Streamline Your Confirmation Process
Requiring partners and staff to confirm their independence is a common task, driven by events (e.g. new hire, direct admit partner) and time (e.g. annual process). Yet, the process to confirm the independence of partners and staff has been performed in silos in the past by different groups without a common process, using different tools, ad-hoc documentation, or a simple survey. These efforts are time consuming and increase risk, resulting in unnecessary work, confused staff, and less than adequate documentation.
The seemingly straightforward task is complicated by the required precision, different types, and quantity of confirmations. The process must be of compliance grade - comprised of a full audit trail, integration with existing data, and exception processing. How do leading audit firms establish the right questions, distribute to the right people, and ensure responses in a timely fashion?
At Kingland, Independence Confirmations are an additional aspect of our Independence solution. Powered by the Kingland Platform, we use a flexible question engine to enable definition of questions and dependencies between questions, visual dashboards to display items to do and progress, notification messages to alert and remind individuals, and audit trails to ensure proper documentation is in place for historical reviews. For users of our Personal Financial Tracking component, the confirmations are just another task for a user in a single pane of glass. Confirmation reviewers are able to define and interact with the different confirmation processes - seeing what is in flight, completed, and requires review. By leveraging the same data and technology, we provide a fully integrated experience.
As we move forward, Kingland views cognitive computing as a way to identify incomplete, misleading, or incorrect responses based on pattern analysis. Kingland's Cognitive Computing suite will recommend hot spots where your compliance team can focus their attention, which will increase efficiency and decrease the probability that key areas are missed.
The result is a simple solution that can be rolled out within a member firm or across a global network, saving hours of partner and staff time, and delivering confidence to independence professionals.