As the regulatory landscape continues to grow in complexity, firms are consistently having to upscale their compliance teams to cope.
A new blog post from KYC Portal discusses how technology the superpower that makes compliance teams manage the rising challenges.
It states that no matter how much a compliance team grows, it often feels like a “circle of doom.” One of the biggest issues teams have is not keeping up with on-going requirements by regulators. To fix this problem, a firm needs an automated system.
For example. KYC Portal removes the need of keeping employing resources to keep up with regulatory burdens. Instead, it automates manual aspects of compliance, freeing staff to focus on the more compliance important tasks.
It said, “KYC Portal is the most reliable asset in your compliance team, it never forgets. KYCP keeps a full historical tamper proof audit of whatever happens within the system itself. There is nothing that can happen without it being recorded, even when simply viewing an organigram or a document. Even if you integrate KYCP via API with your internal system, it is also all added as part of the audit itself. KYCP will never miss a review that is due or a document that is expired.”
It continued to state that the platform simplifies ongoing reviews to a formality due to its user-centric notifications that are delivered at home screen level and via email which are triggered by changes in the status of applications.
One of the biggest advantages of the platform is that it beings “peace of mind that your reputation is safe guarded from any risk.” It states that data will be secured, and the company is completely compliant with the latest changes.
It concluded, “In the lack of automation, the only way to cope with regulatory compliance and due diligence is by ensuring that you have a team that can handle the load of subjects. However, KYC Portal directly focuses on minimising the regulatory burden on business goals, and it has never been easier.”
Read the full blog post here.
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