ELEMENT of Compliance – pKYC
Today’s KYC Challenges
Traditional Know-Your-Customer (KYC) processes are limited both from a technological and process perspective. In particular, one-time or infrequent, batch KYC monitoring is both inadequate and costly. Financial services organisations are facing the following key challenges:
Exhaustive information gap analysis
Outdated customer information which is not in sync with prevailing KYC policy requirements.
Inaccurate risk reflection and remediation planning
KYC portfolio risk assessment is based on dated information leading to wrong effort estimates and timelines being used.
Fragmented remediation process
Multiple manual workflows and processes are used and there is no feedback loop for ongoing remediation operations, resulting in a higher cost of operations.
Financial institutions are taking new approaches to future-proof their KYC Operating Model.
BlackSwan’s Approach
Existing KYC challenges can be resolved through a holistic operating model which would be based on BlackSwan Technologies’ Event Driven Review (EDR) capability; which solves key technological impediments. EDR is a core component of BlackSwan’s pKYC (perpetual KYC) solution, with the following benefits:
Key Differentiators
Futureproof operating model
Transformed operating model based on EDR, helping the organisation to move away from periodic KYC reviews and facilitate near real-time updates of their back book, enabling proactive risk assessment.
Seismic reduction in OPEX
Moving away from capacity-intensive periodic review operating models results in ~60% reduction in cost of remediation.
Unlimited KYC profile refreshes
Potential to refresh an unlimited number of corporate KYC profiles on a monthly basis. This is far more effective than the one-to-three year periodic reviews that many firms currently use.
Customisable workflow engine
Bespoke end-to-end KYC remediation workflow orchestration.
Proven Event Detection and Analytics engine
The engine is combined with data sourcing and management, and dynamic case management.
Real-time entity and portfolio risk assessment analysis
Extensive risk classification and scenario analysis using inbuilt risk engine for real time client and portfolio risk assessment.
Enrich your customers' profiles and find discrepancies between different sources.
See a real-time version of a customer profile and be alerted to information that needs verifying or updating.
Additional Features
- Data is processed as event flows, ensuring pKYC is a natural extension of traditional KYC capabilities.
- Adherence to compliance deadlines through rapid deployment.
- Ability to define multiple parallel data-driven workflow.
- Ability to define bespoke policy on materiality of data changes.
- Enhanced entity resolution, automatic information collection and digitisation from external and internal sources – structured and unstructured.
- Comes equipped with a proven Event Detection and Analytics engine.
- Extensive risk classification and scenario analysis using inbuilt risk engine for real time client and portfolio risk assessment.
- Event Driven Review (EDR) enhances in-life due diligence, automated processing/case handling and risk-based treatment of trigger events according to policy
- EDR – Ongoing and dynamic KYC screening of already existing entities using OSINT and Graph Computation
- EDR – OSINT and automatic cross referencing from multiple primary sources; perpetual KYC refresh based on configured data sources.
- Unique capability to determine credibility settings for each and every attribute within each source to ensure data quality is unparalleled.
- Reduction of risk of fines by moving away from time-consuming and inefficient periodic reviews to continuous reviews.
- Increase in data source coverage.
- Improved risk, operational and compliance controls
An Integrated Component in Financial Crime Compliance
pKYC is a core component of BlackSwan Technology’s ELEMENT of Compliance™. The solution addresses the full range of capabilities to support and augment financial crime compliance, including:
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