Valcon plays a vital role in helping financial institutions combat financial crime by enhancing data management, regulatory compliance and strategic decision-making. By establishing robust data definitions and comprehensive reporting frameworks, Valcon ensures a single source of truth and regular updates on progress, keeping institutions aligned with regulatory expectations and ready for audits.
Ensuring data integrity and regulatory adherence through customer due diligence
As a strategic partner, Valcon collaborates with Financial Economic Crime (FEC) management teams to identify and implement performance improvements. This partnership fosters continuous enhancement and operational excellence. Additionally, Valcon’s forecasting processes and top-down strategic dashboards provide critical insights for informed decision-making, enabling institutions to manage workloads efficiently and navigate the complexities of financial crime prevention.
Ensuring data quality is another priority for Valcon, with rigorous data quality controls and business rules in place. Valcon assists in data remediation projects and creates insights into data flows within organisations, improving overall data management. Accurate data is essential for effective management and regulatory compliance, enabling institutions to steer short cycles and create precise management information.
By focusing on these critical areas, Valcon empowers financial institutions to remain compliant, efficient and resilient in a challenging regulatory environment. Their comprehensive approach ensures that institutions are well-equipped to combat financial crime effectively, maintaining high standards of data integrity and regulatory adherence.
Guiding institutions to a future-proof and customer-oriented financial crime organisation
Due to the dynamic regulatory landscape, organisations primarily focus on establishing a robust CDD practice. However, a secondary but significant priority is enhancing the efficiency of these practices.
As a strategic partner, Valcon advises financial institutions on effective workforce planning to allocate resources efficiently, focusing on areas that generate the most value while minimising redundant or ineffective efforts. Financial institutions that have implemented strategic workforce planning are cost-efficient and better positioned to address evolving challenges in financial crime prevention whilst remaining compliant and maintaining their competitive edge.
Enhancing the customer experience in client outreach programmes
Financial institutions carry the responsibility to safeguard the financial system and prevent financial crime. Know-your-customer (KYC) procedures have become a key obligation to ensure adherence to rules and regulations. While it’s necessary, it can have an impact on the customer experience if the processes in place are not designed with the customer in mind. Customer centricity is key to enabling financial institutions to gather the information they need to become compliant.
As a strategic partner to financial institutions, Valcon facilitates the shift to a more customer-centric approach and way of working. Together with our clients, we set up and run strategic programmes to design, implement and/or streamline their customer outreach processes. We are involved from beginning to end, focusing on all elements that impact the customer experience. Whether it is designing and implementing the customer journey process or a matter of creating clear customer communication by elaborating on the why and allowing the customer to understand the role they play in protecting the financial system.
Through close collaboration and involvement of all stakeholders, including the customer, we make sure that our clients’ KYC procedures are less of a burden on the customer experience whilst still ensuring they adhere to the rules and regulations.
Act now
Are you ready to enhance your financial crime prevention strategies? Contact Valcon today to discover how we can help you optimise your data management and compliance initiatives. Together, we can build a resilient and customer-centric approach to combating financial crime.
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