Compliance Best Practices: Leveraging Data Analytics to Streamline Your KYC Program
With the use of data analytics, Operations and Compliance leaders can work towards achieving a more streamlined and efficient KYC (“Know Your Customer”) program.
For many years, compliance processes, such as KYC programs, rushed to satisfy regulations as quickly and as cheaply as possible. However, this often came at the expense of operational efficiency and the overall client experience.
Through the use of data analytics, there are now more solutions than ever before to streamline certain areas of compliance. Particularly, as we have demonstrated for our clients, KYC programs offer a variety of opportunities ripe for the assistance of data analytics and related solutions. We believe that current and potential clients alike will be interested to learn more about the ways we have leveraged data analytics to streamline KYC programs.
Some key challenges that clients need to address in building sustainability include:
- Driving operational efficiency
- Enhancing client experience
We have worked closely with our clients to leverage data analytics to improve operational efficiency and ultimately enhance the client experience.
Data analytics solutions are often a cheaper and faster alternative to technology solutions.
With the use of data analytics , we have been able to take the appropriate steps towards maximizing analyst efficiency and quality in several tested use cases.
 Please note that the use of the data analytics solutions put forth in this document must be consistent with your firm’s applicable internal policies and procedures.
Next, by defining and agreeing upon a clear methodology, population scheduling can be automated with the use of data. Typically, there are teams of people scheduling the population based upon a series of data points and special requests. If scheduling is automated, the size of the team can be reduced, and it would make this function more readily auditable.
Finally, by using quality metrics, root cause analyses can be conducted to identify common errors and determine ways to remediate these issues sustainably saving time and resource on identifying and fixing the reoccurring errors and driving a higher quality of work.
These are just a few instances where the use of data and analytics have been proven to improve efficiency, quality and client experience in the KYC space. Through continued execution we are constantly improving and discovering new ways to be able to use data analytics to improve the KYC compliance programs of our clients. Small data driven changes can ultimately make a large difference.