Achieving the “Golden Record”
A global financial services provider lacked visibility into their client risk rating due to inconsistent client records. The organization had incomplete and disjointed client information across their customer relationship management (CRM) system and their separate banking service platforms (e.g. wealth management, asset management, tax, etc.). Due to these shortcomings, the organization was unable to accurately aggregate client holdings, understand risk exposure at a client or portfolio level, or identify potential compliance risks. Compounding the operational challenges this posed was impending regulation – the financial services provider was subject to federal Anti-Money Laundering (AML) and Know-Your-Client (KYC) regulations that would also require standardized and consistent client information. To address these issues, Kenway collaborated with the client on an enterprise-wide Data Governance framework to properly oversee the creation, ingestion, maintenance and consumption of its client information.
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