In this article, we’re going to cover the summary of what you need to have an effective compliance program. You can read more about the five pillars Get the whitepaper: Setting Up a Robust and Automated Risk & Compliance Management Program.
Once you’ve understood these five pillars of your compliance program, your fundamentals, your customer identification, your due diligence, your monitoring, and your audit and reporting, you’ll figure out how to put them together.
How do you integrate the fundamentals of compliance?
All you need to do is integrate the fundamentals of risk acceptance and risk management configuration and tuning, a robust customer identification process, a standardized and comprehensive customer due diligence and risk assessment process, a continual customer monitoring process, and a structured and automated event capturing regulatory reporting and audit review process into a secure and automated digital platform.
You can make your customers happier, boost your bottom line by at least 250K a year, and never face a compliance fine.
You also need continual improvement. Regulatory changes will occur, new requirements will come about, and new capabilities will be available. You need to deploy those, and you need to conduct your operations.
There's a better way than trying to put this together ad hoc
If you suspect there’s a better way than trying to put this together ad hoc, there is. You’re not alone. We focus on managing inherent risk and improving control effectiveness, and it is possible for asset managers, alternative investment funds, and transfer agents to massively improve their investor experience, avoid compliance fines, and boost their bottom line significantly.
Most people fail or struggle because their business does not take a holistic approach to compliance, and the teams are overwhelmed with complicated assessments and audits that involve lots of manual checking and double-checking. Also stuck with manual processes, they lack integration, and they’re overloaded with documents and different evaluation tools that rely heavily on emails, checklists, spot reviews, Excel, and integrating a diverse set of disparate tools to conclude.
Are we a good fit? KYC3 is for alternative finance looking to digitize their entire compliance process, but they’re struggling with the complexity and technical challenges of integrating everything within a reasonable time and budget.
We are focused on the specificities of alternative investment, private equity, wealth management, and virtual asset service providers.
What happens if you work with KYC3?
You will identify your clients quickly and securely. Your clients will be able to securely upload their data directly to you.
You will be able to see the status of your dossiers in real time with no surprises. You will manage complex risks and compliance without worry. You can easily evaluate client-provided documentation with confidence.
You can see exactly where the risks are in your portfolio of counterparties. You will be able to meet your reporting requirements on time. You will be able to manage complex and dynamic KYB structures and you will get instant risk assessment updates when structures change or merge.
You will be able to always get the latest UBO and control charts for each dossier in your system, and get documented records of your compliance activities including customer consent, for example, for GDPR and FATCA CRS. You will analyze risk with complete and reliable records.
You will respond to regulators and auditors quickly and accurately. You will enjoy the benefits of a fully digital process. You will no longer rely on checklists, emails, and files scattered across folders.
And you will finally get rid of tedious manual remediation audits and report preparation. You can forget about audit surprises and lost documents and you can feel confident, empowered, and have a clear overview of everything under your responsibility. You will never again face an audit or regulatory review with uncertainty or doubt and you will never again be fined for non-compliance due to disorganized information or opaque processes.
So if you’d like to learn more, head over to KYC3 where you can find a wealth of resources, more videos, and more documents. Check out our social media and book a call with us.
We’d love to have a conversation and see if we could help you out, see if we’re a good fit, and give you a price. Book a call with us
