Reinventing the financial services value chain is what we stand for at Delta Capita. A great deal of our colleagues do so by fighting Financial Economic Crime (FEC). Both Consultancy and KYC CLM Services colleagues are experts in this field. But how well do we know what our colleagues are doing within this domain? And how can we help each other improve within the field of KYC/FEC?
Last week, Delta Capita organised an interactive knowledge session, focusing on enhancing collaboration and communication between Consultants and KYC Analysts. During the session, topics such as what your work activities look like, what kind of obstacles are encountered, and what you would do differently if you were in charge were discussed. The goal was to facilitate a deeper understanding of each other's roles, strengths, and challenges, to pave the way for more effective teamwork in the future.
“One of the biggest realisations after this session is that we are both tackling the same problem, but from a different perspective”
Setting the Stage
The knowledge session started with an introduction. Tom van Els (Head of KYC CLM Benelux) introduced us to the world of CLM Services and Ruben Velstra (Head of Financial Economic Crime Benelux) did the same for FEC Consultancy. Various activities and assignments with different clients were illustrated.
Conversation rounds
After the introductions, Consultancy and CLM colleagues mingled into small groups. This interactive approach encouraged open communication and the exchange of valuable insights. Participants started off by getting to know each other, talking about what a typical day looks like, what they like best about their jobs, and with whom they are often collaborating. Despite the apparent differences in their roles, participants discovered common ground in their activities.
“There is so much data and experience available within these people, we should share this.”
In the second round, the conversation groups dove deeper into the stumbling blocks within the FEC domain, contemplating both differences and similarities. Recognising these shared difficulties served as a foundation for brainstorming about possible solutions and building stronger collaboration. Participants explored challenges and brainstormed strategies to overcome these obstacles.
During the conversations, touch points within the CDD lifecycle were discovered. Consultants and KYC Analysts could share information about their points of view and leverage each other's expertise.
“The value of this company is that we can bring our expertise within FEC together. This really helps the client. At this moment, there is often a disconnect between the people implementing the change and the people in the operation, causing escalating issues to the wrong persons. By getting to know each other, we now know who to reach out to prevent this.”
Key Takeaways
The knowledge session concluded with each group sharing their key takeaways. The importance of communication, understanding, and collaboration between Consultants and KYC Analysts was emphasised. Participants gained valuable insights into the intricacies of each other's roles and developed a newfound appreciation for the complementary nature of their work. Overall, attendees experienced the knowledge session as valuable and were enthusiastic about connecting with their colleagues.
A few of the takeaways:
- How views on FEC can differ, depending on the sector we are working in, for example, the difference between wholesale or retail banking.
- A shared observation within financial institutions is a focus on adhering to rules instead of improving efficiency and effectiveness.
- There is still a significant battle to be fought in the data domain. Sharing issues and discussing the data availability is a good start.
“We already planned a follow-up meeting since we still have a lot of insights to share.”
Looking Ahead
A lot of valuable discussions were held. The knowledge session served as a catalyst for fostering collaboration and mutual understanding. By breaking down silos between Consultants and KYC Analysts, we aim to enhance the quality of our services and deliver exceptional value to our clients. The knowledge gained from this session will undoubtedly contribute to a more cohesive and effective work environment in the future.
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