Business Benefits
Managing compliance in wealth management
Our rules engines and workflows simultaneously reduce both compliance risk and the cost of compliance.
ROBUST AND DEFENSIBLE COMPLIANCE
Wealth Dynamix solutions allow firms to reduce compliance risk whilst simultaneously making major gains in efficiency.
At Wealth Dynamix, we understand that compliance is not an option, it’s a necessity. For many firms, however, meeting their compliance obligation efficiently and cost-effectively remains a major challenge and one that is putting increased pressure on already tight profit margins. It’s exactly the sort of challenge Wealth Dynamix’s CLM solutions have been designed to solve.
Here’s just some of the recent results our clients have experienced
BUSINESS BENEFITS
At Wealth Dynamix, our approach to compliance is one of compliance by design. Compliance should be built into the solution from the ground up, rather than layer on as an afterthought. Here are just a few of the ways in which this philosophy is reflected within our solutions:
- Digitisation of Compliance Rules – Our solutions provide the means for compliance related rules and best practice to be embedded directly within the solution. In doing so, our solutions ensure your compliance rules are applied with complete consistency and, by eliminating knowledge based or key man dependencies on the application of those rules, in a scalable fashion.
- Tightly Integrated into all Workflows – Compliance rules are seamlessly integrated into the wider workflows orchestrated by the solution, seamlessly an automatically executing checks such as AML, suitability or tax avoidance in the context of workflows such as onboarding or periodic reviews.
- Ongoing Monitoring – As well as operating in the context of workflows, our compliance engine is also continually running in the background, monitoring for example for changes in PEP, Sanctions or Adverse Media status, or an impact on risk for a change in client structure or in domicile or a connected individual.
- Reduction of Manual Error Rates – By digitising compliance rules directly within the solution, their consistent application is assured and the likelihood of manual error majorly reduced, eliminating the risk of any variation in how rules are interpreted or applied.
- Exceptions Based Management – Digitisation of compliance rules does not eliminate the need for human involvement, which remains an integral part of best practice. Wealth Dynamix’s solutions support a risk-based approach of compliance exceptions, with notification automatically generated and distributed to the relevant party for review.
By digitising compliance rules, automating ongoing monitoring and escalating exceptions for review, Wealth Dynamix solutions allow firms to reduce compliance risk whilst simultaneously making major gains in efficiency. Not only does this reduce strain on the existing compliance team allowing them to operate more effectively, but it also allows that same team to scale more easily to service a number volume of clients as the business grows.
It is not enough simply to be compliant; firms need to be able to actively demonstrate that they are compliant. Wealth Dynamix’s solutions are designed to allow you to do just that, with an automatically generated audit of compliance checks and compliance-related activities, accessible on demand directly from within the solution.
The compliance landscape is not a static one. Existing regulations are updated and new regulations are introduced. Additionally, a business itself may evolve over time, targeting new segments of clients, offering new products and services, or operating in new regions. For all these reasons, Wealth Dynamix’s solutions are designed to support the rapid revision and extension of their compliance rulesets and applications. It’s one of the many reasons we’ve been able to support such a wide variety of firms in so many different jurisdictions.
KEY CAPABILITIES
A wide scope of coverage
Our compliance solutions allow firms to cover a wide set of compliance requirements within a single solution including:
- Know Your Client (KYC) – Digitised KYC including dynamic KYC forms, full modelling and visualisation of a full range of client structures, ultimate beneficial owner (UBO) identification, digital ID & V, and a wide range of automated screening checks including PEPs, sanctions, and adverse media.
- Anti-Money Laundering (AML) – Support for a full range of AML-related checks including source of wealth and source of funds, as well as support for enhanced due diligence (EDD) processes.
- Suitability, Appropriateness & Consumer Protection – Support for digital risk attitude and ESG attitude assessment, as part of wider checklists of suitability and appropriateness considerations, assessed and evidenced directly within the solution. Support for other consumer protection-orientated regulations such as Consumer Duty.
- Record Keeping – Wealth Dynamix solutions can provide a single source of the truth for all customer data, documents, and interactions, supporting firms in their record-keeping obligations for both existing customers and offboarded customers.
- Data Privacy – Wealth Dynamix solutions make it easier for firms to manage consent, preferences, and data privacy-related customer requests.
- Tax Avoidance – As well as supporting the structure capture of key tax-related data (tax-identified numbers, tax residencies, etc), Wealth Dynamix solutions also reduce the burden of complying with tax avoidance regulations through indicia identification and tax document collection and generation capabilities.
Digital compliance data collection
Wealth Dynamix solutions also provide the option for customer data and documents to be gathered via customer-facing digital tools, reducing the internal overhead associated with gathering the full scope of data and documents that can be required to satisfy a firm’s compliance obligations.
Truly intelligent operation
Wealth Dynamix compliance solutions are truly intelligent, understanding what checks need to be conducted against a given record in a given scenario. The solution understands where the scope of KYC data or document collection might need to vary, or where suitability assessment may not be required due to the client categorisation, or where an escalation is required due to exceeding a particular risk threshold.
Real time
The solution provides a real-time view of compliance; of compliance checks against a given record, or compliance activity across an entire team, or trends and insights. With Wealth Dynamix, the ability to actively monitor in real-time helps businesses to be confident that they are always one step ahead.
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