Fully customisable risk engine

March 11, 2019

One of the biggest challenges for organisations within the compliance industry is the constantly changing perceptions of risk. Risk changes based on regulation requirements, market happenings and changes within the internal policies of organisations. How can one keep up with such changes when you are offering various services to numerous subjects in real time?

The perception of risk changes drastically on so many factors! Based on the industry that you are in, based on the regulatory framework that you operate from and also on the regulatory framework of the jurisdiction where the service is being provided to, market happenings, internal policy and many other endless aspects. What one company perceives as high risk might be perceived as acceptable by other companies. Even within the same company offering the same service, risk can change dramatically. For example, an individual who is applying for a retail bank account who is from a specific shady jurisdiction might be high risk, but not as high a risk as if that same person had to be a shareholder being a corporate client that we are on-boarding.

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. KYC Portal also allows the client to be able to define the brackets of what is perceived as LOW, MEDIUM, HIGH and also EXTREME (based on the recommendation within the latest 4th AML directive). 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.

Such a 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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Targeted For Assessing risk automatically on all subjects based on defined dynamic parameters
Status LIVE
Keywords risk, automation, AML, KYC
Direct Benefits Automate the entire risk based approach which you can define and tweak in real time based on company and service level