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How RSM Ireland Streamlined New Client Onboarding with PlanetVerify

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As one of the leading innovators in the accounting space, RSM is constantly looking for ways to make their internal processes more efficient and effective. One area RSM were looking to make more efficient was new client onboarding and, in particular, their Anti-Money Laundering (AML) document collection process.

It is a legal requirement for firms to collect AML documents and information from new clients — but, as RSM found out, it is a requirement that comes with a number of challenges:

● Client onboarding issues: New clients are often slow to submit AML documents and personal information causing productivity bottlenecks.
● Security and compliance risks: Manual AML document collection processes like
email are fraught with risks around security and data compliance.
● Multiple storage locations: AML documents get stored in a number of possible locations such as email inboxes, physical files, intranets, on-premise storage, and cloud storage services – making them difficult to find and access. 

 

At a glance:

Challenge:
  • Spending hours onboarding clients via email
  • GDPR Compliance
  • Collecting AML documents

Solution:
  • Introduced PlanetVerify as a new way to collect and manage client documents and sensitive information

Results:
  • Major time-savings
  • Automated AML document collection
  • On-brand client onboarding
  • GDPR compliance
  • Reduced security risk

Solution

RSM engaged with PlanetVerify with a view to streamlining and securing their client onboarding process – and, in particular, honing in on the area of AML document collection. A further complicating factor to the RSM workflow lay in the fact that a number of teams – in disparate locations – were involved in the client onboarding process.

Working closely with the team at RSM, PlanetVerify was implemented as a cross-functional solution involving a few key elements:

  • Automation: Using PlanetVerify’s cloud-based solution, the entire AML document collection process became automated with clients receiving regular reminders until the application was complete.
  • Manual Task Elimination: There was no longer any need to follow up or call people who submitted incorrect documentation. One click of a button and an item could be rejected and an automatic notification sent to upload the correct document.
  • Visibility: The status of each client was now available at a glance through the PlanetVerify dashboard.
  • Workflow: PlanetVerify users can assign client profiles to the relevant teams at RSM for approval and compliance checks.

Results

By automating the AML document collection process with PlanetVerify, RSM were able to achieve some big wins.

  • Client onboarding time was reduced significantly.
  • RSM clients experience a highly professional, on-brand, efficient, and seamless onboarding process.
  • Manual work was reduced enabling the team at RSM to spend more time on core business activities.
  • PlanetVerify helps RSM meet regulations around GDPR and data compliance.
  • PlanetVerify’s ISO27001 accreditation ensures state of the art security standards.

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  • Launch a better, safer alternative to email for collecting sensitive client documents and information.
  • Automate a cost-effective GDPR-compliant client documents and information collection process.
  • Deliver a world-class client experience