Poor quality, incomplete and out of date data is the underlying cause of many serious business issues in financial organisations today which could lead to:
- Poor decision making.
- Large scale data remediation projects.
- Expensive and time consuming KYC Periodic reviews.
- An inability to create a fully joined-up customer view to achieve and demonstrate regulatory compliance e.g. FATCA, CRS and (shortly) GDPR.
- Discrepancies between different regulatory reporting outputs such as BoE and FCA/PRA.
- Mis-reporting of capital requirements and allocations.
How businessDNA Works
ICX4 have mapped a large selection of cross-indexed global data sources to our proprietary data matrix that can be aligned to an organisation's internal data. It provides a continuous or periodic validation of internal data against the outside world.
It provides a comprehensive approach to the remediation of client data across the enterprise, working system by system and database by database.
- Future proofed internal data
- Eliminates the need for further remediation projects
- Consistent and accurate regulatory reporting
- More informed business decisioning
- Event driven rather than periodic KYC reviews