Why flexibility is essential for CLM platforms


There are countless client lifecycle management (CLM) platforms in the market. To separate the best from the rest, KYC Portal believes firms should look at its flexibility.

CLM is a system that allows organisations to define and streamline the entire life cycles of their counterparties. This is typically focused based on the type of sector, service or product that the organisation is offering.

However, KYC Portal’s CLM platform can manage relationships for all various types of services, including corporates, vendors, suppliers, merchants, funds and more. The RegTech’s CLM solution automates processes for services including vendor management, supplier due diligence, client and corporate onboarding and more.

It has released a report exploring the versatility of its tool and what firms should be looking for in a CLM provider.

KYC Portal explained there are three crucial elements any lifecycle management platform needs to follow. The first is the ability to design and define what a counterparty is made up of, as well as the elements needed on the counterparty, such as fields, forms, documents, risk and more.

Secondly, KYC Portal says it needs the ability to design and define the actual lifecycle and who has access to the processes. Finally, the CLM solution requires the ability to interact with all the required third-party systems. These might be existing internal systems or third-party providers that have ancillary data to augment the lifecycle.

KYC Portal said, “One thing that we have learnt over the past few years however, is the fact that such lifecycles are prone to change. They change due to internal processes, regulations, market happenings and many other factors that happen on a daily basis.”

It added that while most lifecycle management platforms help identify bottlenecks in processes and lead to change in the life cycle. Unfortunately, these changes come with big costs, both financial and effort.

With that in mind, KYC Portal believes its biggest unique selling point is it doesn’t incur those costs.

The configuration of its entire platform is completed through the back-office of the system. It boasts a visual interface that can be managed by anyone and does not require any coding technical expertise.

Through this, clients can create and maintain any part of the policy. This includes all granular control, such as the definition of what the entities in a counterparty are together with all the rules relating to that entity.

It also offers the power to control fields related to each entity and all associated rules and validation.

KYC Portal added, “This ability to change the configuration in real time allows our clients to tweak any part of the lifecycle on the fly, without having to wait days for development and without having to put the solution on hold from use. If the regulations change and you suddenly need to start asking for a new set of information or documents from your clients, it can be done within a matter of minutes.” If a bottleneck is highlighted in current processes, the operations team can tweak processes within hours.

Thanks to this flexibility, KYC Portal’s CLM solution is used for vendor and supplier onboarding and relationship management across banking, oil and gas, logistics, gaming and payments industries. Wealth and asset managers are also using the technology to digitise counterparty outreach.

It concluded, “This is why KYC Portal CLM was designed to be the most flexible counterparty lifecycle management platform on the market. A system that delivers peace of mind. A tool that sits on top of all your data sources, allowing you to orchestrate the most complicated lifecycle processes within a solution that is totally configurable. A lifecycle that reduces your risk exposure, as well as the cost of maintaining such risk.”

Read the full report here.

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