Customer Due Diligence - Global Bank
A recent compressed example is from a global bank that had to implement Customer Due Diligence (CDD) processes to ensure that prospective clients were suitably identified and vetted for risk classification according to the bank’s and the regulator’s requirements. This involved creating a global ontology of the business rules, but at the same time being able to adapt to local variations and also handle higher risk cases with more stringent rules as needed.
Within 5 days a team of 5 Be Informed consultants had built a sample application showing how the above challenges could be addressed. This involved showing the bank how their requirements – originally held in spreadsheets – could be absorbed into the knowledge base, and showed how easily these rules could be updated and maintained. At the same time, the sample application was able to handle processes from the UK and from other regions, demonstrating use of locally distinct rules with ease, and automatically generating documents and publishing results produced.
Additionally – by using the Be Informed platform – each decision step was automatically recorded as well as the factual data used, therefore the regulator and the bank or customer could look back at any decision and see not only the results, but also the decision logic for a particular outcome.
As a result of the above project, Be Informed has been selected as to look at the overall onboarding and advisory services for wealth management clients in the bank.