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Today's rapidly evolving regulatory environment means firms are
increasingly looking for faster and more cost-effective methods to
reduce the burden of know your customer (KYC) requirements.
To serve this growing demand, IHS Markit KYC Services has
partnered with robotic process automation specialists,
encompass corporation to support the automated procurement of
data from a wide range of sources including corporate registries,
exchanges, regulator sites and other local authorities and
associations. encompass corporation specialises in the aggregation,
presentation and visualisation of data to support accelerated KYC
due diligence processes.
By integrating this technology into Counterparty Manager's KYC
Services, IHS Markit has improved data quality and is delivering a
30% reduction in the time taken to gather KYC data, as well as
offering further benefits associated with automation including:
Enhanced quality and consistency of KYC - automation ensures
processes are carried out in the same way every time.
Reduced complexity of customer onboarding - intelligent process
automation is capable of handling complex analysis in a fraction of
the time taken by humans.
Improved compliance standards - automation of standards ensures
demonstrable compliance with full audit trails.
"Our partnership with encompass is helping us increase
efficiency, speed of production, and further improve our high
quality due diligence for our KYC services," said
Marjorie Chee, global head of KYC Services, IHS Markit.
"Through technology, we have automated traditionally manual
processes, improving data quality for our growing customer base as
well as scaling up to support new jurisdictions - allowing us to
have a greater risk focus on screening for negative news and
politically exposed person (PEP) checks rather than purely data
collection."
"IHS Markit KYC Services are trusted by leading financial
institutions globally and we are pleased to be supporting their
ongoing innovation and commitment to their outstanding customer
offering", said Wayne Johnson, CEO and co-founder of encompass
corporation.
Our KYC Services streamlines and automates the collection of
customer information and KYC due diligence reviews, enabled through
our KYC portal, our experienced KYC operations team, and our
extensive network of client contributors.
KYC Services enables the sell-side to obtain publicly available
KYC information automatically, outreach to and exchange KYC
information with their customers, and conduct KYC due diligence on
their customers. The services also enable the buy-side to exchange
their KYC information with their counterparties through a single
centralised portal.
KYC Services focuses on two service offerings which support our
customer's KYC processes, both for onboarding new customers, and
refreshing / remediating information on their existing clients.
These offerings, which leverage our bespoke technology and KYC
operations team, include:
Our public information KYC review ("PKYC"), with ability to
include screening services
Our managed service provides more bespoke services based on
client need.
For more information, get in touch at sales@ihsmarkit.com
Posted 12 March 2019 by Marjorie Chee, Global Head of Managed Services, Regulatory Compliance, IHS Markit
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
