Effective compliance and risk management programmes depend upon accurate and up-to-date Know Your Customer (KYC) data. Remediating KYC when the regulatory landscape and customer risk profiles are subject to constant change is both time-consuming and expensive.
Our client was embarking upon a significant KYC remediation programme, incorporating multiple deadlines and deliveries for major institutional investors/ blue chips and multinationals (high through to medium risk clients) spanning 59 locations. Its KYC function was struggling with the quality of resource and efficiency.
As a trusted, long-term provider of consultancy support, the firm approached us to discuss how our Financial Crime Pioneers could help meet the business’s immediate and long-term need for consulting support.
It was agreed that the rapid, staged deployment of 14 Pioneers would allow our client to execute the required improvements to its KYC remediation programme concerning both productivity and output.
Albany Beck assigned a highly experienced Engagement Manager to our client who worked closely with the business’s most senior KYC stakeholders to understand which Pioneers would be most suited to the organisation, from both a technical and cultural perspective.
We used a staggered deployment of these highly sought after Pioneers with the first consultants being onsite within ten working days of the client request.
With speed being essential, further technical training is delivered to our Pioneers per the business’s needs, throughout the various stages of the 18-24 month programme of work.