Most compliance officers fear there are not enough hours in the day to manage regulatory compliance, according to research from KYC Portal.
Compliance is a laborious task and most officers do not have the correct tools for the job, the report claims. Furthermore, many are overwhelmed by the sheer pace of regulatory change, a lack of centralisation with activities and difficulties breaking down silos to increase department collaboration.
One of the other main pain points compliance officers mentioned was difficulty keeping up with emerging technology. While the officers know advanced technology required masses of data, they are not experts on technology and the integration of new systems is a concern.
KYC Portal claims its platform will help to alleviate some of those concerns. Its real-time, risk-driven client lifecycle management platforms reduce pain points through automation, which boosts operational efficiencies.
The RegTech company also claims its team will help clients to configure and digitise their due diligence processes within KYC Portal, reducing concerns of implementing new technology.
KYC Portal claims to be receiving attention from around the world, and currently sells to more than 15 countries. Its clients are spread across a range of sectors, including banking, payment providers, corporate service providers, legal and accounting to logistics, gaming, precious metal refineries, oil and gas, taxi booking and dispatch providers and cash management services.
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