This opinion piece is a follow on to our recently published paper about KYC. Within this paper we identify and discuss some of the possible changes to KYC due to the current COVID-19 crisis; and the many potential challenges and changes in the financial system and in society that are relevant to the KYC process.
CubeMatch is not afraid of challenging or leading from the front. As a global change and transformation consultancy, we help organisations build better businesses together. You place your trust in us and we endeavor to always deliver no matter how big or small your challenge is.
Selected as the chosen partner for some of the largest and most demanding transformation challenges, We go beyond making change a success.
What They Say
“For a number of years CubeMatch has provided us with resources across a range of functions including Project Management, Business Analysis, PMO and Helpdesk. They provide resources which are a good fit for our organisation as we deliver on our objectives.”- Siobhan Winston, Head of Change at Link Asset Services
“CubeMatch Ireland specialises in providing Business Analysis and Project Management resources to support delivery of our change programmes and they have been a trusted partner for many years.”- Mike Byron, Head of Strategic Projects at Pepper
"CubeMatch was engaged to plan, manage and control the delivery of a strategic initiative involving significant business and IT elements. This required strong Project Management expertise, effective internal and external stakeholder management and a focus on quality. CubeMatch ticked all the boxes and engaged in a flexible, professional and cost effective manner. I look forward to engaging with the team at CubeMatch again and have no hesitation in issuing this recommendation."- Brian P Mullan, CIO at AA Ireland
Case Studies & Papers
The current COVID-19 crisis, with its added uncertainty, has made it even more important to look at KYC practices and how to improve them. CubeMatch Benelux has been working on a KYC white paper in the Dutch context.
The ECB has regulated the definition of default for all banks across Europe. CubeMatch’s client, one of the major banks in Amsterdam, had to deliver at very short notice a quantitative estimation of the impact on RWA and adjust its financial credit risk PD models.
In the course of the IFRS9 definition and implementation phase, a global bank required insights on the impact of the (new) IFRS9 regulation on its capital weighted assets (RWA). CubeMatch professionals were responsible for the management, definition and implementation of the approach and measurement solution.
A Global Bank required a new Trading Credit Risk platform including new processes and measures. The current Trading Credit Risk platform became too costly. Implementation deadline was fixed due to penalty fees imposed by the current provider.
CubeMatch was hired to coordinate the IT Transformation Project in a major Irish Credit Union. This included managing the replacement of the Front, Middle and Back-Office applications to allow them to compete in the modern digital financial world.
A Release and Deployment team was required to support a Bank’s transformation programme and the transition of a new banking platform and mobile app services to Business and IT operations. The CubeMatch team was responsible for planning and executing major releases on the Core Banking Programme.