Say goodbye to the time-consuming and costly process of remediation with MYCDD, the smart way to keep Client Due Diligence up to date. It’s a dreaded word for many organisations: remediation.
When you realise your organisation isn’t where it needs to be with Client Due Diligence (CDD), remediation is the answer. But this end-to-end review of your CDD files can be demanding, time-consuming and costly.
You may remediate for a number of reasons including:
- clear CDD backlogs;
- improve the quality of your CDD to meet current regulatory standards;
- your firm acquires another business which needs to be remediated or to
- plan ahead to ensure compliance with future regulatory standards
A complex & sensitive task
Whatever the motivation, remediation can be complex and disruptive. It’s an area where regulatory demands collide with customer communication, and it needs to be planned and executed carefully, including:
- Assess: you’ll need to accurately assess which customers need to be remediated, proportionate to your risk-based approach;
- Analyse: which information do you already hold on file for a customer? Customers who have multiple touchpoints with your organisation may have supplied the necessary information already;
- Communicate: done badly, a request for CDD documentation can be a negative customer experience. Have you ensured there is a customer-centric explanation for the request? and
- Training: what training is required for frontline staff to make the contact and process the information?
There are many moving parts, and it’s easy to see why remediation is dreaded by many organisations.
A problem that keeps coming back
With regulated entities required to take an increasingly robust, risk-based approach, the Know Your Customer (KYC) checks that sufficed in the past have now developed into more stringent CDD programmes. One of the main operational distinctions is that CDD checks continue throughout the client relationship.
This is, of course, good news. But the bad news is remediation, because this time-consuming and costly process will probably need to be repeated two or three years later as part of your next CDD review.
So let’s stop the cycle.
Say goodbye to remediation.
So how does it work?
For a start, requesting CDD from a large volume of related parties can be done with our Mass Upload process. Simply export contacts from your CRM into an Excel file and upload it to MYCDD. All parties will receive a friendly invitation to share their documents with you, for FREE.
But the best part is our subscription service. This means that once related parties have accepted your document requests, any CDD renewals they action in future will trigger an automated notification for you to download the updated documents. So the processes of keeping CDD up to date becomes automated, and you have the latest documents by default.
A central system
MYCDD links individuals to many other parties, law firms, banks, funds or trust companies, all of whom constantly need to renew their register of members, update a utility bill or expired passport, update and AML questionnaire. Having these multiple connections in a single, centralised CDD repository means each related party receives document renewals each time they’re updated – often without even needing to request them!
A remedy for remediation
MYCDD simplifies the process of gathering, storing and maintaining CDD. Whatever the scale of your business, MYCDD makes managing CDD documentation easier for everyone, including your customers.
And it’s the key to ending laborious, manual remediation.
Remediate for the last time with MYCDD.
Start using MYCDD now.
Try MYCDD for free with no obligation.