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5 ways that efficient, automated Know Your Business processes can speed your business growth
4 months ago by Cedar Rose

5 ways that efficient, automated Know Your Business processes can speed your business growth

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For stable business growth, your company needs to create strong relationships with new customers, suppliers, and partners. 

To do that, it is vital that your organisation knows whether any business, including its employees, is connected to any kind of fraud, white-collar crime, or money laundering. The increasing complexity surrounding anti-money laundering (AML) and counter-terrorism financing (CFT) also demands strict due diligence. 

But the fast-paced world of modern, global business often leads companies to carry out superficial and inadequate business verification checks.

The answer is KYB process automation. With a robust, automated solution, you can access all the information you need to operate compliantly in the most highly regulated sectors, - quickly, efficiently, and accurately.

In the latest Cedar Rose whitepaper Fulfil your digital transformation promise: Automated KYB to bolster your compliance needs, we look at how KYB automation can make all the difference. Please take a moment to download the whitepaper and meanwhile, here’s a quick overview of just 5 ways that KYB automation can power your business growth.

1. Automated KYB quickly verifies business identity

Fraudsters and white-collar criminals work hard to look legitimate, but are they? 

There has been a significant increase in reported cases of business identity theft in recent years. Criminals look to capture the most important credentials and identifiers to impersonate a business, in order to do business illicitly. Regular due diligence and efficient verification stop these criminals in their tracks.

Businesses can appear legitimate, but you require real proof. Comprehensive, automated KYB verifies proof of identity and registration, quickly and accurately.

2. Automated KYB reduces exposure to fraud risk

Trusting unregulated or incorrectly regulated organisations puts you at risk of fraud. And ‘lack of knowledge’ is certainly not a legal defence. Your organisation must carry out comprehensive due diligence every time.

The latest technology available with an automated KYB solution eliminates the need for inefficient, manual, and expensive face-to-face checks. It is the smart way to reduce the risk of starting a relationship with any organisation linked to fraudulent or criminal activity.

3. Automated KYB can minimise financial and reputational loss

If your organisation becomes involved with a third-party linked to criminal activity, the damage to your reputation can be permanent. Even if there are no specific criminal charges brought, your reputation can suffer simply by name association. There is also the financial risk of non-compliance penalties.

Automated KYB ensures your business is up-to-date and does not deal with fraudulent or non-active partners. Your customers and suppliers will react negatively if they detect any association with organisations involved in illicit activity. Deloitte and Forbes Insight Reporting demonstrate that brand reputation is the highest strategic risk area for any company. Doing all you can to manage it effectively is essential.

4. Automated KYB cuts operational costs

The speed and efficiency offered by automated KYB processing saves time and money. 

Manual, face-to-face checks or paper-based processes are both time and cost-intensive, so automating KYB processes is good for your bottom line. The right KYB tools also streamline many crucial, operational aspects of your business including onboarding and regular due diligence checks. This allows your teams to focus their energies more productively on core work and mission-critical tasks.

5. Automated KYB supports stable business relations

Creating strong relations with reliable and compliant businesses is integral to your organisation’s growth. Your business leaders do not want to spend unnecessary time on slow, inefficient KYB verification.

Automated KYB procedures allow you to build confidence and move forward in new business relationships, - onboarding new customers, suppliers, and partners, - quickly, efficiently, and reliably.

Companies with strict and regular due diligence as well as automated KYB processing benefit long-term from more stable business growth and a reduced risk of reputational damage.

At Cedar Rose we support our clients in maintaining the highest levels of compliance with effective due diligence checks and efficient automated KYB processes. 

Download our latest whitepaper: Fulfil your digital transformation promise: Automated KYB to bolster your compliance needs to learn more.

And please contact us on +971 4 374 5758 for more information on Cedar Rose Automated KYB solutions.