The challenge:

During a new CRM system implementation, a global Private Bank observed significant implementation and development issues that related to shortcomings in data, that included a lack of consistency in data structures between systems, incomplete or missing mandatory data, and a lack of clarity of data ownership.

With no available in-house resource, they needed to partner with a specialist to deliver an experienced team within 2 weeks for a data cleanse project that would result in compliant CRM data in six months.

Our solution:

We put up a team of specialists who reviewed the client data that comprised hedge funds, mutual funds, SPVs/SPEs and bearer shares, wealth generation/source of funds analysis and PEP reviews.

Over 5,000 client records were reviewed across existing CRM systems with 66% identified as requiring updating in-line with Know Your Customer (KYC) / Anti-Money Laundering (AML) regulatory requirements.

We supplied a fixed price team of nine, headed by a Data Programme manager who led:

• 3 Financial Crime Business Analysts,

• 1 Front Office Liaison Analyst,

• 1 Quality Assurance Lead,

• and 3 Junior AML/KYC Analysts.

The outcome:

• Project was mobilised within just two weeks and completed in 6 months, to budget allowing for ‘cleansed’ client data to be uploaded onto the new CRM.

• The client saved 40% versus the next competitive quote and no internal resource was required.

• Hydrogen was retained to design and rollout a new Data Policy Framework for the Group.

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