Financial safety is the first benefit of regulatory compliance and ensuring a real-time view of the current status in compliance, can help firms improve reporting capabilities, a new blog from KYC Portal claims.
Reports are a major part of regulatory compliance and help to ensure firms meet requirements of industry standards, laws, rules and regulations set by government agencies and regulatory bodies. The scale of the task encompasses the whole business, touching every part.
KYC Portal offers a reporting dashboard designed to help firms receive a real-time view of their current situation, giving them a sub-set of data and empowering them to build reports for corporate compliance.
The solution enables companies to meet all their regulatory requirements as well as filling the details for ancillary report requirements such as business risk assessment. KYC Portal is dynamic, meaning the user can create their own fields, statuses, entities and more.
There are no static reports on the platform, but clients can create their own from scratch whenever needed, setting the name and schedule. Furthermore, the system can show when reports are set to run and the extracted data to improve transparency.
In its blog, KYC Portal said, “Having this kind of flexibility and control is very important from a reporting perspective since it will allow you to tailor any data extract on a historical basis (daily, weekly or monthly). Such extracts will be able to provide you with the data you need for the end of year regulatory compliance reports.”
Companies can filter applications via a selection of parameters.
To read the full article click here.
KYC Portal recently released another blog post explaining the benefits of automating the supplier onboarding process.
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