Risk Categories Module

February 01, 2023

The Scoring module in KYC Portal CLM is all dynamic, allowing users to create risk value on fields with weighting, grouping and much more. Users can define and manage risk parameters in real time allowing for a real time risk assessment of all subjects in the system.

One of the parameters that is set for each field is the Risk Category (Scoring Group in KYCP CLM). This setting allows the system to associate any risk deriving from this field to the respective Risk Category. If there is a value in the respective field that is associated to a risk value, it will contribute towards the overall risk category. There is no limit to the number of risk categories that one can add to KYC Portal CLM. Separate from the standard categories such as Geographical, Customer and Screening we have seen use cases whereby new categories such as ESG and Reputational Damage have been added to the overall matrix.
KYC Portal CLM 
This new feature allows for an easier way to manage such categories as well as the ability to quickly reference all the fields in the solution that are contributing to this category in question. The new module that can be found in the main menu of the solution (based on the user having the necessary right to access it) will show all the created Risk Categories. Next to each category the new module shows all the fields that are contributing to the overall risk of this category. This module enables the creation of new categories to be used within fields when associating risk.
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Targeted For Managing Risk Categories
Status LIVE
Keywords CRA, Risk Assessment, KYC, AML
Direct Benefits Being able to quickly scan through all the risk elements that contribute to the dynamic risk categories.