eClerx Compliance Manager Teaser

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Compliance Manager is a ready-to-use KYC data sourcing infrastructure that utilizes robotics, machine learning, and API based automation to source data from over 1,000 data sources and documents. Our technology, coupled with automation have significantly improved the speed, efficiency, and precision of the KYC process for our customers, so they spend much less time on data sourcing and more time focusing on AML risk management, client service, and more strategic initiatives.

The Compliance Manager Solution provides financial institutions the ability to source KYC data and documents from over 150+ jurisdictions in a consistent, automated, and efficient way. We have been highly successful in:
• Making the most up-to-date KYC information available to banks as per regulatory and local business requirements
• Eliminating full dependency on people and leveraging technology to provide consistency, quality, and scalability in information gathering processing
• Providing near-real-time research and due diligence capabilities designed to meet changing business requirements
• Providing complete alignment with regulatory and bank-specific policies and procedures for KYC information gathering
• Benchmarking processes between industry participants to identify gaps in operations and AML policy framework
• Significant reduction in the cost of sourcing KYC information

As a direct result of deploying this solution, in addition to the above benefits, our customers have been able to realize the following tangible benefits:

• 55%+ increased efficiency in KYC information gathering processing
• Savings of over 10 million USD in strategic automation
• Getting it right the first time by improving the quality of data at the beginning of the due diligence process
• Standardization of the KYC process through benchmarking with market participants
• Independent risk assessment by reducing dependency on customers to provide KYC information
• Reduction in time to onboarding customers by more than 20%

2). What differentiates you from other vendors? (600 words)
The KYC data and service provider market is saturated with firms from across the world. It is an extremely competitive space with firms offering a wide array of services, from data, people, and technology to solutions. Known service providers include the consulting firms, regtech providers, regulatory data providers, outsourcing firms, industry utilities, and solution providers.

eClerx is a solutions provider that brings together smart technology, efficient processes, and experienced people to deliver effective and cost-efficient solutions. We specialize in solutions that help manage and transform complex business-facing functions for large financial organizations.

The following aspects of our solution differentiate us from the other vendors:

• Compared to KYC Utilities: KYC Utilities are focused on building a database of customer information in using a common policy standard. The information is refreshed periodically either by the end customer or by the utility. eClerx’s Compliance Manager Service sources data on demand and using the customer’s policy framework. So our customers received relevant and most up-to-date information on the day of the request.

• Compared to Reg-Tech / Regulatory data providers: While some reg-techs providers can provide on-demand information, there is limited or no auditability and traceability to the ultimate information source. eClerx’s Compliance Manager Service provides documentation and evidence for all information sourced through the service.

• Compared to other service providers / outsourcing firms / consulting firms: eClerx’s Compliance Manager Service is highly automated and reduces the dependency on people to source information from 1,000s of data sources. This has improved the quality, consistency, and scalability of our services, as compared to other service providers who rely upon people to source information. Our platform performs verification of information between data sources to mitigate risk due to information asymmetry between data sources.

Further, by hosting the Compliance Manager technology in secure ISO27001 approved eClerx infrastructure that is accessible by Banks, we have significantly reduced the barriers to entry and time to market of our service. Compliance Manager Service can be configured and deployed in less than half the time compared to our competitors.

The Compliance Manager Service today processes data for over 190,000 entities annually with an accuracy rate of over 99%.

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