Vishal Ranjane, MD in the Risk and Compliance practice, Protiviti

California-based consulting Protiviti has allied with software provider Appway in a bid to enable FIs to automate their KYC programs thus reducing the manual workload involved in customer onboarding as well as supporting the anti-money laundering policies and procedures.

“With our years of experience in anti-money laundering and Know Your Customer programs, Protiviti has the expertise to guide financial institutions in efficiently transforming their current manual practices into highly optimized automated processes,” commented Vishal Ranjane, MD in the Risk and Compliance practice, Protiviti.

According to the suppliers, the partnership will bring forth a new service i.e. the KYC Periodic Review Tool. The tool expects to assist financial institutions in managing Customer Due Diligence and Enhanced Due Diligence requirements as well as in simplifying the periodic review process through Protiviti’s regtech and compliance experience and Appway’s automation capabilities. Some of the KYC Periodic Review Tool’s capabilities include automating the data collection process, streamlining the process of customer information update as well as real-time reporting on FI’s service level agreements.

Nina Schneider, head of Solutions and Products at Appway. “By incorporating Compliance by Design principles, Appway’s solutions simplify daily compliance-related tasks and increase financial institutions’ agility and ability to innovate in an increasingly complex regulatory landscape. The automation of manual and operational tasks frees up significant time for compliance workers and in turn, allows them to dedicate time to more value-adding activities.”

Established in 2002, Protiviti offers consulting solutions in finance, technology, operations, data, analytics, governance, risk and internal audit.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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