Managing compliance in wealth management

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.