In addressing the inefficiencies inherent to the practices
governing the compliance sector, the KYC Portal platform, launched in late
2016, already delivers a unique set of ground-breaking innovations that help
streamline the entire compliance process: from the delegation of document
collection, custom automated risk score calculations allowing for zero human
input in the on-boarding of all customers and the equally system-determined
acceptance of low-risk subjects (allowing organisations to refocus their
expertise where it really matters), automating the ongoing reviews of customer
accounts, minimising exposure to risk to a single day and reducing costs by
over 60%.
At the
Harnessing FinTech Innovation in
Retail Banking event in London, this June 7th, Aqubix, creators
of KYC Portal are introducing the revolutionary Compliance Community.Taking the cue from compliance experts’
requests to help them determine the correct course of action when setting up
the bespoke rules and regulations governing KYC Portal, the Compliance
Community portal allows the anonymous cross-checking across jurisdictions,
industries and dataset types with free text searches to determine specifically
what single or multiple operators are collecting, how they structure their data
and what requirements they place on single customers.
The Compliance Community allows users of KYC Portal to compare
all the configuration data and rules governing individual programme setups
across all other users, in any jurisdiction, industry or program type. Access is granted after having in turn shared
their own setup in a totally anonymous fashion, opening up a world of
opportunities through which operators can finally come to terms on whether they
are doing too much or to little at the expense of impacting their business
objectives.
Offering the ability to drill down datasets granularly, users can query any
variable, rule or parameter across participating operators’ configurations, including entities, the field collected
on each entity, respective scoring risks, questionnaires and related scored
answers and also mandate documents and checklists. The Compliance Community allows
operators to determine what volume of data should be collected, how risk is
being perceived and calculated, the type and extent of mandated documentary
evidence being required, the construction and depth of profiling questionnaires
and associated result scores.
In addition, users can, always in total anonymity, query directly the author
being referenced, allowing for ongoing communication that in turn contributes
to a uniform approach across all sectors, effectively creating homogeneous
benchmarks based on actual processes that are being implemented in the
industry.