RPA for FPA: Know Your Customer (KYC) and Know Your Vendor (KYV)
Introduction to RPA
Robotic process automation (RPA) is rapidly changing the way accounting and finance teams operate. RPA uses computer-coded, rules-based software robots to automate, or replicate, certain human tasks. This enables companies large and small to allocate human resources more efficiently, freeing staff from labor-intensive, repetitive, clerical tasks so they can spend their time focusing on strategic, proactive work that impacts the bottom line. RPA use cases in finance and accounting abound and are forecasted to grow significantly in the next few years.
Following is a detailed RPA use case for KYC and KYV:
Your organization’s ongoing KYC and KYV initiatives are complex, manually-intensive, and challenging and costly to maintain, which can result in compromised processes and quality checks, ultimately leading to poor customer/vendor relationships or even bad press for your organization.
With RPA installed, a robot will ensure thresholds are met and reports are generated on time, every time, with enhanced accuracy and quality and improved speed, all while reducing the amount of employee time spent on manual processes.
Benefits of RPA for KYC and KYV:
- Conducts ongoing and regular customer/vendor set up checks to ensure compliance standards are met
- Validates data synchronicity across current and legacy systems
- Ensures all systems are up-to-date
- Minimizes incorrect processing or communication with vendors and customers
- Risk of unplanned delays due to supply chain issues is minimized
- Ensures your supply chain complies with your organization’s standards and practices
- Minimizes negative exposure with stakeholders