WPS Advisory is an innovative UK-based financial advisory firm. They provide personalised financial advice, tailored to their clients unique situation and goals, empowering them to make informed decisions with confidence.

WPS Advisory was founded in 2014 and since then has been working with occupational pension schemes and sponsors. WPS Advisory are committed to helping people make the right decisions for their financial future. They listen to their customers and learn about them and the life they want to lead. They have advisers who are there when you need them and are committed to delivering the highest quality of financial guidance and advice.

The Brief

WPS Advisory approached SmartSearch as they had a desire to improve their compliance processes, alongside some key business goals they wanted to achieve. Thinking long-term, it was important for their business to ensure it had access to a system that could provide future benefits for their operating model as it develops.

As a more immediate objective, they were looking to leverage a solution to optimise their internal compliance processes and enhance overall operational efficiency. Prior to onboarding SmartSearch, there was no AML software in place and the organisation conducted their compliance using time-consuming manual steps, which could have been automated.

These inefficient processes were compounded by the fact that there was a disjoint between internal departments within their business. All of this resulted in them spending on average over 11 hours a week meeting AML obligations, time that could have been better spent elsewhere in the business.

WPS Advisory needed a solution that allowed them to carry out individual UK checks as well as PEP and Sanctions screening in order to meet their goals, save their organisation time and increase efficiencies within the business.

The Solution

By harnessing SmartSearch's award-winning technology, WPS Advisory were able to successfully achieve their objectives while also experiencing notable time and cost savings. Since using SmartSearch they have been able to streamline their AML processes, leading to increased efficiencies throughout their business.

Having taken advantage of SmartSearch's UK individual checks, the organisation is much more secure and less open to fraud and other forms of financial crime. This is because unlike manual methods of verification which can be subject to human error, our platform can perform KYC checks in just 2 seconds, with enhanced due diligence automatically being run on any matches.

Due to a lack of official sources that list all sanctions, PEPs and RCAs, WPS Advisory found that keeping records up to date manually was almost impossible. Thanks to SmartSearch's award-winning platform, the business no longer has this issue. This is because they can take advantage of our daily ongoing monitoring which uses the Dow Jones Watch-List which has access to more than 1,100 PEPs and Sanctions lists and is updated daily. Our platform screens all customers every night and alerts the company of any changes, allowing them to stay on top of their compliance needs.

The Results

• Improved time efficiencies across the business
• Significant reduction in manual workload
• Increased compliance oversight

WPS Advisory are now reaping the benefits of SmartSearch's innovative compliance solutions, which has helped to future-proof their compliance needs as they win over their stakeholders and enhance their business.

As a result of using SmartSearch the company now has full peace of mind that they are meeting their compliance needs efficiently and effectively rather than relying on time-consuming and costly manual methods which are open to human error. The business has also managed to save over 400 hours a year on their AML obligations; a significant amount of time and money which could be reinvested in the business.

Since using SmartSearch, WPS Advisory have found a reduction in manual workload. This means their employees can prioritise critical tasks within their business more effectively, resulting in enhanced quality outcomes.

WPS Advisory are benefitting from increased compliance oversight and have seen an improvement in user experience since using SmartSearch. This is down to the fact they can now benefit from faster customer onboarding due to SmartSearch's award-winning solution.

"I would not hesitate to recommend SmartSearch. We are truly enjoying the ease of use it offers. The speed of return and the quality of output has been immensely beneficial for our company. Not only do my staff love using it, but our clients have also expressed their delight and appreciation for the platform. SmartSearch has truly become an invaluable asset to our business".

- Tim Harries, Head of Risk, Governance and Compliance at WPS Advisory.