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Remediation as a Service
Know Your Customer (KYC) and Data remediation processes across financial institutions have been put under tremendous strain by tougher regulations, shrinking budgets and changing technology. Above this, they are required to spend millions of dollars annually on bulk remediation efforts driven by regulatory compliance, enforcement actions, internal policy changes, audits, M&A activity, and technology upgrades. In addition to the significant costs incurred, financial institutions must remediate entire account populations while facing multiple challenges such as limited resources and the inability to scale operations to match an uneven flow of remediation efforts.
All this has resulted in tighter operating margins and tremendous pressure on the technology infrastructure of financial institutions. As a result, they require a more consistent, scalable, and cost-efficient solution for their Know Your Customer (KYC) and Data remediation processes.
Remediation as a Service provides: a focused solution for batch remediation with built-in efficiencies such as::
- Algorithm based grouping of related cases and re-useable enriched public data
- An auditable and standardized process for easier compliance and oversight
- Configurability to adapt to each client’s unique data sets
Genpact has built process maps, and workflow solution that helps the agents to perform KYC remediation tasks efficiently, and effectively. Our solution is designed to be flexible, configurable to adapt to the client’s compliance requirements and also provide for transparency and traceability of the KYC remediation work done by our KYC agents. Further, by maintaining a team of qualified practitioners we provide off-the-shelf resources to meet your spikes in remediation work that require specialized staff to clean, review, and remediate entity data. Our resource pool is scalable across client types and jurisdictions, which enables us to meet the spikes in demand while keeping your files completely segregated during each engagement. Genpact will bring its experience in process optimization through Lean and Six Sigma by standardizing the remediation process across business lines and regions.
Our Remediation as a Service delivers superior quality, consistency, and scalability in a cost-efficient manner – we measure our performance by committing a transaction (per KYC profile) based pricing and SLA around Quality measurement. We enable our KYC remediation service by using analytics and technology aggressively. Our KYC operations leverage economies of scale, process optimization, and benchmarking, along with cost arbitrage to conduct remediation efforts in a more effective and efficient way than previously seen in the industry.
Download our brochure for more details on our KYC Remediation as a Service offering
You can also Download our white paper to learn how Remediation as a Service can balance regulatory and strategic initiatives by offering a new, scalable delivery method that allows financial institutions to invest more in their core businesses.