Thomson Reuters Org ID Recognized for Providing Valuable, Cost-Effective and Efficient
Managed Service Solution to Support Client Counterparty Due Diligence Business Processes
Thomson Reuters today announced that its market-leading Org ID KYC (Know Your Customer) and client on-boarding managed service solution has received the “Best Managed/Support Services Provider of the Year” Award at the Operational Risk & Regulation Awards 2015.
Held annually, this awards program recognizes outstanding achievers across the operational risk market, drawing upon the input of Operational Risk and Regulation Magazine’s experienced judging panel. The Operational Risk & Regulation Awards recognize leading firms including banks, insurers, as well as regulators, consultants and vendors and their services in areas of expertise from operational risk management to regulatory risk management.
Org ID was cited, among its many attributes, for the value that the solution’s screening and ongoing monitoring provides to its diverse client base, including Man Group, BlackRock, Stifel Nicolaus, Tradeweb, BGC Partners and Amundi. Org ID enables its customers to concentrate their compliance resources on the critical risk decisions rather than on document and information collection.
“We are absolutely delighted to have earned such high praise from an esteemed panel of judges appointed by a respected trade title, based on the integrated service we specialize in: delivering and maintaining for our clients fully screened, complete and validated KYC profiles they can rely upon,” said Steve Pulley, global managing director of KYC and Client On-boarding Solutions at Thomson Reuters.
Org ID is a global solution developed for banks, investment managers and corporations to simplify and streamline customer and counterparty due diligence and the ongoing maintenance of KYC in line with ever-changing regulatory requirements. This award follows the recent announcement by Org ID of achieving a milestone of 10,000 KYC records which have been fully validated and screened in accordance with a global policy covering financial institutions, funds and corporations. From compliance operations centers in the UK, Poland and Malaysia, Org ID has published KYC profiles on entities incorporated in over 140 countries with English translation extracts from over 50 languages.
At the core of the unique managed KYC service offering is the Thomson Reuters Permanent Identifier (PermID) – a machine-readable identifier developed to uniquely reference an object or a piece of data. Unlike other symbologies, the PermID does not change over time, making it invaluable for managing data.