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Managing customer due diligence (CDD) and anti-money-laundering (AML) can be difficult for professional services firms that don’t have technology to help them streamline their processes. During the webinar “Streamlining Risk Assessment and AML Processes,” risk and compliance professionals discussed the many challenge related to CDD and AML compliance processes, including:

  • A changing and evolving regulatory landscape
  • Process and collaboration
  • Gathering the right information and documentation
  • Ongoing monitoring and revalidating

“The world of risk and compliance is always changing,” said Sophie Callaghan, Risk and Compliance Manager at Lewis Silkin, yet “the legal sector has traditionally been one of those areas that at times has been a bit resistant to change, particularly [when it comes to] technology.”

However, when the COVID-19 pandemic hit, many firms had no choice but to adopt new technology to support their remote and hybrid workforces. Firms that implemented compliance management tools were then able to receive automatic updates, alerts, and ongoing support from their software providers — allowing them to improve their risk and AML compliance processes like never before.

“[Now] people are keeping in touch with what’s happening in the regulatory world and looking at their internal processes [to learn] how [the processes] can be adapted to keep up with these [regulatory] changes,” said Callaghan.

OnePlace Risk & Compliance, a cloud-based Intapp suite, leverages AI, machine learning, and predictive analytics to help firms manage potential conflicts throughout the client lifecycle by allowing them to:

  • Initiate AML risk assessment by capturing client and matter data in prebuilt configurable forms and workflows
  • Connect data and systems by integrating them with ID verification, third-party data, Intapp products, and other firm systems
  • Assess and score risk of risk clients and matters, and escalate or resolve them
  • Continuously monitor risk via automated real-time risk monitoring and notifications of evolving client and market conditions
  • Demonstrate compliance by generating an audit trail and reports according to your firm or regulatory requirements

“The OnePlace Risk & Compliance suite manages additional activities around conflicts … for looking at the wider picture beyond AML and CDD,” said Daragh McLaughlin, Risk Practice Group Leader at Intapp. By supporting compliance and enhancing business agility, OnePlace Risk & Compliance helps firms to grow profitably in an ever-changing regulatory environment.

Kristian Uggla, Senior Solutions Engineer at Intapp, demonstrated the capabilities of OnePlace Risk & Compliance with a sample AML compliance process and explained the software’s scoring method.

“As things change in our world, you may need to change [your scoring] model,” explained Uggla. “[For example], anyone that was using our scoring system may have made changes to their scoring model as things have unfolded in Russia and Ukraine.”

The software can also automatically request or kick off a CDD or AML compliance process based on the data in the system and any monitoring rules your firm sets, saving your professionals time and effort. “Rather than someone [manually] generating reports, sending notifications, and making [kick off] requests, the system can do it for you,” said Uggla. “You just define the rules and it’ll run in the background.”

Watch the full webinar recording to learn how OnePlace Risk & Compliance can help your firm overcome challenges related to your CDD and AML compliance processes.