These are challenging times for financial firms of all sorts. Many are struggling with rising compliance costs, exacerbated by a lack of seasoned, skilled professionals.
One-off fixes, in the form of low-cost, temporary staffing solutions, are neither cost efficient nor effective, and often lack appropriate governance. We believe there is a better way: evolving Anti-Money Laundering (AML) and Know Your Customer (KYC) functions into a data-driven, intelligent, managed services operating model.
With this model in play, we think companies can cost-effectively keep pace with regulatory demand, deliver strategic guidance and power growth. They can deliver this by using automation to improve boost AML and KYC functions, creating efficiencies far beyond what standard staff augmentation might achieve.
How can financial firms build this intelligent operating model? We recommend a three-phased approach that offers stability during design and start-up, while providing flexibility by identifying areas where processes can be enhanced and standardized early on.