Space saving & streamlined processes
The need to maintain efficiency and mitigate compliance risk drove Nedgroup to consider implementing a Document Management solution.
Based in Guernsey, Nedgroup Trust Limited specialises in the provision of offshore Trust and Company Services.
Since 1980 Nedgroup has protected the accumulated wealth of individuals and families resident worldwide. Priding itself on a commitment to efficient, personal and timely service, Nedgroup balances uncompromising delivery quality with competitive fees. It does so against a background of ever-changing legislation and compliance obligations. The need to maintain efficiency and mitigate compliance risk drove Nedgroup to consider implementing a document management solution.
Increasingly, Nedbank is required to obtain up to date client documentation to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) legislation. Establishing client and wealth provenance is a regular requirement and mandatory for all new clients. In addition to everyday transactional documents Nedbank therefore has a large compliance overhead.
The initial driver for change was physical – as with so many professional offices, storage was becoming a practical issue. Paper-based documentation was also identified as a risk in case of disaster and so digitising files would overcome a clear vulnerability in the Nedbank Disaster Recovery plan.
Client information was distributed across a number of locations, both physical and electronically. Invoices would sit with the finance team, admin and correspondence would rest with administration and compliance documents would be looked after by the compliance review staff. Nedbank therefore required a corresponding improvement in service by consolidating information and gaining a more holistic client view.
“The integration of Invu with our back-office systems, particularly in conjunction with workflow saves us time with every client.”
Nedbank reviewed a short list of candidate solutions, taking on board partner recommendations and references. Andy McNab is Business Systems Manager at Nedbank and he considers that Invu’s security and audit features were paramount in the selection process but that Invu’s usability and intuitive interface was the main tipping factor.
The implementation was simple and quick. However, using the product in anger has caused Nedbank to consider further configuration refinements to ensure greater separation of client documents by folder and security. As Andy says, “Getting the structure right is all important and we will review the set-up if there is any future expansion.”
Operationally, Nedbank’s use of Invu is straightforward – all incoming post is scanned on receipt and added to the document management repository. Original documents aren’t disposed of immediately but passed on to the trust administrator who can use this as an aide memoir. Once the document is processed, the administrator is able to take a view on whether it is an irreplaceable key record, e.g. deeds or a letter of wishes. Most documents can be destroyed. Scanned documents, emails, faxes, Word and Excel documents and pdfs are saved to Invu on receipt. All Invu users have access to multi-function devices which enable scanning directly to their individual Invu in-trays. “It’s second nature to the administrators,” according to Andy.
The Invu SQL database means that all index information is available and this is a big plus. It allows Nedbank to reconcile key data to the information held in the primary trust application. For example, for a KYC check it is possible to see what information is missing for an individual and what needs refreshing. This is a classic example of Invu reducing Nedbank’s exposure to risk. Guernsey Financial Services Commission (GFSC) is strict on KYC and it is essential that records are always up to date.
The same data can also be used when reconciling trust valuations. These are produced for all assets held in trust and this can be time-consuming. Nedbank has many South African clients so there is a rush on delivering these at the end of the SA tax year in February. A glut of documentation is produced and this can take up to a month to generate. All information is captured and stored in Invu as a record. This can then be reconciled against the information held in the trust application, a task which is an annual event and checked off as part of the client service
“The source of information no longer matters – we can find document data and transactional data to paint a complete client picture.”
The Nedbank intranet cross references financial information against the Invu documents. Clients are linked so that information on settlors and beneficiaries can be seen together with their relevant artifacts. This gives a snapshot of the client position including valuations and fees.
“The integration of Invu with our back-office systems, particularly in conjunction with workflow saves us time with every client. Nedbank deals in higher than average volumes so that makes for a major efficiency saving” said Andy McNab, Business Systems Manager.
Nedbank has identified time, space and cost savings from its implementation of Invu. However, other less tangible advantages have emerged which have cemented its use in the firm. Processes run in a more streamlined manner and with a large number of transactional hops requiring document access the team sees Invu as an embedded part of daily operations. By automating many processes Nedbank has been able to eradicate a number of hidden costs.
From a governance perspective, holding all content centrally has made a considerable difference. Case reviews can be initiated automatically based on content and these include consolidated data which enables quicker reconciliations. Workflows enable information to be combined onto single forms with data derived from the Nedbank back-end systems and Invu document content.
“It’s difficult to think how we could improve on our Invu solution – It ticks all the boxes.”
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