple to understand, making it easy for us to act. Having our Compliance team use encompass simplifies the work of the lawyers by providing them with rich and clear information.

Dave Edwards, Finance Director | Brodies LLP

partners and solicitors

As competition for new business amongst legal and accountancy firms increases, a superior client onboarding experience can be a significant business advantage. However, more complex compliance requirements are slowing down onboarding and frustrating clients. Fee-earners are also spending more time on non-billable KYC activities than ever before.

faster onboarding decisions from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery across all required sources to significantly simplify the client intake process and reduce the administrative burden on fee-earners.

Our KYC platform uses intelligent process automation to perform robust KYC on entities and individuals eight times more quickly than manual processes. The result is fast, frictionless and compliant onboarding across the entire customer base.

Our results speak for themselves. The UK operations of a leading international law firm put encompass’ automated KYC discovery capabilities to the test. The tests demonstrated that in the time taken to complete one case using the firm’s existing process, encompass’ automated process could complete more than 60.

hours saved per year using encompass

partners and solicitors

As competition for new business amongst legal and accountancy firms increases, a superior client onboarding experience can be a significant business advantage. However, more complex compliance requirements are slowing down onboarding and frustrating clients. Fee-earners are also spending more time on non-billable KYC activities than ever before.

faster onboarding decisions from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery across all required sources to significantly simplify the client intake process and reduce the administrative burden on fee-earners.

Our KYC platform uses intelligent process automation to perform robust KYC on entities and individuals eight times more quickly than manual processes. The result is fast, frictionless and compliant onboarding across the entire customer base.

Our results speak for themselves. The UK operations of a leading international law firm put encompass’ automated KYC discovery capabilities to the test. The tests demonstrated that in the time taken to complete one case using the firm’s existing process, encompass’ automated process could complete more than 60.

hours saved per year using encompass

 

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discover what Encompass can do for you

Ready to learn how Encompass can accelerate your client onboarding and compliance checks?

Fill out the form to request your personalised consultation on how Encompass can help your business.

Alternatively you can contact our team directly on +44 (0) 333-772-0002.