Minimizing regulatory risk for a large asset manager

Client:

The client is a large asset manager based in the United Kingdom.

Challenge:

The client is a large asset manager based in the United Kingdom. The situation worsened due to overflowing inboxes, slow responses from counterparties, and complicated workflows between internal teams. This led to frustration among clients and increased operational risks. The team was overwhelmed, making it hard to train staff properly. Mistakes began to multiply, creating more issues and making the backlog even harder to clear. The client needed a lasting solution to fix these inefficiencies and reduce operational risk.

Solution:

The client is a large asset manager based in the United Kingdom.

Combining robotics process automation, AI, and machine learning, Compliance Manager provided our client a connected technology ecosystem to improve communication and the sharing of data between clients. The comprehensive and easy-to-navigate dashboard within the platform also provided real-time analytics and reports to users, allowing for more oversight over regulatory, operational, client insights, and risk management.

To ensure full and consistent coverage for the client, eClerx provided an additional 16X5 delivery team to help monitor and manage the technology, remediation, and BAU processes within the organization. The team also provided human oversight over Compliance Manager to ensure it performed consistently, while analyzing customer information to report additional insights to the client.

Impact:

These initiatives resulted in:

• Successfully migrated more than 50% of the clients to a digital portal
• 15K+ records remediated within a year
• Minimized operations and regulatory risk

Impressed with the improvements to their KYC functions and review process, the client decided to continue leveraging eClerx’s KYC services and Compliance Manager platform.

Additionally, eClerx’s KYC and Technology teams are looking forward to introduce more of our automation and generative AI solutions into their workplace to keep them at the forefront of their industry.