DC Reinventing Hub

Reinventing Quality Control in KYC: The Main Challenge for Financial Firms

Quality Control is usually the first line of defence when it comes to reducing KYC remediation projects and remaining compliant. To learn more about the topic and working at Delta Capita, we spoke wi


Quality Control is usually the first line of defence when it comes to reducing KYC remediation projects and remaining compliant. To learn more about the topic and working at Delta Capita, we spoke with our very own Senior KYC Specialist, Michael Vijgeboom. Based in the Netherlands and trained as a financial lawyer, Michael is an indispensable part of the team and provides insight into the importance of QA. 

While working at Delta Capita, Michael has been at the forefront of reinventing the department and the workplace. With his expertise and enthusiasm for the field, Delta Capita has been able to strengthen its Quality Control processes while also supporting its employees in their search for growth.

How has your role changed in Quality Control at Delta Capita?

In 2019, I joined Delta Capita as a part of the KYC team. Within the first six months, I acted as a quality checker of CDD/KYC files, training analysts and reviewing their work for quality. 

After this initial period, I started on a new project for the most complex wholesale cases in one of the big Dutch banks. I was requested to join the project as the KYC Subject Matter Expert (SME). The main task of the SME is to make sure that their procession location is meeting the quality levels that have been set. In other words, I helped train analysts and quality checkers, as well as reviewed processes and guidance documents. Having remained in constant contact with the central KYC teams of the client, and having an extensive network within the relevant part of the organisation, I felt particularly suited to this role.

I was involved with this project right when it started and helped with writing the appropriate documentation, creating a way of working, introducing ideas, and challenging others. I tend to believe that this was a success, of course in collaboration with the whole team, since this project kept being extended. 

In March 2021, I started a new assignment within that same bank as Team Lead, in which I am functionally responsible for the First Line of Defence Quality Control Team within the wholesale sector of the bank.

What are common challenges that you’ve found in KYC Quality Control?

I think one of the most relevant challenges within the field of KYC is finding the people that have an affinity with the subject and retaining them. When firms can’t retain their talent, they end up losing skills and knowledge, as well as paying more to recruit new hires. At the same time, it’s likely that these firms will have to also train their new employees, especially as regulations and technology change rapidly.

So while there are many things that firms should focus on in terms of Quality Control - such as improving their data collection and storage, reinventing their value chain, and standardised documentation processes, trained employees are really a firm’s number one resource. 

I believe that the relatively high turnover that was common the past years has been, and still is, a real risk for the overall quality levels. However, I also believe that, within Delta Capita, this KYC QA is growing rapidly, and becoming more robust.

If companies focus on their employees, it will become easier to understand their needs and retain them. 

How do you overcome these obstacles?

First, I always try to be involved with initiatives to increase value for employees and clients. I find that being a part of something bigger, that provides a true service, often gives purpose to the whole team. 

But I also believe it’s important to transfer my enthusiasm for this field to others. So I try to convey my passion in everything that I do. 

How has Delta Capita developed its Quality Control department?

If we look at the growth that we went through, Delta Capita Benelux has expanded beyond expectation in those two years after I joined. We’ve expanded our current project teams, started new projects and acquired VP&P and ICP, and we are still growing fast.   

Globally, our KYC teams has also grown quickly, opening different locations around the world and adding many KYC specialist to the team.

All of this growth leads to more possibilities for every member of the team. I believe that everyone should focus on what they do best because that will eventually also lead to further developments and growth.

Through putting the team first and passionately pursuing better processes for Quality Control, Michael and his team have helped to reinvent the department to ensure client satisfaction. After all, before you can revolutionise the work, you need to motivate and support your employees on the ground. 

Interested in working at Delta Capita? Learn more about our values, benefits, and vacancies here.