THOMSON REUTERS CLIENT ON-BOARDING

Transcription

1 THOMSON REUTERS CLIENT ON-BOARDING

2 THOMSON REUTERS CLIENT ON-BOARDING Thomson Reuters Client On-Boarding automates the on-boarding of new clients and ongoing refresh cycles. Integrating a purpose built application with the Thomson Reuters suite of solutions including World-Check the solution is faster and more cost effective than in-house client on-boarding solutions. Thomson Reuters Client On-Boarding also, facilitates compliance with regulatory demands and KYC, AML, CFT and PEP due diligence. CLIENT ON-BOARDING IS A CRITICAL PROCESS FOR BANKS AND FINANCIAL INSTITUTIONS Client on-boarding is emerging as a major focal point for banks and financial institutions, which are grappling with evolving market dynamics, stiff competition, regulatory scrutiny and operational overheads. Efficient, compliant client on-boarding offers banks the opportunity to expand into new territories, acquire newer and stronger businesses and establish themselves as best-in-class. Client on-boarding is also critical in ensuring that a financial institution is meeting the complex needs of Know Your Customer (KYC) compliance. Failure to comply with KYC requirements can lead to financial and reputational damage and even criminal convictions. It is therefore essential that organizations have a robust solution in place and one that has been specifically designed to manage the complexities of the on-boarding process. Thomson Reuters Client On-Boarding addresses the challenges inherent within the on-boarding process, saving time and money and facilitating compliance with global, national and local regulations. ALREADY HAVE AN IN-HOUSE SOLUTION FOR CLIENT ON-BOARDING? Compliant client on-boarding is a challenge with many facets and, as such, it requires a multifaceted solution. Legacy approaches to addressing this challenge have typically come with a bias towards a particular technology which already exists in-house, such as using a document management system to track KYC documents, a workflow process to track basic client request form status or leveraging a frontoffice CRM system. These independent and simplistic approaches only address single facets of the challenge. 2

3 GROW YOUR ORGANIZATION WHILE REMAINING COMPLIANT Thomson Reuters Client On-Boarding facilitates compliance with the complex and specific needs of KYC client on-boarding, while ensuring maximum configuration flexibility for the common areas of business change in the on-boarding process. Thomson Reuters Client On-Boarding combines over a decade of experience to deliver a solution which incorporates all of the features needed for successful client on-boarding. FEATURES REQUIRED FOR A ROBUST CLIENT ON-BOARDING SYSTEM CLIENT ON-BOARDING SYSTEM A client data model with integrated processes and a flexible policy rules engine Functionality capable of handling complex client hierarchies, complex products/services, complex relationships, complex on-boarding processes and complex KYC compliance/credit/etc. policies A rich client data model incorporating client structures (legal, ownership, operational, credit, etc.) and the complex links representing the institution s relationships with the client and other parties related to the business Experience in both project and business strategies specific to KYC compliance: knowing what works and what doesn t THOMSON REUTERS CLIENT ON-BOARDING THOMSON REUTERS CLIENT ON-BOARDING OFFERS: Aggressive delivery timeframes using a proven implementation methodology designed specifically for client on-boarding Out of the box on-boarding specific functionality and client data models that have been proven across multiple business/product lines and financial institutions Domain expertise in client on-boarding challenges and solutions Pre-configured templates for KYC regulatory requirements Emerging best practices for compliant client on-boarding embedded in the product A combination of the necessary components of an entity data model, workflow, business rules, data management and documentation management Implementations that are configuration-based, not discovery-based A proven track record of successful on-boarding implementations at large global financial institutions Support and growth of the entire on-boarding application and business functionality, not just the configuration toolkit 3

4 SAVE TIME, MONEY AND RESOURCES Proper on-boarding requires a combination of management technologies data, document, rule, hierarchy and workflow. Unlike in-house solutions, which typically only use one or some of these technologies, Thomson Reuters Client On-Boarding combines all of them. Thomson Reuters Client On-Boarding incorporates a well-structured data model that is capable of handling the complexity of capital market clients and business relationships, while coordinating large numbers of activities occurring in parallel. The information is structured in such a way that it can be leveraged by the multiple parties involved in on-boarding, from the front office through KYC, operations, risk, legal, credit, compliance, tax, etc. Moreover, the design of Thomson Reuters Client On-Boarding recognizes that the regulatory and compliance environment is ever-changing and therefore adapts to new requirements with ease. Thomson Reuters Client On-Boarding is a workflow process that is effective because it understands the structure and intricacies of the data that it is designed to capture and process. The specific goals of a client onboarding system are to collect the correct client information; maintain that data and documentation over time; ensure continuous adherence to policy and provide transparency and accountability throughout the process. Thomson Reuters Client On-Boarding achieves all of these goals. KEY FEATURES Domain Experts KEY BENEFITS The Thomson Reuters Client On-Boarding team has deployed on-boarding solutions for large financial institutions and is uniquely placed to bring an industry view on policies and processes. Automated processes Facilitates and coordinates the collaboration of all parties involved in the client on-boarding process Ongoing and retrospective due diligence on clients Integrates with internal systems Automatic workflow task routing, prioritization, monitoring, escalation and lifecycle management are included within the solution. A robust integration component allows these work tasks to interface with other systems and allow background automated processing and task fulfilment without user intervention. Designed to manage the various work streams required to on-board a new customer and ensure its compliance with KYC and other regulatory and internal requirements. It facilitates the collaboration of all parties involved in this process and coordinates the efforts between them. Unique active compliance engine that continually and retrospectively monitors the customer base for compliance with regulatory and internal requirements and automatically generates and manages remediation tasks where appropriate. This is critical, as compliance is not a one-time effort regulatory requirements, customer information and business activities are constantly changing and companies need to demonstrate ongoing due diligence. Robust integration component that will integrate with your existing systems, saving time and money. Checked against World- Check Risk Intelligence Satisfy regulatory demands World-Check Risk Intelligence is fully integrated into the on-boarding and KYC data cleansing process. Once a client s legal name has been validated it is checked against World-Check Risk Intelligence and the system automatically indicates if there is a hit. The reporting and auditing capabilities enable compliance with regulatory demands for KYC, AML, CFT and PEP due diligence and offer systematic proof of due diligence. Out of the box solution Offer out of the box on-boarding-specific functionality, pre-populated regulatory policy templates and client data models that have been proven across multiple business/product lines and financial institutions. This creates an accelerated, lower risk delivery of a solution to the business. 4

