Situation
Our client, a British-American multinational risk management, insurance brokerage and advisory company was looking to design and implement Know Your Client (KYC) processes across 140 countries all with varying regulatory requirements and needs.
The firm was worried about its vulnerability, concerned there was no consistency in its global KYC approach, there was no single KYC solution in place and there was no ability to demonstrate what KYC was being undertaken, where it was taking place, how it was being conducted, by whom and when it was taking place.
The client was looking for a trusted partner who was able to understand the complex needs of this global organisation and have sufficient knowledge and experience to support and guide the client to successful implementation.
Approach
The Valcon team, with its extensive financial crime knowledge and experience, worked with the client to design an approach to gather and analyse the global regulatory requirements, products, services and strategies deployed by the client.
We were then able to make recommendations on how to implement solutions and work in partnership to deliver these. Some of the specific deliverables included the successful roll out of a workflow management tool. Valcon also designed and implemented a senior management sign off process and implemented a simplified due diligence process and controls for use globally.
Other elements of the solution included the development of a UK specific customer risk assessment methodology and tactical calculator. The team also lead and managed an internal audit covering the KYC programme delivery work and solution and identified and analysed global UBO (ultimate beneficial owner) requirements and designed an efficient solution through external vendors and internal processes.
Results
Regulatory adherence: the Valcon programme ensured the firm could comply to global KYC standards, so protected it from regulatory fines and subsequent reputational issues.
Financial crime SME: provided the correct level of staff with the expertise and correct level of knowledge to support a global KYC programme.
Ongoing improvement: we provide a view and plan on how to evolve the KYC processes over the coming years to deliver ongoing efficiency in the process and approach.
