In-house or Outsourced – the million dollar question

Start-Ups and Rapid Growth
January 30, 2018
Administrative sanctions
March 15, 2018

The two sides of the coin – perception vs. reality.

Outsourcing your compliance function is not an easy decision to take at all! Traditionally many have perceived outsourcing as losing control or a last resort measure. Fear of not knowing what is going on or of experiencing potential data breaches were always at the back of one’s mind when deciding whether to outsource KYC and KYB checks.

In reality when outsourcing managed KYC and KYB services you will benefit from:

  • timeliness in on-boarding new clients (by having the right SLAs in place)
  • Lower Costs, higher knowledge pool and cutting edge systems
  • Flexibility to target / tap into new jurisdictions
  • Access to experienced staff with the right tools and systems in place
  • Scale up in short timeframes
  • Full confidentiality and adherence to regulations

Through constant communication and regular meetings you will always be kept up to date with all that is ongoing within the outsourced compliance function. It is not ‘us’ and ‘them’ but an integrated proposition whereby QGEN’s team acts as an extension to your department/s. Furthermore with a smooth white labelling environment, the integration is seamless to end customers.

Prior to the outsourcing QGEN deploys an advisor to study the client’s operations and ensure the right arrangements are in place to be as efficient as possible. Regular meetings ensure the right planning is done to be prepared for for example spikes in sign-ups due to the launch of a new product or a new ICO.

Our offering is made up of PEOPLE, PROCESSES, SYSTEMS and DATA SETS.

Outsourcing may mean you staying ahead of your competition – since you get to focus on your core completeness – i.e. what your company exists for.

QGEN’s founder and CEO, Damian Mifsud, believes that it is of utmost importance to have an open communication channel with clients and always strive to improve performance. He emphasises the fact that QGEN is relationship oriented and that it is always striving to improve its KYC/KYB managed services offering.

‘…the ability to evolve and truly understand client’s needs, thereby continuously improving the compliance managed service and toolsets.’

We can provide outsourced services for the full compliance function or for specialised areas. Regular audits (even by external bodies) ensure the service is always top-notch!