Exiger Case Studies KYC Due Diligence for Top 20 Global Financial Institution: A Case Study

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	KYC Due Diligence for Top 20 Global Financial Institution: A Case Study Exiger

KYC Due Diligence for Top 20 Global Financial Institution: A Case Study

Exiger

Applicable Industries	Finance & Insurance
Applicable Functions	Quality Assurance
Use Cases	Visual Quality Detection
Services	Testing & Certification
Challenge	A top 20 global financial institution faced a significant challenge due to a change in their customer risk rating model. The new model led to an increase in the volume of high-risk files that needed to be reviewed, which the bank was unable to manage effectively. This resulted in significant quality challenges. Furthermore, regulatory guidance mandated risk-based reviews on a periodic basis. This compelled the bank to perform Know Your Customer (KYC) due diligence on a significantly larger portion of high-risk customers. However, the bank was unable to devote sufficient resources to meet the periodic review deadlines, further exacerbating the situation. Read More
About Customer	The customer in this case study is a top 20 global financial institution. The bank was facing significant challenges due to a change in their customer risk rating model, which led to an increase in the volume of high-risk files that needed to be reviewed. The bank was unable to manage this increased volume effectively, leading to significant quality challenges. Furthermore, the bank was compelled to perform KYC due diligence on a significantly larger portion of high-risk customers due to regulatory guidance, but was unable to devote sufficient resources to meet the periodic review deadlines. Read More
Solution	Exiger, a global regulatory and financial crime, risk and compliance company, was retained for three years to conduct a KYC refresh review across the United States, Europe, and Asia Pacific. The review involved over 10,000 high-risk customer files. Exiger dedicated a team of over 100 analysts and quality team leaders to the bank globally. The team was quickly staffed with highly experienced individuals, trained and ready to handle the client’s peak volume periods on an ongoing basis. Exiger’s dedicated team was able to augment the bank’s staff, ensure file completeness, deliver at the highest levels of quality, and complete the file reviews on time. Read More Log in to view content
Contents

Applicable Industries

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Visual Quality Detection

Services

Testing & Certification

Challenge

A top 20 global financial institution faced a significant challenge due to a change in their customer risk rating model. The new model led to an increase in the volume of high-risk files that needed to be reviewed, which the bank was unable to manage effectively. This resulted in significant quality challenges. Furthermore, regulatory guidance mandated risk-based reviews on a periodic basis. This compelled the bank to perform Know Your Customer (KYC) due diligence on a significantly larger portion of high-risk customers. However, the bank was unable to devote sufficient resources to meet the periodic review deadlines, further exacerbating the situation.

About Customer

The customer in this case study is a top 20 global financial institution. The bank was facing significant challenges due to a change in their customer risk rating model, which led to an increase in the volume of high-risk files that needed to be reviewed. The bank was unable to manage this increased volume effectively, leading to significant quality challenges. Furthermore, the bank was compelled to perform KYC due diligence on a significantly larger portion of high-risk customers due to regulatory guidance, but was unable to devote sufficient resources to meet the periodic review deadlines.

Solution

Exiger, a global regulatory and financial crime, risk and compliance company, was retained for three years to conduct a KYC refresh review across the United States, Europe, and Asia Pacific. The review involved over 10,000 high-risk customer files. Exiger dedicated a team of over 100 analysts and quality team leaders to the bank globally. The team was quickly staffed with highly experienced individuals, trained and ready to handle the client’s peak volume periods on an ongoing basis. Exiger’s dedicated team was able to augment the bank’s staff, ensure file completeness, deliver at the highest levels of quality, and complete the file reviews on time.

Impact #1	The engagement of Exiger resulted in significant operational improvements for the bank. The bank was able to manage the increased volume of high-risk files that needed to be reviewed, overcoming the quality challenges that had previously been a significant issue. The bank was also able to meet the periodic review deadlines mandated by regulatory guidance. Furthermore, the bank benefited from the highest levels of quality and file completeness provided by Exiger’s dedicated team. This ensured that the bank was able to perform KYC due diligence on a significantly larger portion of high-risk customers, meeting regulatory requirements and mitigating risk.

Impact #1

The engagement of Exiger resulted in significant operational improvements for the bank. The bank was able to manage the increased volume of high-risk files that needed to be reviewed, overcoming the quality challenges that had previously been a significant issue. The bank was also able to meet the periodic review deadlines mandated by regulatory guidance. Furthermore, the bank benefited from the highest levels of quality and file completeness provided by Exiger’s dedicated team. This ensured that the bank was able to perform KYC due diligence on a significantly larger portion of high-risk customers, meeting regulatory requirements and mitigating risk.

Benefit #1	Exiger was able to review over 10,000 high-risk customer files across the United States, Europe, and Asia Pacific.
Benefit #2	Exiger dedicated a team of over 100 analysts and quality team leaders to the bank globally.
Benefit #3	Exiger significantly exceeded the client’s required productivity levels, doubling the number of files expected to be reviewed daily.

Benefit #1

Exiger was able to review over 10,000 high-risk customer files across the United States, Europe, and Asia Pacific.

Benefit #2

Exiger dedicated a team of over 100 analysts and quality team leaders to the bank globally.

Benefit #3

Exiger significantly exceeded the client’s required productivity levels, doubling the number of files expected to be reviewed daily.

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Overview

KYC Due Diligence for Top 20 Global Financial Institution: A Case Study

Operational Impact

Quantitative Benefit