Top 10 EU Global Bank Sees 80% Efficiency Gains By Fully Automating DDQs with BNM360 and Invoice Aggregation

Client Win

Top 10 EU-based global financial institution with millions of clients ranging from individuals and investors to some of the world’s largest corporations and governments across more than 60 countries.

Business Challenge:

• Manual oversight process using Excel/Word/PDF exclusively
• No central, dynamic repository for content
• Evaluation processes had no structure or standards in place, leaving room for errors and inconsistencies
• No consistent workflow or audit controls in place across analysts or departments
• Disparate, offline communications resulting in little transparency with no historical tracking and ability to compare past and present data
• Invoicing and capture platform not integrated with assessments, forcing extra steps in the workflow process

Solution:

• Deployed universal platform that scales across 4 global businesses and various divisions within BNM360 platform
• Database flexibility and deeper insight & analytics for funds and service providers globally at entity and fund level
• Quickly able to send out questionnaires using a central repository, publishing 250+ questionnaires in the last 3 months
• Streamlined workflow processes across all regions to ensure cohesive DD approach
• Integrated Invoice aggregation and reconciliation functionality with the BNM360 platform to streamline reporting

Impact:

• Time from assessment development to final report dropped by more than 80%, saving more than 2,000 hours annually
• Creating scorecards instantly, rather than previous 5+ hours, including manual edits
• Created custom automated dashboards and reporting shaves off 2-3 days from process, previously managed by a team of 10 due to disparate systems
• 100% transparency in audit trail managing clarifications or content issues
• CENTRL’s road map for ongoing platform improvements means continued commitment to enhancements, including AI