Solve the Know Your Customer (KYC) operational challenge with Fenergo's automated perpetual KYC solution, Fenergo Smart Review.
Available as an add-on to Fenergo’s flagship Client Lifecycle Management (CLM) solution, Fenergo Smart Review takes human intervention out of the loop by streamlining the ongoing KYC process.
Fenergo Smart Review provides continuous monitoring of the client profile, by identifying changes across relevant data and screening sources, assessing their impact and determining materiality to keep the KYC profile up-to-date in real-time. It enables financial institutions to detect and action potential KYC risks earlier than the next scheduled review.
Fenergo Smart Review gives financial institutions the power to digitally transform the KYC process, resulting in a reduction in operational costs, human errors and the risk of compliance breaches.
Fenergo Smart Review enables financial institutions to comply with KYC regulations and future-proof compliance by detecting risk early through real-time screening of the client and related parties.
Eliminate human subjectivity through consistent application of materiality rules and improve efficiencies through Straight Through Processing of KYC tasks. Increased automation reduces manual rekeying of data, improving data accuracy and reducing operational costs.
Delivered as a SaaS solution, Fenergo reduces the costs of managing and maintaining technology infrastructure and “cost to change” budget, reducing application, support and configuration (no-code config) costs.
With Fenergo’s automated, consistent and accurate approach to KYC and AML processes, financial institutions can focus on growing their business with legitimate clients and keep bad actors at bay.
KYC presents a huge challenge for financial institutions as they look to reduce onboarding times and operational costs, improve client experience and stay compliant. A lack of automation within the KYC process means that periodic reviews follow a manual process which is extremely labor-intensive, error-prone and time-consuming.
By deploying an automated KYC solution, financial institutions can streamline the KYC process and enable the continuous monitoring of client reviews to detect emerging risk in real-time, resulting in compliance effectiveness and a reduction in operational costs.
Fenergo Smart Review automates and streamlines KYC event management so that analysts do not have to work across siloed IT systems. It detects and reacts to changes in client data as they arise and monitors screening providers to capture new sanctions, PEP and adverse media hits. The solution connects to AML transaction monitoring and other surveillance tools to react to high-risk behavioral changes. With pre-packaged integrations to kompany, LexisNexis and World-Check One, Fenergo Smart Review also accommodates bespoke integrations to other third-party vendors.
Fenergo Smart Review takes humans out of the loop. Financial institutions can streamline the processing of KYC events through a set of materiality checks that safely determine the key changes could have a business impact. The automated assessment can be configured to comply with a financial institution’s compliance policy and cater for any variations by region or business line. No-code changes to the materiality logic can be managed by business users with full version control, maker/checker approval and in application auditing.
The solution performs an automated risk assessment as each new event is processed. Financial institutions can take risk level into account when deciding how to react. Low risk clients can be fast-tracked so that medium and high-risk entities can be monitored more closely.
Fenergo Smart Review enables a client journey to be launched automatically in response to a KYC event without analyst involvement. Guided STP allows individual KYC tasks to be initiated and completed without human touch, while ensuring compliance. If an immaterial entity data change has been detected and results in no change to risk level, the profile update can be fully completed via STP and reflected in the audit trail. However, if there is a risk impact, an exception can be triggered for analyst intervention.
See how Fenergo Smart Review can transform the ongoing KYC review process.