Enhancing compliance efficiency and reducing due diligence cycle time

Client:

The client is a large Swiss bank. 

Challenge:

The Managing Director for Client Lifecycle was facing significant delays in completing the Periodic Refresh Book of Work (BoW) for the bank’s Customer Due Diligence (CDD) checks. With a team of 350 employees, the bank struggled to maintain production rates while adhering to tight deadlines set by the compliance department.  

The challenges stemmed from the complexity of collecting and verifying customer data, meeting varying KYC regulations across jurisdictions, and managing outdated systems with inconsistent review processes. The growing backlog and the pressure to meet regulatory commitments prompted the Managing Director to seek external support to address these inefficiencies and enhance the bank’s compliance capabilities. 

Solution:

eClerx was brought in to implement its Compliance Manager platform, a solution designed to enhance the bank’s compliance processes through automation, artificial intelligence, and machine learning. eClerx collaborated with the client to integrate the platform into the bank’s existing infrastructure while ensuring compatibility with the bank’s recent Fenergo implementation.  

The solution automated the collection and digitization of customer data from public sources across more than 150 jurisdictions, reducing manual effort. A governance framework was also implemented, including a jurisdiction-based Enterprise Requirement Management Tool to handle the complexity of rule sets. 

To further address operational challenges, eClerx extended its knowledge management suite, providing over 300 training videos on sourcing information from various regulatory websites and third-party data sources. This training ensured Carla’s team was equipped to manage the new systems effectively. The solution was tailored to the bank’s needs, with customized dashboards and business metrics to track performance and ensure smooth operations. 

Impact:

The implementation of the Compliance Manager platform led to transformative results for the bank: 

• A 35% reduction in the cost per case, significantly improving operational efficiency. 

• Consistently achieved a 95%+ quality rate at Quality Assurance. 

• A 30% reduction in the due diligence cycle timeline, ensuring faster and more accurate customer due diligence checks. 

These improvements allowed the client to complete the annual Periodic Refresh BoW on time for the first time, preventing delays from seeping into the following year. This success ensured the bank met its regulatory commitments, mitigated risks, and contributed to the overall stability and reputation of the financial system. The Managing Director was highly satisfied with the outcome, highlighting the program’s positive impact on the bank’s compliance capabilities and operational performance.