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Introduction
In an ever-evolving regulatory landscape, a USA-based investment group faced the formidable challenge of enhancing its Client Lifecycle Management (CLM) processes. Striving to meet compliance requirements while ensuring a seamless client onboarding experience, they turned to eClerx Compliance Manager, a strategic technological solution. This case study delves into the remarkable journey of this transformation and the key milestones achieved across four phases.
The Challenge
- Efficient and compliant Client Onboarding.
- Streamlined KYC processes.
- Enhanced AML capabilities.
- Robust document enrichment.
- Secure client interactions.
The Solution
eClerx Compliance Manager was chosen as the comprehensive solution to fulfill these requirements.
The overall solution was provided in 4 stages:
1) Rapid Deployment and Client Onboarding
- eClerx Compliance Manager was deployed within six weeks, kick-starting the Client Onboarding platform.
- KYC data was efficiently managed with eClerx Compliance Manager serving as the system of record.
2) Expanding into AML Operations
- The scope expanded to include periodic reviews, solidifying eClerx Compliance Manager’s position within the core AML infrastructure.
3) Integration of Document Digitization
- Upstream expansion into Fund Subscription and Tax form document digitization was facilitated using DocIntel.
4) Introduction of Client Portal
- The project culminated with the digitalization of Client Onboarding and Fund Subscription through a client portal, ensuring a seamless and interactive client experience.
Keywords:
Third party application integration
(Salesforce),
Document enrichment
[DocIntel web services],
Client facing portal KYC Workflow Evolution
The transformation included the following stages in the KYC workflow:
- Request Initiation
- Self-Sourcing
- Document Review
- Data Gap Analysis
- Investor/Client Outreach
- Screening
- Risk Analysis, QA Approvals, Signof
- Case Data Transfer
Results and Impact
The transformation yielded remarkable results:
Financial Growth: Total revenue projection grew
from $0.5 million in FY’22 to $0.6 million in FY’23
and to an impressive $1.3 million in FY’24.
Future Outlook
As the industry continues to face new challenges and regulatory changes, the organization is poised to stay ahead with eClerx Compliance Manager, shaping a future where compliance is seamless, efficient, and customer-centric.
Conclusion
The successful implementation of eClerx Compliance Manager not only enhanced compliance and KYC processes but also unlocked substantial revenue growth for the investment group. With a forward-looking approach, they are well-prepared to navigate the evolving landscape of Client Lifecycle Management and Anti-Money Laundering.