Cicada, a leading provider of reference data management technology and services, is introducing a new solution to help organizations with client data management for "Know Your Customer" (KYC) and other anti-money laundering frameworks.
The new KYC solution comprises a combination of Cicada's client data management software and the services of the company's global team of data cleansing and maintenance experts. Purpose-built for KYC data management requirements, the new solution provides a configurable, rules-based workflow schema that helps organizations manage their client data review process. The solution also provides audit trail and source attribution facilities.
In addition to managing an organization's own client data, the solution handles external vendor feeds and is fully integrated with the new source of legal entity data, CounterpartyLink. Cicada is an authorized distributor of CounterpartyLink data products.
The new KYC solution, part of Cicada's Client Data Management Solutions suite, is available in a variety of implementation options, including full outsourcing, software licensing and hybrids.
As financial institutions face more stringent risk controls and the need to demonstrate clear data management processes for compliance, many are seeking new solutions. Today, an organization must not only manage huge volumes of data and update it quickly for corporate actions and other changes, it must be able to demonstrate that standards and processes are in place to meet compliance requirements.
Cicada's Client Data Management Solutions were created in direct response to these requirements. In extending its data management toolkit to include rules-based processing and workflow, Cicada provides institutions with the ability to establish data management processes that comprise a best practices approach both to achieving and maintaining client data quality and to the process and methodology requirements associated with anti-money laundering guidelines.
Other legal entity data services provided by Cicada include data mapping and integration, hierarchy building and maintenance.
"Virtually every institution we are talking to understands the new level of importance of this data set for a range of applications, and each is in an evaluation or implementation phase in trying to solve this huge data management challenge," said Hubert Holmes, Cicada Executive Vice President. "Whether at this point they are seeking simply a better data source, data management outsourcing, integration services or a complete "know your customer" data infrastructure, we are ready and equipped to meet their requirements."
Cicada provides this specialized client data management solution through its reference data management technology and services, which provide a range of options for managing legal entity, instrument and pricing reference data.