5 CORE MODULES Thomson Reuters Client On-Boarding includes the following core modules: Client Request & On-Boarding Framework* KYC Compliance Module Credit Request Approval Module Legal Agreement Approval Module Tax Module FATCA Module Account Setup Module Each of these modules can be deployed independently with the Client Request & On-Boarding Framework, so that an institution can begin with the implementation of one of the modules (typically KYC) and broaden the scope of the deployment over time. All of the modules reside within the common on-boarding framework and leverage a shared data model, allowing the various business processes to share data and documentation collected for the client with ease. Thomson Reuters Client On-Boarding enables the organization to manage the full client lifecycle from on-boarding through maintenance with a proven solution. * Request processing backbone required to implement any of the modules above. The backbone ties policy, process and data into a common platform and allows the modules to share client data, documentation and team resources across the various operational processes, regions and business lines Client Request & On-Boarding Framework* KYC Compliance Module Account Setup Module Credit Request Approval Module FATCA Module Legal Agreement Approval Module Tax Module 5

6 FIVE TYPICAL STAGES OF WORKFLOW FOR CLIENT ON-BOARDING (Front Office) 1. Request Phase 2. Vetting & Enriching Facilitators & Compliance Officers 5. Maintenance WORK FLOW CLIENT ON- BOARDING 3. Risk-based Requirements 4. Processing 6

7 THOMSON REUTERS CLIENT ON-BOARDING SIMPLIFIES THE WORKFLOW PROCESS STAGES OF WORKFLOW 1. Request Phase (Front Office) 2. Vetting & Enriching (Facilitators & Compliance Officers) 3. Risk-based Requirements HOW THOMSON REUTERS CLIENT ON-BOARDING FACILITATES THE WORKFLOW PROCESSES New client information is accurately entered into Thomson Reuters Client On- Boarding through a series of Wizards and Dynamic Forms tailored to gather essential information efficiently. Tasks relating to additional information required are then assigned. The system checks to see if the client is an existing client and, if so allows you to save time by simply adding another account/service to the existing profile, saving duplication of the data entry and back office due diligence that have already been completed. Thomson Reuters Client On-Boarding automatically directs new client requests to back office personnel. Next to receive new requests is a team of facilitators (typically the KYC team or a New Business team) who facilitate the transition from a new request form to a set of on-boarding tasks. They are generally tasked with vetting the requests, confirming that the information on the forms is complete, validating certain information with World-Check Risk Intelligence and enriching the data where appropriate. Facilitators actively monitor a task inbox, which shows all tasks assigned to the group. The third stage in a typical workflow is largely automated by Thomson Reuters Client On-Boarding. Based upon the information entered into the system by the front office and validated and enriched by the facilitator/kyc team, Thomson Reuters Client On- Boarding s set of rule engines determines whether the client is low or high risk and automatically generates the necessary requirements to fully on-board the client and set up a new account. This is achieved through configurable workflow maps and decision trees that map your institution s policies into the system and enforce these policies into operational processes. 4. Processing The document management function aids users by automatically determining what documentation is required from your institution s clients in order to comply with compliance and operational policies. Upon receipt of required documents, Thomson Reuters Client On-Boarding guides the appropriate user through logging each document s receipt and scanning it for archival and retrieval purposes. The system also tracks document aging and manages due dates. Thomson Reuters Client On-Boarding routes sanction and watch-list hits to a compliance officer to verify. In the case of a valid hit, the on-boarding process is brought to a halt and appropriate parties are notified to resolve the issue. 5. Maintenance (Ongoing Review) Once a client has established a relationship with your institution, their information is used for all future accounts that they open. The maintenance of this information is critical to both future account set up as well as to ongoing due diligence. If a client changes their legal name or any other significant information, the system re-evaluates the client s compliance status in light of new information to determine whether further checks need to be completed before business with that client resumes. When a document or authorization required for the institution-client relationship expires, Thomson Reuters Client On-Boarding determines whether an expired document affects your institution s relationship with a client in general, or only with respect to a certain subset of activity with that client. As government regulations and your institution s internal policies change, new information or documentation may become necessary to continue a business relationship with certain clients. Thomson Reuters Client On-Boarding, while it manages the on-boarding requirements of new clients, also incorporates a retroactive compliance component. This component automatically applies the same policy rules utilized by new client and account requests to already-existing clients and accounts. 7

8 RISK MANAGEMENT SOLUTIONS FROM THOMSON REUTERS Risk Management Solutions bring together trusted regulatory, customer and pricing data, intuitive software and expert insight and services an unrivaled combination in the industry that empowers professionals and enterprises to confidently anticipate and act on risks and make smarter decisions that accelerate business performance. Visit thomsonreuters.com For more information, contact your representative or visit us online Thomson Reuters GRC00720/11-15 Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.