Like most financial institutions today, a local bank in Malaysia was facing the ongoing challenge of meeting industry compliance standards. The organization aspired to be on par with international banking standards while maintaining a high cost efficiency. Before engaging with Capco, they were facing an uphill battle in changing the organization’s mindset, such as moving the business towards automation to reduce manual processes and back-office operations support.
Capco Malaysia helped to establish an efficient management of end-to-end know your customer (KYC) outreach with the bank. We initiated the project with a core team of our KYC mobilisation experts to draft KYC remediation as-is process documents and perform gap analysis. Since then, we have been expanding and supporting multiple areas within the risk & compliance unit, including transaction monitoring unit (TMU), customer due diligence (CDD), and anti-money laundering (AML) checks.
Along with providing highly skilled risk & compliance experts, project leads, consultants, visual basic (VB) & light automation specialists, Capco Malaysia helped the bank with the following key services:
In partnership with Capco Malaysia, the local bank is constantly upskilling their knowledge in risk & compliance, automation, KYC, and AML compliance. The bank has progressed effectively and efficiently on the objectives of addressing and complying to the compliance projects as per its plan and schedule.
Rajiv Dalmia, Capco Malaysia’s lead Partner commented: “This is a highly regarded local bank which is keen to continue growing their presence in the local geography. The bank appreciates that they need to embrace digital transformation to have competitive edge, and to do this they required Capco as a consultancy partner who is specialized in financial services, with the track record, experience and expertise to deliver complex end-to-end digital transformation programs. Today, the bank is doing well and appreciates the synergies, value, efficiency, and effectiveness Capco Malaysia brings to the table.”
Capco continues to help the bank pursue further cost savings and efficiencies through automation, along with other initiatives beyond the risk & compliance unit. These include enhancing internal decision-making, reporting skills, as well as providing lateral thinking exercises to help the bank further adopt a ‘change culture’ mindset and management style.
For more information how we are working with banks in Malaysia and across the Asia-Pacific region, please contact James Arnett.