Nordkyst Revision found the common thread with Creditro

Background

In 2018 Nordkyst Revision received a notification for their first audit. They knew that their processes were not standardised across their employees and this made their audit preparation very slow and tedious. Four employees worked for a full month to find alle the customer documentation, which often was saved in three-four different locations. This meant that Jens Jørgen felt insecure during the audit, and felt as though this whole process could be handled in a better way - and that there must be a tool that could help them.

The challenge

With three signatory accountants in the company, the KYC process was being handled in different ways. They needed a standardised way of working, and also needed the collection and storage of data to be systematised.

Nordkyst Revision's requirements for a compliance tool is simple:

• An easy approach, so the signatory accountants can focus on customer-faced contact and tasks

• The company behind the compliance tool has to have staff with in-depth knowledge about compliance

The solution

After the audit in 2018, it became essential for Nordkyst Revision to find a solution that standardised their ways of working, in a way where they could appoint one person to have the internal responsibility for the practical aspects, while the signatory accountants could handle the heavier parts of compliance matters, such as risk assessments. 

Standardised processes 
The option to customise templates for questionnaires and risk assessments, means that the KYC procedure can be adapted to Nordkyst Revision's internal policies and procedures. On top of that, the system sets a framework for a common way of working, so that the process is streamlined across all employees.

Documentation and history in one overview
A simple dashboard shows client status, and provides an overview of all documentation and history on any given customer. Systematised storage of data and documents provides an effective approach to a potential audit.

Monitoring and notifications
A heavy administrative task in the compliance process is continuous monitoring and tracking all updates on clients. Automatic notifications about changes to a clients information handles this task in a cost effective and sufficient way.

The results

As fate would have it, Nordkyst Revision was called in for another audit in 2023 – after they had implemented Creditro Comply. This time, they found the audit much more manageable. With Creditro Comply as a framework tool, they had established a clearly defined process in their customer onboarding and documentation. During the actual audit, they spent 99% of the time on the Creditro platform, where they could easily display all necessary documentation and history. As Jens Jørgen says, it was "like being held by the hand, having Creditro with us the whole way through. There was someone guiding us, and we could find the things we needed. It was very reassuring".

Systematics, good documentation process and peace of mind

• The implementation has contributed to a unified internal workflow and good systematics in the processes

• Automating the collection of information has provided better overview of necessary documentation
• Nordkyst Revision now has an established process in which they feel more confident, as it gives them a better overview of all their customers. Their entire setup is more reassuring and has contributed to a good peace of mind