Elevate Compliance: How KYC Portal CLM Enhances Oversight with Real-Time Field-Level Audit Trails
The KYC Portal CLM has introduced an innovative feature, the Field-Level Audit Trail, aimed at enhancing compliance teams’ control over client data. This powerful tool allows organizations to track changes at the field level within onboarding and company forms, ensuring a more precise and transparent auditing process.
Understanding the Field-Level Audit Trail
The Field-Level Audit Trail provides compliance teams with the ability to:
- Track Changes in Real Time: Every amendment made to a field—whether by customers, third-party data enrichment, or manual adjustments—can be logged instantly.
- Access Detailed Audit Logs: Users can view the exact date, time, previous values, and updated values of any field change, along with the identity of the person who made the update.
Enhancing Transparency and Accountability
With the introduction of a new icon next to each form field, accessing the audit log has never been easier. This feature allows teams to:
- See a chronological breakdown of changes to each field
- Foster a transparent view of the data lifecycle, which is crucial for building trust with stakeholders
Strengthening Compliance and Internal Controls
The Field-Level Audit Trail significantly enhances internal controls, making it invaluable for organizations preparing for audits or regulatory inspections. This feature aids in demonstrating compliance with various frameworks, including:
- GDPR
- FATF Guidelines
- Jurisdiction-specific AML Rules
Facilitating Risk Mitigation
In addition to compliance, the Field-Level Audit Trail assists in risk mitigation by enabling teams to:
- Quickly identify errors, whether from human input or flawed data from third parties
- Take corrective action promptly, thus reducing the need to sift through entire application records
This innovative feature not only saves time but also minimizes operational friction, making compliance processes more efficient.
For more information on KYC solutions and compliance tools, visit our KYC Portal website.
