Financial Crime & Compliance | Design and setup of a centralized KYC quality assurance hub

Client Needs & Objectives

The bank initiated a large transformation of its Compliance & Controls function with organizational, IT, process and change management components.

The main objectives were as follows:

  • Define the target operating model for the centralized hub
  • Define end to end review process including interactions between Compliance, hub team and operational teams
  • Design monthly KPI reporting and issue analysis to support improvement of quality of files

Our Approach

A key element of this was to design and deploy a centralized hub which would perform quality assurance of KYC files produced by operations across 13 countries

1. Current set-up analysis

  • Analyze volume of files to be reviewed to ascertain size of hub and organizational design
  • Understand current state control plans and future state requirements to rationalize control points ensuring controls remain effective and efficient but minimizing impact on onboarding process timeline

2. Process design and performance monitoring

  • Write a detailed standard operating procedure and train new KYC hub team members in process to ensure they are able to perform quality assurance role
  • Prepare tracking and reporting tools to report back to management on KPIs of files reviewed
  • Project management to manage staggered migration of multiple countries across APAC on to new process

Main Deliverables

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Client Benefits & Main Results

Standardized process across APAC including rationalized control approach

Increased standard in quality of KYC files produced across APAC

Efficient hub design including leveraging on shared service center to minimize budgetary impact

Automated reporting including root cause analysis on KYC production issues