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Driving Efficiencies in KYC and Onboarding

There is a huge documentation management problem across the energy and commodities industry. 

This comes from the volume of documentation required and the silos that exist across systems, business lines, and teams. The resulting need to re-key information from system to system and to repeatedly outreach for the same data has a huge impact on these firms’ downstream counterparty experience.

In this video Aoife Doyle, VP of Product Marketing at Fenergo, discusses developments and difficulties for risk practitioners surrounding counterparty lifecycle management and supplier onboarding.

  • The challenges around counterparty life cycle management and supplier onboarding for entities in this sector
  • The risk these challenges present to the business
  • Issues created by significant documentation demands at onboarding
  • How automation facilitates efficiency when doing counterparty or vendor due diligence

As a provider of counterparty lifecycle management solutions for energy and commodity trading firms, Fenergo leverages artificial intelligence (AI) and automation to solve for the challenges faced by energy and commodity firms when it comes to onboarding and know your counterparty (KYC) practices. 

Using Fenergo’s AI solution to intelligently process your documents can reduce your document handling by up to 72%.

Instead of having your scarce resources - your very highly skilled resources - spending their time manually extracting information from a document and re keying it into a system, we're using AI to extract that data and classify it against your counterparty for onboarding.

“Automation is a way to ensure that you are ticking the boxes for regulatory requirements, ensuring that you're able to input the standards that you need ... and that you're scaling without growing, huge teams of people to process the work.” – Aoife Doyle, VP Product Marketing, Fenergo

Fenergo Counterparty Lifecycle Management (CLM) is a single, integrated counterparty onboarding solution that connect stakeholders and provides a single counterparty view. 

Get in touch to book a demo of how we can help you drive efficiencies by automating end-to-end onboarding journeys, including KYC and risk, digital outreach, risk assessment, and PEP and sanctions screening.