Official partner to Pegasystems

© 2017 - Quavo Inc

Quantum Know Your Customer (KYC)

with Know Your Vendor (KYV) and Know Your Employee (KYE)

What is QKYC?

With significant Know Your Customer and intelligent BPM experience, Quavo is uniquely positioned to implement the PegaKYC application quickly, correctly and for a fixed price.  We have created preconfigured accelerators that capture industry best practices which allow for an end to end KYC solution to be implemented faster, better and cheaper than traditional approaches.  Don’t let regulation destroy your customer experience or add operational cost.  Leverage the power of PegaKYC with the speed of Quavo’s KYC accelerators to create your own world class KYC offering.

Whitepaper on KYC business drivers and the ultimate solution vision

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QKYC Benefits

PegaKYC is built on the award winning Pega 7 platform, which is rated #1 in case management, business process management and real time decisioning.  PegaKYC is installed at many of the largest global financial institutions to manage their complex KYC requirements and support their onboarding processes to radically reduce costs and time to revenue.  Quavo accelerators further configure PegaKYC so smaller financial institutions can experience the power of PegaKYC but at their own unique price point.

QKYC automates the KYC processes to save time and increase productivity of your current staff.  Manual keying of data from one system to another is eliminated thru automated interfaces.  Audit trails are full and complete, eliminating the need for paper backup.  Images are stored electronically and are logically part of each KYC case.  A sophisticated risk engine uses data to risk rate customers, and if appropriate, can be configured to electronically approve KYC cases without human intervention.

A KYC investigation can be a significant added step in critical customer facing processes.  Onboarding is one of the most critical “moment of truth” processes for customer experience.  75% of customers who have a positive initial onboarding experience buy another product within 90 days.  QKYC provides the capability to instantly KYC a customer, if appropriate.  If a manual investigation is required, QKYC accelerates this process by eliminating manual tasks, reusing prior KYCs, and fully integrating with associated systems.

Compliance is knowing the rules, following the rules and providing proof of both to Auditors.  QKYC processes are based on industry best practices.  These are then modified to meet the specific rules of your institution.  Included with PegaKYC are a set of KYC questionnaires developed by DLA Piper, the worlds largest law firm and experts in KYC compliance.  These questionnaires are specialized by customer type, risk, product, jurisdiction and regulatory law. Executing these KYC processes forces consistency and adherence to the rules.  The system tracks every event, whether human or computer, for a full audit trail at any level of detail.

Customer information can be spread across most financial institutions.  QKYC acts as the single source of truth for the KYC files on each customer and their related parties.  A KYC Master Profile is established for each initial KYC investigation.  Each subsequent KYC investigation is filed under that KYC Master Profile, thus providing a full history, a centralized data store with access to images, and a full audit trail of every KYC event ever performed.  This includes current and past risk ratings.  A link to all related parties allows navigation between Master Profiles and an overall view of the relationship web.

A full risk rating engine is provided and preconfigured for individuals and entities.  Any data collected can be risk rated and configured into the risk calculation allowing for full variations.  A configuration utility is provided for authorized employees to allow changes in risk calculations, which are fully audited for tracking purposes.  The risk engine operates in real time, so that any changes or additions to KYC data are immediately evaluated.  Risk rating levels drive behavior of the KYC processes, for example adding EDD and expanded approval chains.  The risk rating engine can be called as a service from any other system so centralized risk rating can be achieved.

KYC Workflow

Initiate KYC Investigation
  • Onboarding – New customers and/or accounts
  • Events – Triggered by critical maintenance, behavorial and sanction changes
  • Periodic Reviews – Automatically generated based on your criteria
  • Manual – Create a case anytime for any reason
Augment known customer data with external sources to create risk profile
  • Screening Vendors – Automatically interface with your screening companies like Bridger, World-Check and Nomino
  • Research Vendors – Leverage research from companies like Markit and Clarient for your Legal Entity investigations
  • Internal Lists – Access your internal watch lists
  • Initial Risk Assessment – Initial risk rating is calculated on any data gathered
Investigate Entities and/or Individuals with realtime risk recalculation
  • KYC Questionnaires – Over 60 different types of KYC questionnaires are provided for all situations
  • Compliant – Pega has partnered with DLA Piper, the worlds largest law firm, to create the KYC questionnaires
  • Situationally Reactive – Only the KYC questions that are relevant for a specific KYC investigation are fired
  • Reuse for Efficiency – KYC questions that have been answered in previous KYC investigations and have not expired are reused
  • Customizable – Customers can modify questions or create their own questionnaires to suit their specific needs
  • KYV and KYE – Extendable questionnaires for Know Your Vendor and Know Your Employee are provided
  • Straight Thru Processing – Questions can be answered by data where applicable to eliminate human work
  • Realtime Risk Calculation – As each question is answered, risk is recalculated, which may lead to additional questions
Deciding the Case
  • Work Queues– Business rules and user controlled configurations drive approval flows
  • Automated Approvals – KYC cases can be automatically decisioned based on risk factor and business rules
  • Escalations – Cases can be routed for management approved for a more enhanced investigation
Communicate and Monitor
  • 360 Degree View – Each individual and legal entity has a full KYC Master Profile that is the one source of lifetime KYC truth
  • Accessable – All information, cases and decisions are accessable from external systems
  • Relationship viewer – Shows multi-tier relationships between all Profiles for all relationship types (UBOs, etc.)
  • Reporting – Over 20 graphical out of the box reports with the ability to modify and create your own
  • For Auditors – specialized reports will full audit data
  • Direct Channels – mashup selected information into your Internet and Mobile offerings

QKYC Additional Features

Manage Risk Calculations

Change risk calculations, weighting factors, data elements used for risk, scorecard methods and more

Manage KYC Questions

Change, add or delete any KYC question.  Create your own questionnaires – a set of KYC questions.

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Manage Screening Risk

Control quality of name matching to your risk level

Manage Users

Set up and change users and access levels

Manage Workbaskets

Set up and change workbaskets and their access

Manage SLAs

Modify behavior of service level agreements for each KYC process

Full and Detailed Audit Trail

Any access, data or decision made by humans or computers that effects change has a full audit trail, including before and after values, time and date stamps, and details of the accessing party.

User

Users can create cases, manage their workload and process back office actions

Manager

Managers control the urgency and priority of work items to users as well as workbasket access

Administrator

Administrators can can manage access and security to all users of the application, and are allowed to change KYC application settings and behaviors

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