Real-time calculation of risk on all subjects

March 04, 2019

All organisations who on-board customers are exposed to risk. Whether you are operating in a regulated market or not, organisations nowadays are constantly trying to minimise their risk when on-boarding customers be it individuals, suppliers, operators, affiliates or any other business relationship.

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. Organisations then tend to have on-going reviews conducted on such entities to ensure that the risk has not increased over time throughout our relationship with the respective entity (be it a customer, a supplier, operator, etc.).

The problem with the approach above is that in a manual environment, the time between on-boarding such an entity and the next review is exposing the organisation to risk. Not being able to constantly assess the risk in real-time can cause major issues of risk exposure. Risk can vary on so many factors including market happenings, internal policy changes and regulatory updates that it would be impossible to monitor all subjects manually.

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.

When risk calculation is automated, the possibilities of automation are endless and most importantly the risk exposure of the brand is always safeguarded.
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Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal
Status LIVE
Keywords #kyc #risk #automation
Direct Benefits Removes the manual input and human bias in evaluating risk. Reduces the risk exposure across the company.