Client onboarding @ Global Law Firm

Client onboading: simple, fast and assured

Global law firm accelerates client in-take with the world’s most comprehensive suite of customer due diligence workflow tools

Click here to download the customer case

Introduction
Over a century representing many of the world’s leading companies hasn’t dulled this law firm’s appetite to expand its client portfolio. But for a business built on integrity, selecting and securing the “right” client is paramount.

Not only does this global firm need to ensure new clients reflect its own principles and vision, it must protect itself from onboarding those that pose a reputational, regulatory or financial risk.

Situation
The first challenge would be how to give fee earners the insight to support fast and efficient client in-take. The second would be how to do so on a global scale - without the firm or its fee earners falling foul of money laundering regulations, sanction lists and the raft of governance issues associated with a global practice.

The vast majority of its work has a cross border dimension, with clients numbering both listed companies and small to medium enterprises. Due diligence on the former could be a straightforward task - their listed status assuring a level of governance and confidence. But that doesn’t mean these organisations would comply with the firm’s own guiding principles.

For the smaller client, a thorough analysis would be more challenging if they are incorporated in far-flung geographies. Similarly, the failure to uncover beneficial ownership and company linkage has the potential to create brand or legal problems.

Confidence then comes from knowing quickly. In the fast-paced worlds of finance, media, energy and transportation, meeting tight timescales is a constant challenge for fee-earners.

Solution
Moving fast to address these issues and accelerate the in-take process, the law firm opted for D&B Onboard, from Dun & Bradstreet.

Built on the world’s largest company database - with information on over 235 million organisations - D&D Onboard allows organisations to gain instant and accurate insights on clients and prospects across the globe.

One click access to live Dun & Bradstreet reports verifies the existence, and country of incorporation, of the client in-take, while corporate linkage data details all shareholders and directors to accurately establish beneficial ownership.

“I need to be able to prove to my fee earners that we can quickly identity companies no matter where they are incorporated and trust the data is accurate and up to date.”
Client Intake Manager

D&B Onboard compares the entity the firm wants to engage with against sanctions lists and regulators in the UK and beyond to reduce reputational and compliance risks, and to make it easier to comply with EU money laundering directives.

It goes further still, working in conjunction with the firm’s own onboarding policies and governance rules to deliver the kind of confidence today’s global businesses need.

And, by using the global D&B DUNS Number, firms can retrieve and store a unique and lasting Legal Identity Identifier for all customers – supporting consistency of data, reporting requirements and reducing duplication.

Result
For the first time the law firm is able to conduct due diligence in a timely and cost effective fashion.
Businesses are verified, stakeholders checked and beneficial ownership established. Levels of risk are accurately calculated and reports created to provide evidence for internal governance and external regulatory authorities.

With D&B Onboard it all happens in an instant - dramatically accelerating the once time consuming and expensive client in-take process. And, having worked with Dun & Bradstreet to deliver the right data and workflows to suit its individual needs, other departments across the firm – from finance to company secretarial – are now enjoying access to consistent data to support better decision-making.

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