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Completion of a Period Review Backlog for a Multinational Financial Institution

Key achievements

  • Successful completion of the Periodic Review backlog by the May 2023 deadline.
  • Deployed 27 consultants, 40% of whom transitioned to permanent staff.
  • Extended team scope to include new KYC system implementation and 2023 review cycle.

Challenge

A multinational financial institution faced a growing backlog in their KYC Periodic Review (AML) due to stricter regulations and a local talent shortage. Their in-house teams in Dublin and Amsterdam lacked the capacity needed to meticulously review and enhance 1,300 client profiles within six months, to maintain compliance and integrate a new KYC software solution. They also needed to boost their team to deal with ongoing workloads and maintain high standards.

Solution

With our extensive expertise in AML and KYC, Albany Beck was brought in to help. We assessed their team's capabilities and identified skill gaps. We recommended expanding their Dublin team and deployed 27 consultants of varying seniority to expedite the project’s completion.

Committed to upholding the client's high standards, we also facilitated the transition of 40% of consultants to permanent staff within the client's organisation.

Results

The swift integration of Albany Beck consultants led to optimised workflows and accelerated project outputs. To further enhance collaboration and commitment, we implemented a "one team" approach, fostering a strong sense of unity across the team.

A five-pod structure with designated team leads was established to promote knowledge sharing and problem-solving, while consistent communication ensured everyone remained aligned on project priorities and goals.

Additionally, clear escalation paths were implemented to rapidly address any issues that might arise. Ultimately, the project's success was built on a strong client relationship characterised by honesty, open collaboration, and transparency.

The client's satisfaction was evident from their desire to retain 40% of the consultants for their 2023 review cycle.

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