Manage AML and CDD with OnePlace Risk & Compliance

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Streamline AML and CDD Management with OnePlace Risk & Compliance

The ability to streamline anti-money-laundering (AML) and customer due diligence (CDD) management can revolutionize the way professional services firms evaluate their clients for financial, professional, and strategic risk. Unfortunately, firms face multiple business challenges in relation to CDD and AML regulations, preventing them from accurately assessing risk and potentially leading to reputational and financial damage.

On June 29, 2021, Daragh McLaughlin, Practice Group Leader for OnePlace Risk & Compliance at Intapp, and James De Swert, EMEA Solution Consultant for OnePlace Risk & Compliance at Intapp, hosted the “Streamlining AML and CDD Management” webinar to discuss how OnePlace Risk & Compliance helps firms overcome the challenges of AML and CDD management. De Swert also demonstrated the software to show its many capabilities and to prove just how quickly and easily users can streamline their AML and CDD processes.

Navigating an Evolving Compliance Landscape

One of the greatest challenges facing professional services firms is the ever-changing nature of expectations around risk and due diligence.

“Firms face a continually evolving landscape relating to the area of AML and CDD with changing and evolving regulations and evolving best-practices guidance,” McLaughlin explained. “All of this is putting pressure on the firm, staff, and systems that the firm is using, with a continual need to adapt and change over time.”

Deploying the latest tools and technology can help your firm stay up to date on best practices and remain in compliance. Many firms have already begun investing in cloud- and AI-based technology due to the COVID-19 pandemic, allowing staff to work remotely.

“From a technology perspective, law firms have adapted well to remote working,” McLaughlin revealed. “However, firms are also looking for collaboration, workflow, and things like politically exposed persons (PEPs) and sanctions. All of these components need to be brought together and managed efficiently.”

Reaping the Benefits of OnePlace Risk & Compliance

Powered by AI, machine learning, and predictive analytics, OnePlace Risk & Compliance helps professional services firms tackle the obstacles discussed during the event, and successfully streamline AML and CDD management. The software provides a wide range of capabilities to help firms evaluate new business, monitor relationships, and demonstrate compliance.

OnePlace Risk & Compliance empowers firms to take control of their regulatory responsibilities:

  • Accelerating business
  • Gaining better insight
  • Avoiding reputational and financial damage
  • Providing exceptional client service

“OnePlace Risk & Compliance is designed to support firms’ specific processes,” said McLaughlin. “Firms can configure their forms to collect data around their own business processes. Intelligence and conditional logic are built into the forms to help collect the right data.”

Collecting the right data allows firms to better determine whether to take on a client, whether a project is high risk, and whether to enhance due diligence. Users of OnePlace Risk & Compliance can gain further insights into potential risk by using the software’s scoring system and receiving notifications throughout the client matter lifecycle.

“Continuous monitoring can be managed with the system, and notifications and escalations can be managed based on your business rules,” said McLaughlin. “Underpinning all of this is a highly secure, scalable cloud-based platform.”

Implementing Easy-to-Use Technology

To provide webinar attendees with a better idea of how OnePlace Risk & Compliance works, De Swert gave a demonstration of the software. He began by presenting the software’s dashboard and showed how the system helps firms organize their essential information.

“When you implement OnePlace Risk & Compliance, it harvests all of your existing clients, matters, and parties — your key primary set of data,” said De Swert. “Going forward, this dashboard will be your central place for creating new clients, matters, and party relations as well as maintaining them and running monitoring rules.”

De Swert also discussed how easy it is for users to operate OnePlace Risk & Compliance: “Both the workflow and the form designers are very much user intuitive. There’s no-code configuration with them.”

De Swert then demonstrated a client onboarding request, complete with an AML and CDD assessment. He explained that fully understanding clients before onboarding them is critical to minimizing risk.

“OnePlace Risk & Compliance will look up and pair a potential client to any other existing client or party,” De Swert said. “You can further validate this client by running a look-up against third-party data providers.”

De Swert continued: “When you click on ‘Start CDD and AML assessment,’ it will allow the form to be broken into two separate sections. You could assign one person or team to start working on the AML assessment and have a legal assistant start working on the CDD information to ensure you have all legal papers or documentation required before taking on the client.”

Learn how OnePlace Risk & Compliance can improve your firm’s AML and CDD management process: Download the full webinar recording, or schedule a demo.

Written by:

Daragh McLaughlin

Practice Group Leader, Risk and Compliance

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James De Swert

Sales Engineer

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