One of the key challenges facing our customers today is the highly manual processes currently used to gather and analyse the information needed to conduct Know Your Customer and due diligence on new customers and third parties, and to ensure that risks are managed throughout the entire duration of that relationship.
Using intelligent automation, encompass streamlines these manual processes, dynamically gathering and analysing data from multiple sources in line with a customer’s internal Anti-Money Laundering (AML) and KYC policies.
Intelligent process automation offers multiple advantages over manual processes, including eliminating the risk of human error in data capture and analysis and significantly reducing the time and effort spent on low-skilled tasks. This frees up compliance analysts to focus on more complex investigations and decisions.
Overall, encompass helps organisations by:
- Improving KYC and third party due diligence quality and control
- Reducing operational costs associated with KYC, due diligence and onboarding
- Improving the customer experience
- Reducing time to revenue
Improving KYC and third party due diligence quality and control
Intelligent process automation eliminates human error and gaps in data capture, collation, representation and audit trails. This provides analysts with the full picture of a customer, vendor or other third parties, compiled consistently from a wide range of data sources, empowering them to focus on analytical decision-making.
Reducing operational costs associated with KYC, due diligence and onboarding
encompass reduces the total cost of ownership associated with client and third-party due diligence, while improving analyst productivity by eliminating inefficient manual processes. Intelligent process automation dramatically reduces the time taken to search, review, collate and report on multiple, structured and unstructured data sources, facilitating greater analyst throughput volume.
Improving the customer experience
Reducing onboarding times and streamlining ongoing due diligence ensures customers can access products and services more quickly and avoids the risk of them looking elsewhere. This is especially important in today’s on demand society.
Reducing time to revenue
Getting clients and third parties on board faster has the added benefit of reducing time to revenue and increasing margin per deal. This directly contributes to improved profitability.
Our SaaS enabled platform integrates seamlessly with CRM & CLM applications via an API which helps automate the process even further, maximising the return on existing technology investments. In standalone, our solution typically takes 4-6 weeks to implement with your key policies so we can help you make money faster, sooner.
Through personal experience, we know that access to the full picture can empower businesses to fight global financial crime. Prior to founding encompass, co-founders Wayne Johnson and Roger Carson, built and exited other technology companies and had become investors themselves. One of those investments proved very costly when they became victims of financial crime.
Frustratingly, information on the parties involved in the deal that would have flagged this risk was available, but inefficient, manual processes meant it was overlooked. With the full picture, they would have walked away from the deal.
This experience led Wayne and Roger to establish encompass with the mission of enabling regulated firms to comprehensively detect and prevent financial crime and reduce regulatory risk.
Wayne Johnson – Co Founder and CEO
Wayne co-founded encompass in Sydney and took the product to the Australian market in 2012. Since then, as CEO he has led the international expansion of the company, including the UK launch in 2015 and recognition as one of the UK’s most influential RegTech firms.
Roger Carson – Co-Founder & Global Financial Sales Director
Roger co-founded encompass and has brought the company’s vision to life, expanding its reach and impact from Australia to the UK. His global outlook is informed by a highly successful international sales career with Andersen Consulting and then Unisys in the USA, South Africa, and Australia, as well as leadership roles in Asia.
Alex Ford – VP Operations
In a journey that has taken her from Sydney to Scotland, Alex has worked with encompass since the company was founded in 2012. Alex re-located to Glasgow in 2015 when encompass launched in the UK and played a key role in the establishment of the UK operation. As Vice President of Operations, Alex brings customer focus, strategic thinking and innovation to the business. In addition to overseeing the UK operation from the head office in Glasgow, she leads the marketing, customer success and product teams.
Graeme Buchanan – VP Product Development
As head of development and operations, Graeme is responsible for overseeing and implementing strategies for the end-to-end development of the encompass software and its progress to meet an evolving market’s needs. He was drawn to encompass by the company’s focus on innovation and the dynamic team creating innovative data visualisation solutions delivered as Software as a Service.
Ed Lloyd – Execuive Vice President – Global Head of Sales
Over the past decade, Ed has led sales and served as a member of the Executive Management Teams at a number of organisations in the Know Your Customer and Governance Risk & Compliance space. Ed managed the New Business Sales and Account Management teams covering EMEA and Asia Pacific for these firms, delivering new business sales growth and increasing the brands’ footprints in new logos and new geographies, that helped take two of them to successful sale, one to a FTSE 100 company, the other to Private Equity.