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A new approach to client onboarding for corporate and investment banks
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CH&Cie - Rethinking Client Onboarding - Teaser
1.
Rethinking Client Onboarding January 2014 Stephanie Baruk sbaruk@chappuishalder.com
2.
2 â OTC clearing will call for an update of legal documentation (ISDA, giveâup agreementsâŠ) â Reporting to trade repositories with time constraints will imply a more efficient onboarding Dodd Frank Act â Title VII U.S. â
More robust identification and more extensive classification schemes will need to be applied â More detailed relationships (e.g. agent, principal) may need to be stored for more granular credit risk calculation and disclosure Dodd Frank Act â Volcker Rule U.S. Legal Entity Identifier Global â Initiative currently incorporated into Dodd Frank and expected to be adopted by European regulators â New identifier field to be captured and existing client data will need to be cleansed to incorporate the LEI â Liaison to be built with Third Party Swap Data Repository EMIR Europe â Similar requirements as DFA with regards to clearing documentation and reporting rules (see Appendix for the table of fields to be reported) FATCA Global â AML: Stricter CDD and Client Acceptance procedures â KYC: Additional Client Profile requirements â Tax Identification Number (TIN or GIIN) needs to be collected for US persons Basel III Global â Will require centralized data to support risk management calculation and a reâ evaluation of the types of customers and Due Diligence ahead of client onboarding MIFID II and Market Abuse Europe â Increased focus on client categorization and eligibility â New KYC checks and approvals â Beneficial owner identification and disclosure â Enhanced Due Diligence in certain situations of high risk 4th AML Directive Europe Rethinking Client Onboarding Key Regulatory impacts on Client Onboarding Regulation Jurisdiction Impacts on Client Onboarding People Process SystemsData Resolution Planning Global â SIFIs must provide detailed recovery and resolution plans for unwinding in case of default, including relationships with key counterparts and clients
3.
Systems ï§ Multiple regional and/or product systemsÂ ï§ Current IT architecture does not support necessary changes to client portals, workflows and compliance/ops systems ï§
Major roadblock leading to operational breaksÂ ï§ Lack of synchronization among multiple systems 1 3 Need to transform the onboarding function to allow timely response to regulatory changes 24 Data ï§ Lack of defined Golden source with incorrect mapping between sources and downstream systems ï§ Operated across siloed data sources ï§ Lack of unique client identifiers ï§ Nonâhomogeneous client account hierarchy used especially with funds Process ï§ Fragmented process that prevents seamless onboarding function and no centralized view of a client ï§ High operational risk linked to manual processes ï§ Difficulties reporting status of approval, documentation and client requests ï§ Standard Operating Procedures (SOP) are often poorly defined and shared globally People ï§ Increasing workload putting resources under pressure ï§ Client onboarding viewed as routine process ï§ Overall ownership of endâtoâend process rarely exists; roles and responsibilities are often unclear ï§ Lack of information sharing between front and back office generating no revenueâsharing model Rethinking Client Onboarding Challenges faced by Corporate and Investment Banks 3
4.
4 Rethinking Client Onboarding Key success factors and benefits (1/2) Key Success Factors Benefits Single Point of Contact ï§ Give ownership to a dedicated Onboarding team across the various business lines and divisions ï§
Identify dedicated contacts across the business for internal requests ï§ Establish a governance body to provide leadership and oversight ï§ Draft SLAs to make all the stakeholders in the onboarding process accountable ï§ Improve client satisfaction by avoiding multiple requests ï§ Move from a traditional siloed approach to a functionally unified clientâcentric governance model ï§ Ease the access to information ï§ Create synergies between business lines 1 Global Organization ï§ Deploy the organization globally across the different territories ï§ Rationalize organizational structures to avoid delays in understanding needs ï§ Base the global onboarding policy around the most stringent regulations and accommodate the different jurisdictions ï§ Adopt a horizontal approach to managing compliance with existing and new regulationsÂ ï§ Set up global standards to serve clients and provide consistent information whatever the location ï§ Create synergies and leverage best practices of each territory ï§ Smooth out the communication ï§ Create flexibility to quickly adapt the organization to regulatory changes 2 Process Standardization ï§ Define a master list of client document requirements before contacting clients ï§ Ensure that the COB team controls the master document and prevent from other groups to ask additional documentation ï§ Set up similar processes for all the business lines ï§ Set up a global document management solutionÂ ï§ Study the opportunity to offshore some functions related to client onboarding (static data input and maintenance for instance) ï§ Avoid back and forth with the client to ask additional documents ï§ Homogenize the processes across business lines ï§ Create synergies between business lines and territories ï§ Improve the efficiency of the process, reduce overall onboarding time and associated costs and lower operational risk 3
5.
5 Key Success Factors Benefits Data Centralization and Quality ï§ Define a golden source of client data with a client data repository acting as a client onboarding master database with: ïŒ
A client identifier as a primary keyÂ ïŒ A cross reference with alternative identifiers within the COB framework ïŒ A standard client hierarchy ïŒ Ability to support different statuses of client activity lifecycle ï§ Define your own set of key client data attributes then focus on the clientâs risk profile, trading preferences etc. at a granular level ï§ Set up a single cross reference to link clients, accounts and documents ï§ Automate wherever possible â onboarding of lowâprofile risk, referential controls⊠Focus on the LEI ï§ Make sure that there are no multiple entry points for keying the LEI and crossâreference between multiple identification schemes and taxonomies ï§ The LEI field within the KYC database should feed into legal, credit, collateral and operations systems for the purposes of consistency and transparency ï§ LEIs should connect to each other and properly reflect their hierarchies throughout the system ï§ Enhance entity databases to include hierarchies, management profiles and linkages to underlying asset classes, link entity level corporate actions data ï§ Get a holistic view of clientâs activities ï§ Promote a single view of the client ï§ Avoid repeatedly asking clients for the same information ï§ Attributes and hierarchies consistency ï§ Correct mapping between sources and downstream systems ï§ Ability to support the lifecycle of an entity on an ongoing basis 4 Rethinking Client Onboarding Key success factors and benefits (2/2) Monitoring ï§ Establish a governance body to provide leadership and oversight ï§ Define KPIs to measure the performance of client onboarding operations endâtoâend and monitor the business (segmentation, crossâsellingâŠ) ï§ Leverage client profiles for credit risk management and capital requirements ï§ Build a monitoring process which takes into account potential changes of client and counterparty classification throughout their lifecycle ï§ Get a clear view of responsibilities ï§ React more quickly to potential changes in due diligence requirementsÂ ï§ Enhance risk management, crossâselling analysis, client segmentation and profitability reporting 5
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