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Continuous KYC from Accenture + Quantexa

Knowing your customer is one thing. Understanding them is everything. https://accntu.re/3zvEyZw

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Continuous KYC from Accenture + Quantexa

  1. 1. Knowing your customer is one thing. Understanding them is everything. Continuous KYC from Accenture + Quantexa. Introducing a new, dynamic risk assessment model. An approach that combines solid knowledge of the regulatory environment with cutting-edge tools to give you an expanded view of your clients. Copyright © 2020 Accenture. All rights reserved.
  2. 2. First established in rapid response to new regulation, it’s hardly surprising that the Know Your Customer (KYC) function is seen as time-intensive, laborious and frustrating. Customer experience was never part of the equation; the goal was to demonstrate compliance at all costs. But now we’re familiar with the fundamentals, we can make KYC so much more. The next step is bigger than mastering efficiencies. It’s time to integrate it with broader client management strategies so that we can greatly improve the KYC experience. Turn compliance into a customer experience opportunity 2 Copyright © 2020 Accenture. All rights reserved.
  3. 3. 3 Copyright © 2020 Accenture. All rights reserved. Rising Costs Due to KYC and Customer Due Diligence (CDD), compliance spending is on the rise. 72% of financial services firms are targeting Compliance cost reductions of >10% over the next 3 years.* We also see a loss of revenue, as lengthy onboarding times drive clients to go elsewhere. Increasing Inefficiency Ownership structures are increasingly complex and hide criminality, politically exposed persons PEP and sanctions connections. The current model of periodic reviews is resource intensive and rarely results in a change of risk rating. Client Frustration KYC checks can be repetitive and often cause clients to switch banks. Onboarding is highly-manual, and with limited automation and review strategies, customers are contacted multiple times throughout. The result: they vote with their feet. The complexity of KYC has resulted in skyrocketing costs, with little improvement in effectiveness and client satisfaction. *Data from the Accenture 2019 Compliance Risk Study What needs to change?
  4. 4. Highly manual workload No automated research High manual collection process Multiple hand-offs between Ops / Risk Management (RM) / Client High amount of false positives The current situation 4 Copyright © 2020 Accenture. All rights reserved. Handling times: Retail / Domestic Small and medium-sized enterprises (SME) / Corporates Large Corporates 2–7 hours 7–18 hours 25–45 hours  No integrated screening tools  High manual investigation efforts  Fragmented workflow  Frequent changes to CDD standards  Difficult to identify client Ultimate Beneficial Owner (UBO)
  5. 5. 5 Copyright © 2020 Accenture. All rights reserved. The below diagram provides a high level overview of the current end to end KYC process and highlights some of the key challenges faced by clients: Current KYC reviews are manual and based on a static periodic review cycle Largely Manual Process Adverse media & name list screening Collect info/docs and assess gaps DATA SOURCING & MANAGEMENT CASE REVIEW Distribute & assign cases Set-up KYC record Triggers Onboarding Periodic CASE GENERATION Up to 20 iterations Manual construct of corporate hierarchy CUSTOMER NETWORK BUILD & SCREENING Acquisition of external data Manual google search 30+ min. Due diligence, risk rating and decision OPS RM CLIENT Re-work if data update ENHANCED DUE DILLIGENCE Final assessment KYC/onboarding decision Business acceptance Acceptance / first time pass rate < 50 % Escalations to compliance OPS RM CLIENT
  6. 6. 6 Copyright © 2020 Accenture. All rights reserved. Continuous KYC from Accenture + Quantexa Introducing a new model Accenture has partnered with Quantexa to develop a dynamic client risk assessment model for banks. Accenture’s knowledge of the ever-changing regulatory environment, combined with Quantexa’s contextual decision intelligence platform, gives you an ever-evolving view of your customer in an approach we call Continuous KYC (cKYC).
