By automating regulatory requirements that are specific to different global jurisdictions, customers and products, the new Pegasystems solution will enable organizations to achieve regulatory compliance, while also improving customer service levels by accelerating the on-boarding process by up to 70 percent.
The KYC solution provides a common platform, allowing for specialization by country, line of business, and product-specific KYC. The solution reduces manual processing, repetition of document requests, while managing risk dynamically, resulting in a significant reduction in operational risk while improving customer experience.
Because the solution is built on the SmartBPM Suite, it enables organizations to manage rules-based business process issues. Its policies and procedures ensure compliance with regional and product-specific regulations with a real-time audit trail. Pegasystems' Build for Change technology also gives designated business users the ability to easily modify rules and processes as compliance policies and risks change.
"Financial institutions and insurers globally have found it increasingly difficult to manage complex processes to ensure compliance to geography and product-specific KYC regulatory requirements while controlling on-boarding time," says Reetu Khosla, director of financial crime solutions at Pegasystems. "As a result, their essentially manual processes, inconsistency and repetition of document requests have led to increased regulatory scrutiny, loss of opportunity and account abandonment."
(For more on how one carrier used a Pegasystems product, check out this archived feature story.)
