European Bank - Delivery of Managed Service for High Risk Population

Client issue

Our client faced a year-end regulatory deadline for their high-risk business book and asked PwC to help them meet this. The team PwC set up successfully remediated the cases and were invited to manage the KYC on the same high-risk business book in 2018.

Additionally, the bank asked PwC to take on all of their high-risk personal book as well as some medium risk personal banking customer files. In all approximately 4,500 cases were given to PwC’s managed service team.

The client also had an issue around a quality assurance function which we helped set up and is now fully operational. In addition the bank asked if PwC could take on the outreach function for the managed service cases.

PwC approach

PwC stood up two teams of analysts and QCs: one to deal with the bank’s personal banking customers and the other to handle the bank’s business banking customers. In addition PwC mapped out an outreach process, set up MI and trained an outreach team to collect information from the bank’s customers.

Throughout the year our team worked closely withour client to ensure their policy and procedures matched our job instructions. As part of this they collaborated with the bank's qulaity assurance team to ensure quality of cases.

As the work undertaken was very manual PwC began looking at technology solutions to help automate sections of the KYC process and establish a workflow tool with the aim of streamlining their processes., bringing on board technology experts from Operate to help provide solutions.

PwC approach

The immediate outcome of this project is that the bank’s high-risk book is up to the required KYC standard. However, the major benefit to the bank is that by taking on this programme PwC have allowed them to focus on other areas where they have other urgent regulatory obligations (namely, their medium and low risk customers).

Contact us

Lyn Trimble Carson

Lyn Trimble Carson

Director, Compliance Testing, PwC United Kingdom

Tel: +44 (0)7718 864880

Michael Lines

Michael Lines

Contract Solutions Lead, PwC United Kingdom

Tel: +44 (0)7826 946177

Mark Hollebon

Mark Hollebon

Director, Customer Management, PwC United Kingdom

Tel: +44 (0)7525 280911

Stuart Croft

Stuart Croft

Director, FinCrime Operations, PwC United Kingdom

Tel: +44 (0)7713 793612

Jess Speller

Jess Speller

Change Solutions Lead, PwC United Kingdom

Tel: +44 (0)7525 925567

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