Encompass Corporation unveils pKYC maturity model to set benchmark for regulatory compliance
NEW YORK, March 22, 2023 /CNW/ -- Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, has unveiled its perpetual Know Your Customer (pKYC) maturity model, setting a new benchmark for regulatory compliance to support the fight against financial crime.
The model, which has been devised by its pKYC Advisory Board - including representatives from leading global banks and trusted data, technology and consulting partners – is designed to place financial systems into a pKYC framework to evaluate their readiness to more effectively identify financial crime.
PKYC uses automation technology to detect risk faster and more accurately. It also increases efficiency by removing the need for increased headcount or time commitment.
Currently, it is common for financial institutions to re-assess customer data at intervals of one year for high-risk customers, three years for medium risk, and five years for low risk, meaning activity could long go undetected.
The framework evaluates institutions on five areas: Policy, People, Process, Data, and Technology. These are broken down into subcategories and attributed a necessity against the four stages of KYC: Manual KYC, Early Automation, Mature Automation, or pKYC.
With this model, Encompass is helping banks consider preparedness for pKYC and evaluate progress of transformation journeys, offering advice and technology solutions to fast-track the process.
"Against the backdrop of a more stringent regulatory landscape, and increasing fines, it is more important than ever for financial institutions to know where they stand regarding compliance," said Howard Wimpory, KYC Transformation Director at Encompass. "Manual processes allow financial risks to go undetected for weeks, months and even years, so a review of processes, and the adoption of automation technology, is critical.
"Achieving a state of true pKYC isn't an overnight process. Institutions must constantly build their technology infrastructure to support the automation of core processes.
"Those at an advanced stage of digital transformation are best equipped to keep pace with the evolving regulatory landscape, ensuring robust compliance processes, and protect themselves and society against financial crime."
About Encompass Corporation
Encompass Corporation (Encompass) enables banks and financial institutions to deliver revenue faster, drive operational efficiency and demonstrate consistent compliance with dynamic KYC process automation. Globally, Encompass helps customers to streamline their KYC processes and comply with regulations. Launched in 2012, Encompass has offices in Amsterdam, Belgrade, Glasgow, London, New York, Singapore and Sydney. For more, visit encompasscorporation.com.
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SOURCE Encompass Corporation
View original content: http://www.newswire.ca/en/releases/archive/March2023/22/c3559.html