The challenge
A centralised AML team found it difficult to streamline their compliance processes in a previous system, which wasn't adapted to the compliance regulations of the law industry. There was a need for adaptation and freeing up more time for the core business value of Njord Law Firm – legal counselling.
The objective for compliance work in Njord Law Firm is simple:
- To comply with the law
- To make processes as effective and quick as possible
The solution
Due to the specialised conditions within law regulations, it is important for Njord Law Firm to have a solution that can be adapted as and when needed, whilst also streamlining their workflows. Focusing on procedures that fully support the compliance work in a cost saving way, they chose Creditro with its user friendly interface.
Standardised questionnaires
To streamline the collection of clients' data, a standardised questionnaire is sent out along with a requirement for uploading necessary documents. This makes the setup easy and effective - for Njord Law Firm, as well as their clients.
Monitoring and notifications
A big administrative task in the compliance process is monitoring and updating client information. Automatic notifications about any changes, handles this task in an effective and resourceful way.
Great sparring and management of data
There are specific requirements for data and documentation for inspections, and a complete overview makes this administrative task easier to manage. Access to webinars and support resources that offer advice on inspections, based on first-hand experiences from other customers, contributes to feeling well prepared for a potential inspection.
