Singapore/Hong Kong, 14 November 2019 – Encompass was highly commended in the hotly-contested Best Solution category for KYC Risk Assessment in the 2nd Regulation Asia Awards for Excellence 2019 at a ceremony in Singapore on 13 November 2019.
In a rigorous selection process involving a judging panel made up of subject-matter experts and the Regulation Asia editorial team, Encompass was praised for its intelligent process automation solution, which solves many of the complex and demanding challenges of KYC compliance. The solution that has been proven to reduce the time taken to access, gather and analyse required data by at least 80%, while also eliminating human error and ensuring consistently high quality of data.
One judge highlighted that Encompass’ “clear and complete one-stop solution” allows financial institutions to perform KYC analysis of their clients at onboarding, review and trigger event, while providing “deep connectivity” to hundreds of public and private data sources. The solution also dynamically builds smart visualisations of corporate ownership structures and individuals’ business networks, maintaining all source data, original documents and other risk intelligence in customer profiles – which are continually monitored for material changes.
One of the solution’s other key advantages, according to the judging panel, is its ability to take into account a financial institution’s internal policies in the implementation stage, while still allowing for go-live in a matter of weeks.
In the 2018 Regulation Asia Awards, Encompass was highly commended in the Regtech category for its AI & machine learning capabilities, which are used to gather and analyse the data used to build the customer profiles needed for KYC compliance.
About the Regulation Asia Awards for Excellence 2019
Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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