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risk management solutions, compliance solution, kyc verification - KYC Portal
Last week our Business Development Manager posted a poll on LinkedIn "What do you find most challenging, when it comes to on-boarding clients?"...  and the results are in!
 
We were actually surprised to see that the Customer Risk Assessment was the most challenging aspect, when it came to the on-boarding of clients. So here we are to tell you that with KYC Portal, this will no longer be a challenge!
 
                                     
 
 
The ever-present dependence on individual subjective assessments and inherent bias is totally eliminated from the on-boarding process thanks to KYC Portal’s risk assessment module. This module allows the compliance team to be able to define the perception of risk based on low, medium, high and extreme.
 
In the lack of an automated system like KYC Portal, organisations assess risk by asking for many details from the subject being on-boarded. These are usually in the form of document requirements, forms to fill in, declarations to sign and many other requirements such as the KYC forms on entities. All this is being done in order to minimise risk being on-boarded.
 
KYC Portal’s automatic risk assessment is constantly checking the risk based on all factors that you feed the system with, in real time, instantly alerting the compliance team when the organisation is exposed. KYC Portal’s approach to real-time calculation of risk allows for further automation. Clients have automated the opening of bank accounts for subjects whose risk is green without involving any human interaction. On the contrary, the second a subject became high risk for whatever reason, they instructed the system to put on hold any possibilities of withdrawal for the respective subject.
 
Another one of the biggest challenges related to Customer Risk Assessment is for organisations within the compliance industry to keep up with the constantly changing perceptions of risk due to change in regulation requirements, market happenings, change in internal polices etc...
 
KYC Portal’s configuration engine allows the organisation to be able to tweak and adapt the entire regulatory process at service level in real-time. Whenever a change or new adaption of risk interpretation is applied, the system will instantly re-assess all the subjects in the database, re-calculate the risk and alert the compliance team should the subject have moved across the brackets of the risk-based approach. The organisation can also choose the methodology of risk calculation within the programme, further augmenting the capability of choosing how risk-averse the organisation is to the service being provided.
 
When risk calculation is automated, the possibilities of automation are endless and most importantly the risk exposure of the brand is always safeguarded. Such a dynamic configuration within KYC Portal allows for the automation of all the risk aspects irrespective of how many different services the company offers, irrespective of how many jurisdictions you operate in and also irrespective of the load of subjects that you on-board.
 
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