CAPABILITY

 Know Your Client Managed Services

Business process outsourcing and workflow solutions to help UK banks keep ahead of the KYC regulatory curve.

Overview

When knowing your client is a regulatory requirement, it’s critical for financial services providers in the United Kingdom to gather and retain essential facts about every client. The steps involved can make Know Your Client (KYC) regulations a resource challenge.

The Know Your Customer (KYC) Rule requires banks and financial institutions to capture and retain key facts about each customer, and about people authorized to act on behalf of the customer. The ruling introduced new processes for banks to manage, including:

  • Backbook remediation for all risk profile client types

  • Developing new-to-bank KYC onboarding practices and incorporating them into “business as usual” activity streams

  • Scheduling KYC renewals of client profiles

Responding to KYC obligations means banks must keep on top of client profiles coming up for scheduled renewals—in addition to handling standard new-to-bank onboarding procedures.

Keeping up with this new layer of activity can be challenging, and can tap into resources banks may wish to deploy elsewhere. Accenture’s Know Your Client Managed Services eases some of this resource strain, making available several flexible models banks can leverage for help in meeting KYC obligations, managing resource capacity and handling throughput based on the bank’s needs and directives.

DOWNLOAD KNOW YOUR CLIENT MANAGED SERVICES [PDF, 637KB]

Why Accenture

Working with Accenture’s Know Your Customer Managed Services, banks in the United Kingdom can keep ahead of the regulatory curve. Financial Services providers stand to gain in several areas critical to KYC functioning.

Accenture’s Know Your Customer Managed Services offers banks many advantages:

  • Our proven KYC workflow platform delivers improved process control, more auditable management information and increased operational productivity

  • Once configured, the workflow solution can be extended to client due diligence (CDD) operations

  • Capacity planning is managed jointly with the bank’s CDD resource prioritization committee

  • Quality control delivers process control and adheres to the bank’s standards

  • Quality assurance employs a risk-based approach with sampling options ranging from 10 to 100 percent

  • Management information (MI) and internal reporting is comprehensive and auditable thanks to built-in MI processes within the workflow

Accenture’s strategic site in Newcastle offers the flexibility to ramp up or down, depending on needs. Accenture offers the potential to ramp up to 600 full time equivalent resources in eight to 10 months, should the bank require it.

Specific Services

Accenture’s Know Your Customer Managed Services can be configured in a variety of ways, depending on a provider’s needs. Banks can choose from one of three KYC models:

  • Ongoing Overflow Managed Services equips the bank to complete new-to-bank and ongoing KYC workflow, while offering burst capacity support when needed. The Accenture support is managed as an ongoing service to the business.

  • Overflow Managed Services with Transition lets banks access high performing analysts through a feeder program. If and when needed, Accenture transitions resources to the bank for longer term support.

  • Co-Build Strategic In-Bank KYC Service leverages the bank’s policies and workflow to build a KYC capability, with the ability to transfer resources over the long term if needed.

Offering flexibility to ramp up or down as needed, delivering KYC-experienced resources and embedding training and development capabilities, Accenture can help ensure banks have the KYC coverage they need to keep ahead of the regulatory curve.