Automating Customer Due Diligence process with RPA

Use case

We were challenged by a Finance & Accounting firm to enhance their Customer Due Diligence (CDD) process. The company classifies the risk of a client to determine whether to start or proceed working with this client. To do so, sales employees fill out a so-called Customer Due Diligence (CDD) tool. The first step of the procedure is to retrieve a report with proof of existence of the client. After this, employees identify the executive committee to put a finger on members who may cause any integrity issues. They create a screening report on each individual. The Compliance department further investigates clients which are flagged during this process.

This process is highly repetitive and extremely time-consuming. The applications used (Mint Global, World Check) are sometimes slow. The process is also prone to human error, especially when looking up the correct client name in Mint Global. This can lead to multiple results, where most are not relevant for the CDD process.

Applied technologies

Robotic Process Automation

2

Years to ROI

124

Hours saved annually

60%

Error reduction

100%

Of effort automated

Our solution

We created a digital workforce by implementing Robotic Process Automation (RPA), which is ideal for manual, repetitive and rule-based tasks. Our robot is able to log into all applications and extract reports about a company and its board members. It is developed in a way that it works secure and consistently, making the process less prone to human errors. Our solution is built to take the following steps:

Search for proof of existence report of company in Mint Global
Extract all current board members of company
Check for any possible integrity issues
Build case report for each individual board member in World Check

We created a robot that fully automated the CDD process. Since deployment of the robot, over 124 hours have been saved yearly. Due to its consistent way of working, the process is less sensitive to human errors, leading to 60% error reduction.

RPA offers a solution that is effective, efficient and reliable. Workers can refocus on work that matters and stop wasting time on extracting reports through various applications.

Integrated applications for this case