Streamlining a Global KYC function – Elusive or Achievable?

London - 10 January 2011

Streamlining KYC for Global Financial Institutions is possible with some structured thinking and utilizing a holistic approach, says a new white paper published by eClerx, a premier Financial Services Outsourcing and Consulting firm based in India with offices in Europe and the USA.

KYC has become a focus function due to:

Increased regulatory pressure, with regulators requiring ever-tightening control;
Lowered risk appetite, requiring better understanding of counterparties, their taxonomy and corresponding collateral exposure;
Business needs requiring faster turnarounds with lower costs in an environment of tightening margins.

Some of the key challenges that eClerx has seen adversely impact KYC are duplication of effort; over-diligence due to lack of clarity over requirements; violation of rules due to poor training, poor enforcement, or simply indiscretions on part of front office staff; poor internal and external interfacing resulting from inconsistent standards and ineffective tooling of processes.

The eClerx KYC whitepaper offers a framework to tackle the aforementioned issues, based on eClerx’s experience gathered at a number of large Broker-Dealers worldwide.

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