With the rise in regulations, the amount of data being collected and the scale of information storage, effective data management has become crucial for businesses.
In a new blog post from KYC Portal, the company claims the rate of growth will only accelerate.
In its post, KYC Portal said, “Getting proper data management in place is important because the data your organisation creates is a very valuable resource. One must ensure they also have a proper understanding of the data, starting from the on-boarding and capturing of the data, to the ongoing processing of the data.
“The last thing you want to do is spend time and resources collecting data and business intelligence, only to lose or misplace that information. In that case, you would then have to spend time and resources again to get that same business intelligence you already had.”
KYC Portal aims to ease the burdens of data management by giving companies the ability to automate and manage the entire process from onboarding relationship management. It can then continue to automate the ongoing aspects of KYC, including risk-based approach, reporting, document requests and automated risk-based questionnaires.
By having all information centrally managed, companies can address regulations and requirements from a risk perspective. It also enables greater consistency in reporting and the ability to easily react to additional requests from regulators.
The KYC Portal solutions offers tools for compliance teams to define anything from review processes, definition of the risk-based parameters, the dataset collected on entities, document requirements, workflows, rules, questionnaires and more.
Furthermore, the company offers a solid data foundation across all entities, as well as a holistic view of entity exposure in all relationships.
KYCPortal added, “Having a complete and automated data management system in place, is not only beneficial from a risk perspective but also from an operational perspective.
“KYC Portal maximises your operational efficiencies by streamlining the process, by removing input from internal resources and having the platform interact directly with the subjects ahead of on-boarding, triggering human intervention only in the event of specific triggers and risk alerts.
“In turn, this significantly impacts the duration of the acceptance process, reduces touchpoints to the barest minimum, and as a result allows for greater numbers to be onboarded simultaneously with no bottlenecks, at significantly reduced internal costs in acquiring new customers.”
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