Continuous KYC: A data-led approach that helps you find real risks in real time
Featured Speakers :
Heather leads Accenture’s Financial Crime Risk Consulting team in the UK. She works with clients to mitigate internal and external threats via anti-money laundering, anti-fraud and operational resilience controls. She is experienced in shaping and delivering large scale transformation programmes that leverage new technologies and techniques to help organisations better manage risk, whilst also driving efficiencies. Over more than 20 years, Heather has worked with many global banks to improve their organisations, processes, systems and data. In recent years, this has extended to using advanced analytics, machine learning and AI.
Aaron leads Quantexa’s Contextual KYC solution and works with financial services clients globally to apply Quantexa’s decision intelligence platform to solve complex financial crime challenges. Prior to Quantexa he spent 8 years at EY in New York and London advising banking and capital markets clients on compliance technology, including how to use data and analytics to more effectively detect risk while improving the efficiency of compliance operations.
Complimentary webinar, courtesy of Quantexa and Accenture
Regulatory and customer expectations are increasingly putting pressure on financial institutions to change their approach to traditional Know Your Customer (KYC) activities. With the average bank taking over 25 days to onboard a new small and medium-sized enterprise (SME) customer(1) and a growing burden of cost associated with ongoing due diligence and periodic reviews, the current model of KYC is increasingly unsustainable.
In response, financial institutions are increasingly turning to new data-driven approaches to modernise their due diligence processes, spending a reported $905 million on KYC-related data in 2019.(2)
Join us to hear how a continuous, dynamic and technology-led approach to ongoing KYC monitoring can help reduce the overall burden of KYC activities and help financial institutions to more effectively detect risk in their customer book.
You will learn:
- How to move to a risk-based, fully event-driven ongoing due diligence process and the benefits of doing so
- How to evidence risk-based decisions using data and analytics
- Why contextual decisioning technology is a key facilitator for this change in approach
- Examples of how financial institutions have approached this change from a policy, architecture and change management point of view
- How to take a first step forward towards Continuous KYC
(1) Thomson Reuters Cost of Compliance, 2016
(2) Burton Taylor report, 2019
This session is eligible for 1 CFCS credits.
Important note for ACFCS members: Please register using the same email address tied to your member account.