Continuous KYC: A data-led approach that helps you find real risks in real time

Featured Speakers :
WHEN : 06/16/2020 10:00 am 11:00 am

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.