Thinking outside the box
It is important from time to time, to take a step back, and think outside of the box…
It's not uncommon for corporate companies to get buried in their processes, which can get more and more complicated each year, as regulatory requirements become more and more challenging.
Over time, those added changes, however elaborate and automated, can make internal workflows become very inefficient, difficult to administer and costly.
This is why, from time to time, it is important for all processes to be reviewed, and think about why we do something in a specific way, pushing aside old habits.
This often occurs in corporate environments, because a small workaround for a specific requirement, then another change, and another, will eventually mean an unproductive process.
Gathering Client Due Diligence is no different, whereby companies have been following the same process for years, when the volume of the work was a fraction of what it is today.
In some cases, companies may be forced to review large volumes of Client Due Diligence documents, increasing pressure on the administration team, cost to the firm, and impacting on client services. Furthermore, those huge tasks all happen around the same time, which means file reviews will re-occur at the same time in a year or two, adding additional cost to the firm, which is not always financially recovered.
Many products have tried to offer some automation of CDD gathering in some ways, but no one has come up with a solution that resolves the root problems.
MYCDD began with thinking of the process, the issues, and how to re-write the entire concept of how Client Due Diligence should be collected and stored.
It started with the related parties, by creating a cloud vault to safely store their Client Due Diligence. Our challenge was to make MYCDD as safe and secure as possible, as you would expect from banking or financial online platforms.
To achieve a safe vault for Client Due Diligence, MYCDD took no security shortcuts, and made sure that every effort was made to protect those documents, and the individual’s information.
Once the environment was set up for those individuals, the gathering of Client Due Diligence was the next issue to resolve. This is when we came up with the subscription service, with automated notifications, and the main purpose of which was to share updated Client Due Diligence before anyone asked for renewal.
The ultimate goal was to reduce frustration on the individuals with Client Due Diligence, and cut endless time spent on constantly gathering and chasing CDD.
We aimed to flatten the curve of Client Due Diligence gathering throughout the year, with our proactive service, reducing the frequency of requests.
We are barely touching the surface of what MYCDD can achieve for you, and we urge you to read more information on gathering CDD.
MYCDD is a game changer in the way Client Due Diligence is stored and shared, and we are excited to see how MYCDD.com becomes incorporated into your workflows.
MYCDD makes a complex, inefficient process simple. It's easy to use, so your whole team can benefit.
MYCDD uses tried & tested, highly secure Microsoft infrastructure to keep your documents as safe as possible.
Designed by the industry for the industry, MYCDD solves a widespread issue, tackling CDD frustration with a smart new approach.