Growing regulatory compliance obligations (KYC, AML, MiFID) are increasing the overhead of performing due diligence on new clients and pushing the time to revenue for new products and services out considerably.
For Capital Markets and Investment Banks, the specifics of these requirements translate to mean that Banks must have complete and flexible client and counterparty data, flexible process adaptation ability, and dynamic document generation capability.
Banks struggle to adapt to the requirements of these initiatives because they fail under the following headings: Data, Process and Documents.
Solution:
TORI’s partner – a specialist in process control and governance solutions for Banking and Financial Services – provides an integrated process, client and counterparty solution to the regulatory challenges of Corporate, Capital Markets, and Investment Banks. The solution ‘Deal Manager’ drives efficient and effective on-boarding and product set up for new clients and counterparties, managing all client data and documentation, and ensuring all compliance obligations are fulfilled.
Benefit:
Deal Manager can be understood as providing benefits from four viewpoints of the Bank:
- Front office – time to revenue is reduced significantly
- Credit – Risk aversion and quality of decision
- Operations – Regulatory adherence and operational overhead
- IT – Modern and flexible web-based technology platform, easily integrated to downstream systems
Reason:
- Fulfils regulatory demands, AML, KYC AND MiFID and other due diligence requirements
- Accelerates on-boarding times and time to revenue considerably (up 80% reduction in cycle times)
- Provides a unique and dynamic set of data, processes and documents based on the client or product type
- Delivers a positive and consistent customer experience
- Provides clear visibility of client status throughout on-boarding process
- Increases throughput capacity and standardises processing
- Maximises cross-selling opportunity
- One integrated solution across all front office product desks.