  7. 7. 7 Copyright © 2020 Accenture. All rights reserved. Automated Threat Monitoring A shift from periodic to event-based reviews through automated threat monitoring. Low risk changes are flagged removing the need for manual checks. Dynamic Risk Scoring A renewed focus on the behavioral and transactional context of clients. Constant, dynamic risk scoring that takes a data-driven and risk-based approach across all KYC and CDD activities. Unified Network View Link all related entities into a single dynamic network of KYC profiles, with automated KYC data collection and integration. Simplified Enhanced Due Diligence Monitor the entire customer network as generated and flag any potential hidden risk. Perform enhanced due diligence based on exceptions. What does an evolving view of your client look like?
  8. 8. 8 Copyright © 2020 Accenture. All rights reserved. *Data from Thomson Reuters 2016 Know Your Customer Survey, https://www.thomsonreuters.com/en/press-releases/2016/may/ thomson-reuters-2016-know-your-customer-surveys.html While financial firms’ average costs to meet their obligations are $60 million according to one survey, some are spending up to $500 million on compliance with KYC and CDD.* The costs and complexity of KYC are rising and negatively impacting businesses. cKYC lowers costs… cKYC allows banks to improve inefficiencies in their KYC process through automation, leading to a significant reduction in the cost of KYC.
  9. 9. Continuous KYC positively impacts all elements of the KYC process cKYC elevates your business’ KYC function above the current industry standard through improvements in Case Generation, Data Sourcing, Screening, Case Review and Enhanced Due Diligence. cKYC future state Case Generation Data Sourcing and Management Event-based model Mostly manual Mostly automated, some manual Manual data collation Automated data collation Enhanced Due Diligence (EDD) High number of escalations Simplified, exceptions based escalations Most cases require EDD Few cases require EDD Case Review Client contact required in all cases No client contact required Most cases require client contact Few cases require client contact Customer Network Build and Screening Screen at review Customer / connected parties generate their own alerts Screened mostly periodically Screened mostly through portfolio monitoring Time based cycle Mostly periodic Mostly event based, some periodic 9 Copyright © 2020 Accenture. All rights reserved.
  10. 10. 10 Copyright © 2020 Accenture. All rights reserved. More tools, better answers When analytics, search, data visualization and AI come together, so too does a more detailed portrait of your clients. More automation, renewed trust The client experience is a happy one when unnecessary back and forth processes are reduced. More analytics, stronger connections Bank managers can build better relationships with clients when they are able to draw the right conclusions from your data. More data, higher accuracy Getting a precise picture of your clients is easy when changes in your data sets are automatically flagged. And brings big benefits…
  11. 11. 11 Copyright © 2020 Accenture. All rights reserved. Accenture + Quantexa Solving Industry Problems Co-creation of financial crime capability Strategic Partnership
  12. 12. Accenture’s Financial Crime and Digital group is able to bring a wealth of experience in undertaking large scale transformations in KYC, and is at the forefront of industry transformation at a number of clients. Building on our experiences of process, data and technology transformations, we are able to bring the right skills, experience and industry insight to drive significant business outcomes for clients, leading to an increase in operational efficiency, reduced volumes and increased risk management. 12 Copyright © 2020 Accenture. All rights reserved.
  13. 13. Quantexa’s Contextual Decision Intelligence (CDI) platform connects billions of data points across internal and external data sources, to provide a single contextual view enriched with vital intelligence about the network of relationships between people, organizations and places. Our Financial Crime and Risk monitoring solutions provide the context needed to uncover hidden risk more efficiently and with greater accuracy than traditional systems, reducing false positives by over 90% and empowering teams to focus on real risk and make better operational decisions. 13 Copyright © 2020 Accenture. All rights reserved.
  14. 14. 14 Copyright © 2020 Accenture. All rights reserved. Final Assessment Escalations to Compliance Investigation Identified Risk Customer Outreach Distribute and Assign Cases Set-up KYC Record and Pre-scoring Review Info/Docs and Assess Gaps Client Contact and Screening (Exceptions Only) Due Diligence, Risk Scoring and Threat Detection Automated Client Contact Screening of Customer Network Onboarding Request Data Collation Entity Resolution Generate Customer Record and Network View Data Attribute Matching Data Standardization Triggers Onboarding Periodic AUTOMATED PROCESS REDUCED MANUAL EFFORT Reduced Handling Times Data & Customer Context Driven Improved Risk Identification Focused Triggers CASE GENERATION CASE REVIEW ENHANCED DUE DILLIGENCE CUSTOMER NETWORK BUILD AND SCREENING DATA SOURCING AND MANAGEMENT Our process
