Calculate cost savings for your KYC periodic refresh

Adopting a continuous, contextual approach to KYC lets you reduce the time and costs involved. By increasing automation and using decision intelligence, you can free up your teams—and let them concentrate on high-risk customers and value-add tasks.

Fill out the details below to see the efficiencies you can generate. The more specific you get, the more accurate your results.

1
Your people

What’s the fully loaded cost of a full-time employee in your KYC team?

What does this mean?

Enter the average fully loaded cost of a full-time KYC employee. A fully loaded cost includes your employee’s salary, bonuses, overtime and benefits, as well as all overheads (like equipment and desk space). It’s the total sum of what each employee costs your organization.

2
Your customers

How many customers do you review as part of your KYC periodic review processes?

What does this mean?

Enter the number of customers who require periodic KYC refresh or ongoing due diligence. This should be the total number of customers across all risk levels—but isn’t necessarily all your organization’s customers.

Your high-risk customers

What percentage of your customer base is deemed high risk?

Tip: At the end of this section, make sure the total percentage allocated for High, Medium and Low risk categories adds up to 100%

Current total:

How many hours does it take, on average, to review high-risk customers during periodic reviews?

What do we mean here?

Enter the average number of hours your analysts spend reviewing a high-risk customer during a periodic review. This includes activities such as data gathering, preparing customer outreach materials, performing risk assessment and due diligence, and associated QA and QC activities. You may call this number ‘file touch time’ or ‘handling time’. This doesn’t include the elapsed time of waiting for a customer to respond.

How often do you review your high-risk customers?

Do you want to include high-risk customers in your cost savings calculation?

Why are we asking this?

You might not want to automate certain parts of your processes. So if you’d rather exclude your high-risk customers from any potential cost savings, check ‘No’.

Your medium-risk customers

What percentage of your customer base is deemed medium risk?

Tip: At the end of this section, make sure the total percentage allocated for High, Medium and Low risk categories adds up to 100%

Current total:

How many hours does it take, on average, to review medium-risk customers during periodic reviews?

What do we mean here?

Enter the average number of hours your analysts spend reviewing a medium-risk customer during a periodic review. This includes activities such as data gathering, preparing customer outreach materials, performing risk assessment and due diligence, and associated QA and QC activities. You may call this number ‘file touch time’ or ‘handling time’. This doesn’t include the elapsed time of waiting for a customer to respond.

How often do you review your medium-risk customers?

Do you want to include medium-risk customers in your cost savings calculation?

Why are we asking this?

You might not want to automate certain parts of your processes. So if you’d rather exclude your medium-risk customers from any potential cost savings, check ‘No’.

Your low-risk customers

What percentage of your customer base is deemed low risk?

Tip: At the end of this section, make sure the total percentage allocated for High, Medium and Low risk categories adds up to 100%

Current total:

How long does it take, on average, to review low-risk customers during periodic reviews?

What do we mean here?

Enter the average number of hours your analysts spend reviewing a low-risk customer during a periodic review. This includes activities such as data gathering, preparing customer outreach materials, performing risk assessment and due diligence, and associated QA and QC activities. You may call this number ‘file touch time’ or ‘handling time’. This doesn’t include the elapsed time of waiting for a customer to respond.

How often do you review your low-risk customers?

Do you want to include low-risk customers in your cost savings calculation?

Why are we asking this?

You might not want to automate certain parts of your processes. So if you’d rather exclude your medium-risk customers from any potential cost savings, check ‘No’.

3
Your potential time savings

Moving from periodic refresh to contextual monitoring can save you time—and free up your people—at every step of your KYC process.

But we know you might not want to automate certain parts of your KYC process. So use the following boxes to decide how much you’d want our platform to do.

Preparation

Would you want to:

Automate the sourcing of internal and external data to create single customer views?

Automatically identify when customer data has changed, and assess the materiality and risk of that change?

Customer outreach

Would you want to:

Reduce the number of times you ask customers for additional information by automatically populating customer files and grouping related customers together for review?

Due diligence

Would you want to:

Automate customer risk assessments and perform them at a network level to better identify risk?

Automate your account transactional activity reviews by identifying significant counterparties and performing counterparty research?

Auto-resolve low risk or non-material data change events without human analyst input?

Quality control

Would you want to:

Automate quality assessment, therefore reducing the number of manual quality checks?

Automate inputs to the risk narrative statement based on identified customer risk?

Average time saved

Based on this, your average time saving across the process is:

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You can save


over

With Quantexa, you can reduce the time it takes to carry out periodic reviews:

High-risk customers:

to

Medium-risk customers:

to

Low-risk customers:

to

Which means you can save


Every year

Freeing up the equivalent of full-time employees.

This calculator is a guideline only, and shows the potential time and cost savings you could achieve using our platform. If you’re interested in working together, we can build more detailed figures tailored to your business.

Book a demo

Book a demo

Fill out the form to speak to our team and build more detailed figures tailored to your business.

Why it’s time to transform KYC processes from periodic refresh to contextual monitoring

It’s no secret that KYC ongoing due diligence and periodic refreshes continue to drive cost and complexity.

 

Amid an environment of increasing threats, plus stricter regulations (and harsher fines), organizations have to continually monitor their existing customer relationships for signs of high-risk activity. And that’s not to mention continuously onboarding new customers.

 

It’s increasingly important, time-consuming—and expensive. For example, KYC accounts for over 40% of a financial institution’s overall cost of AML compliance.

 

Existing KYC processes cause organizations many issues throughout the customer lifecycle. Ineffective systems; poor quality data; repetitive customer outreach; and time-consuming, error-prone manual processes combine to increase reputational risk, raise the cost of compliance, and damage customer relationships.

It’s time organizations took a new approach to KYC compliance.

Contextual KYC enables your organization to become truly customer-centric. Our platform helps you use contextual decision intelligence to continuously evaluate each customer and their risk level—throughout their entire lifecycle. It connects multiple internal and external data sets to provide a single view of your customers—enriched with intelligence about the relationships between people, organizations, and places. Then it highlights new or changing risk levels, and reflects and continuously monitors changes in your CLM or KYC system.

 

With this transformed approach, you can free up your people to work on high-risk customers and higher-stakes projects. And you can reduce costs, stay alert to new risks, and improve the customer experience.

 

To find out more about contextual KYC, read our eBook.

Read eBook

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