REGULATION AND COMPLIANCE TECHNOLOGY
Challenges on the path to achieving impact Cormac Sheedy, Head of MENA Region, Fenergo sheds light on the importance of automation in driving efficiencies and how Fenergo is supporting over 80 financial institutions globally to meet their specific technology and regulatory requirements
Cormac Sheedy, Head of MENA Region, Fenergo
G
iven the increasing adoption of technology in the wake of the COVID19 pandemic outbreak, where is technology playing a significant role in compliance risk management currently?
The onset of the pandemic has forced
24
financial institutions to accelerate digital transformation. Many banks haven’t managed to strike the right balance of compliance against the need to be profitable. In times of crisis like today, financial institutions must be able to prioritize customers’ needs. To deliver a more customer-centric experience on a sustainable basis though, they need to be technologically set up for compliance success. We see a lot of banks implementing a digital know your customer (KYC) backbone, a compliance infrastructure across their entire group, for all business lines, irrespective of the different channels. Digital KYC empowers the efficient management of all KYC policies and regulatory compliance and can be digitally enabled to become the biggest opportunities for financial institutions to transform their customer experiences, and future-proof themselves. Especially now, financial institutions need to build digital onboarding workflows and client lifecycle journeys, with the customer in mind to ensure KYC information is current and accurate.”
Banking and Finance news in the MEA market
As an organization, what are some of the most advanced i n n ova t i ve a p p ro a c h e s to compliance risk management you have implemented? Fenergo supports over 80 financial institutions around the world with technology solutions that meet their specific technology and regulatory requirements. In the GCC region, Fenergo is supporting Bahrain’s Electronic Network for Financial Transactions (BENEFIT) with a blockchain-integrated KYC utility. Financial institutions that subscribe to BENEFIT can instantly complete KYC and Anti-Money Laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo-powered KYC hub and rules engine utilizing blockchain. The centralization of customer data removes the need for duplicate requests for information, enabling financial institutions to onboard new customers and products swiftly and seamlessly. The elimination of manual processes reduces costs and improves operational
