KYC Transformation – From Dream to Reality, Part 2: Culture Shifts and Future States

The second in a two-part series providing guidance on transforming know your customer (KYC) programs through automation, in conversation with Dalbir Sahota, VP of Bankers Almanac: Financial Counterparty KYC with Accuity. Find Part 1 here.



What do KYC and TripAdvisor have in common?

The connection between know-your-customer (KYC) and a popular travel review website may not be immediately obvious. But through their focus on aggregating useful data that helps with decision-making, online review sites like TripAdvisor could offer a glimpse into the future of KYC programs, according to compliance expert Dalbir Sahota.

Getting to that future state requires transformation of KYC programs, and automation plays a key role, reducing manual tasks in an effort to drive down cost and increase consistency. Transformation is not a technological challenge alone, though – People are at the heart of any effective compliance program, and KYC is no exception.

How can financial institutions build a culture of continuous improvement in KYC programs? How can automation empower analysts to focus on high-value tasks? What’s required from managers and leaders at financial institutions to make transformation possible?

In this special 2-part series, compliance expert Dalbir Sahota answers those questions and many others as he explores how to bring KYC transformation from dream to reality.

Part 1 examined factors driving increased pressures on KYC programs, as well as technical considerations and initial steps to implement automation. Part 2 focuses more on the human side of that transformation, exploring how to manage cultural shifts, training customers and much more. It also delves into KYC utilities, and considers the ideal state KYC years in the future.

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About the Presenter:

Dalbir Sahota has over 15 years’ experience working in investment banking operations transformation covering the domains of client data, foreign exchange services, derivatives middle office and KYC/CLM. Dalbir is currently VP of Bankers Almanac Risk and Compliance product propositions globally for Accuity. These products help organizations to detect and understand the regulatory and reputational risk of doing business with customers and counterparties.