Operational Resilience - Q1 newsletter

This quarter we're vibing on Operational Resilience as UK financial services regulators are sharing policy statements designed to help the industry protect customers, the FinTech ecosystem and the wider market from unforeseen factors.

Posted by: 
Alexis Fox-Mills
  |  
Feb 10, 2021

Operational Resilience in compliance and risk management

Your Q1 PassFort newsletter is here and we're sticking to a resilience theme, serving you:

+ A 5-point plan to help get ready for operational resilience regulations

+ A way to settle the KYC buy vs. build debate

+ Best practices for building resilience into KYC transformation programmes

Plus, we're happy to bring good news on our partnership with Curve, and enhanced relationships with the leading data providers Creditsafe and Bureau van Dijk.

A 5-point plan for Operational Resilience

By the end of Q1 2021, financial services firms can expect an update on the Operational Resilience policy statements from the UK regulators.

The work on operational resilience and the policy statements are designed to ensure firms protect customers and the wider market from adverse disruption. This includes firms identifying what's "important" within the business and to their business, including third-party relationships. Once firms understand what's important to the operation, they can analyse where the weaknesses might lie and underpin them with continuity plans.

We want to help you get ready for the new regulation with this report, created in partnership with FinCrime and Compliance consultants at The Edmund Group. Included is a 5-point action plan to get your operational resilience framework in shape and in place.

>> Get the report and plan

Settling the KYC buy vs. build debate

Deciding on which RegTech solution to use for digital customer onboarding journeys is tricky - we get it. But getting compliance processes right makes financial services firms more efficient, creates better customer experience, and therefore it leads to better overall resilience.

Lots of regulated firms think about whether to tackle building an eKYC solution in-house or whether to use a 3rd party vendor. Well, we strongly believe compliance teams deserve the best, bespoke and most flexible solutions that will solve their specific challenges. It's a mission and our passion.

So, before you make that all-important decision on whether to buy or build, we’d like to give you a few things to weigh up in the debate.

>> Buy vs. Build - show me

Build resilience into KYC transformation

Check out this podcast featuring Dan Rodrigues, digital transformation consultant at Baringa Partners. It's packed with useful help and free advice on how to get the best from your KYC digital transformation programme.

+ How to shape and engage KYC teams through transformational times

+ The way to engineer solutions from the customer backwards

+ Why it's important to consider perpetual KYC, going beyond onboarding

+ Acknowledging things will go wrong, and how you deal with that

>> Listen to Dan now

New partnerships this quarter

Curve is a card consolidation company that is growing fast. It is expanding across Europe and breaking into the American market.

Curve is onboarding thousands of new customers, including corporate clients, and recently selected PassFort as a strategic partner to help deliver digital KYB processes. We literally could not be happier about it!

>> Why Curve chose PassFort

We have also recently extended and enhanced our relationships with key data provider partners to bring more choice and greater coverage to our global customer base.

Through new arrangements with Bureau van Dijk and Creditsafe, we have strengthened automation of KYB due diligence and the world of data available on corporate entities.

Your own resilience

Ending on a personal note, we want to acknowledge that lockdown 3.0 is a tough one. It's cold. You might be on your own. Or you might not have a minute to yourself. Don't forget, probably the most important thing is to look out for your own well being and nurture your own personal resilience.

Sending love,

The PassFort team x

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