  15. 15. 15 Copyright © 2020 Accenture. All rights reserved. Automated Customer Data Collation Build a single 360 degree view of the customer. Automatically search external and internal data sources to identify all information available about the customer. Entity Resolution, and Network Generation Resolve the entity on external sources, identify any hidden relationships and generate improved accuracy from screening results. Automated Client Contact Outreach via client‘s preferred contact channel and servicing portals to collect and update information. Advanced, Accurate Analytics Advanced data analytics to inform risk scoring and changes to known client information to accurately trigger KYC reviews. Improved Triggers Reduced trigger volumes and only focused on relevant cases where customer risk has changed. More Effective Case Review Reduce manual processes. The data collated before a case is triggered is presented, and reviews no longer require extensive data gathering and multiple back and forth with the client. Effective Enhanced Due Diligence We use risk scores and network graphs to simplify enhanced due diligence and identify financial crime risks, escalating them as needed. Our solutions
  16. 16. 16 Copyright © 2020 Accenture. All rights reserved. Tailored Design Every journey to cKYC is unique, so we don’t roll out a standard “off the shelf” framework. We design our solution around your policy, preferred data sources and overall strategy. Self-sufficient Technology New tech shouldn’t clash with the old. Our open architecture tools can be easily integrated with your existing stack. End-to-end Transformation Our approach covers the entire compliance process, including your people. We provide upskilling in data and analytics, change management and risk advisory services. How we work with you
  17. 17. 17 Copyright © 2020 Accenture. All rights reserved. Phase 2: Tailored Solution Design Client specific solution designed to gather required KYC information from preferred data sources. Quantexa solution connects to client’s preferred internal and external data sources. Phase 3: Pilot Deploy of Tailored Continuous KYC solution to a pilot population. Measure and quantify benefit of deployment to pilot population. Phase 4: Test and Improve Gather machine intelligence (MI) data coverage metrics and identify areas for improvement. Introduce further data sources to allow for iterative improvement in accuracy of risk events, better assessment of materiality, and enhanced investigation. Phase 5: Deploy to entire KYC population Connect to further data sources and use other techniques like inference to gather required KYC information for other customer segments or countries. Deploy tailored continuous KYC solution design to wider population. Phase 6: Continual Risk Management Investigations driven by a range of ‘triggers’. MI automates most decisions with specialized human input for key risks only. Improved customer experience, reduced workload and better risk control. Phase 1: Current State Assessment Understand client end-to-end KYC process today. Make sure client is able to support capabilities required to implement Continuous KYC. The journey to cKYC
  18. 18. 18 Copyright © 2020 Accenture. All rights reserved. Ready to begin? Get in touch. Andy Frost Europe, the Middle East and Africa, Quantexa Mark McNerney Global Alliances Director, Quantexa Derek Brown Americas, Quantexa Shaun Mathieson Asia Pacific, Quantexa Heather Adams Managing Director, Risk Resilience Lead, United Kingdom & Ireland Archit Chamaria Senior Manager, United Kingdom & Ireland Sapan Dogra Managing Director, Applied Intelligence Adam Markson Managing Director, Risk Lead, United Kingdom & Ireland
  19. 19. 19 Copyright © 2020 Accenture. All rights reserved. Continuous KYC by Accenture + Quantexa About Accenture Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries—powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 509,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.

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  • PeteDAgostino

    Jun. 17, 2021
  • LVnTht

    Jun. 29, 2021

Knowing your customer is one thing. Understanding them is everything. https://accntu.re/3zvEyZw

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