Automate PEP, sanctions and watchlist ongoing monitoring
Large scale remediation projects and regular Know Your Customer (KYC) refresh are an ongoing challenge, especially in a climate of cost-cutting. A shortage of talent has hampered recruitment and sent headcount costs soaring – but quality can suffer if these activities are outsourced.
Automated ongoing monitoring from Encompass ensures that customer risk is promptly updated as changes occur to Politically Exposed Person (PEP), sanctions and watchlist status, reducing the burden of remediation and managing costs.
Enhance protection and compliance standards
Encompass automates ongoing monitoring, at an individual or entity level, against an organisation’s preferred suppliers of PEP and sanctions data, on a schedule driven by KYC policy requirements.
Intelligent Process Automation (IPA) from Encompass is pre-configured to an organisation’s existing KYC policies. Using policy criteria, all relevant individuals and entities are automatically included in ongoing monitoring programmes. The consistent application of policy enhances compliance standards and bolsters protection from regulatory risk.
Comprehensive IDV in a single platform
Existing integrations with a wide range of traditional and innovative identity solution providers allows Encompass customers to quickly and easily perform a range of IDV tasks in one single platform.
Increase productivity and retention
Too much of an analyst’s valuable time is spent on manual and repetitive data gathering and analysis, while not enough is focused on dispositioning and investigating high-risk alerts.
Ongoing monitoring from Encompass automatically updates KYC files in line with existing policies, alerting analysts when material changes require a decision that only a human can effectively make. As a result, analysts benefit from productivity gains and increased job satisfaction, driving retention of top talent.
Demonstrate compliance at all times
KYC files, complete with original documents, and comprehensive audit trails provide internal teams and regulators with clear proof of compliance. However, it can be difficult to accurately and comprehensively document the steps taken to update a file when relying on manual processes.
Encompass automatically creates an audit trail of all monitoring activities, including screening results, and analyst actions and decisions. This reduces time spent on internal audits and allows organisations to promptly provide regulators with high quality information when required.
Improve KYC quality
improved detection of PEP and sanctions exposure better protects the interest of your business and customers
Gain full control of KYC
dynamic audit trails track monitoring activities and changes to the PEP and sanctions status of a customer, supporting audits and investigations
Reduce the cost of KYC
minimising the manual burden on analysts and refocusing valuable time on high-risk activities reduces the overall cost of KYC
Improve customer experience
provide customers with uninterrupted access to products and services by ensuring KYC files always reflect current regulatory risk
Discover what Encompass can do for you
Ready to learn more about Encompass' intelligent process automation platform for KYC?
Fill out the form to request your personalised consultation on how Encompass can help your business. You can also contact our team directly on +44 (0) 333-772-0002.