KYC procedures defined by banks involve all the necessary actions to ensure their customers are real, assess, and monitor risks. These client-onboarding processes help prevent and identify money laundering, terrorism financing, and other illegal corruption schemes. KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks. In case of failure to comply, heavy penalties can be applied.
For reporting purposes, we can adopt a similar strategy with our stakeholders; Determine your target audience, this is usually the requestor or requesting department. Get to know them, how they operate currently, what is working, what isn’t and what the request is aiming to achieve.
You can “on-board” your stakeholders, just as a bank would vet their customers. Where a bank would take identification, it is likely that you already know the requestor, or their department. You may be familiar with their function but you can always know more.
Knowing more about who you are delivering your product to will not only increase engagement but will likely leave you with less amendments to make come review time, as you will gain a greater understanding of their needs.
Without knowing your “client”, you might still be able to deliver the requirements however you will likely deliver a better product if you speak with the client and understand their wants and needs, rather than following the letter of the requirements document.
Why knowing your client matters:
At The Data Decorator, we take pains to make sure that we understand your needs.
We can train your existing staff on how to engage with their stakeholders, we can even train your stakeholders on how to engage with your developers.