Pinnacle puts client due diligence on fast track
Pinnacle has announced the official release of its client due diligence (CDD) solution following successful pilots in two top 20 law firms over the summer.
CDD has been designed to help global firms manage the myriad stringent requirements more efficiently, in particular catering for the subtle differences in client due diligence that exist in the UK, Netherlands, Belgium and the US.
With a deployment averaging just a few days, the Pinnacle team has built a process framework on the Intapp Open platform that captures the necessary evidence to demonstrate regulatory compliance around the world.
Underpinning the framework is Pinnacle’s own CDD Matrix, which codifies the various country requirements for client specific types and automatically highlights to users the evidence needed for clearance. Having that information to draw on from the off simplifies and accelerates what would otherwise be a lengthy and laborious project.
CDD can be configured in such a way as to allow central risk teams to gather as much evidence as possible from public sources without the need to refer back to fee earners. Where that’s not possible, the request moves back to the front office for fee earners and secretaries to pick up.
A simple form allows the head of risk to change the requirements as regulatory regimes or perceptions of risk change for a given jurisdiction or entity type.
Christopher Young, Pinnacle’s practice lead for risk and compliance, comments: “We’ve been able to take our global compliance understanding and codify it to the point that it’s effectively an off-the-shelf product and data structure, around which we configure the processes to reflect clients’ existing approaches to risk. It enables firms to be up and running with a robust CDD solution much more quickly and cost-effectively than if they were engineering things from the ground up.”