The regulatory processes in which compliance teams are operating in, are constantly changing. From new data being requested, to updated risk factors and form requirements the entire process changes based on the latest regulations, market happenings and also internal policy.
The configuration engine in KYC Portal gives full control to the compliance team to define and maintain their entire regulatory framework at service level. Allowing the team to be able to create and tailor an entire process based on the kind of risk one perceives. Be it based on a different service / product being offered or else be it due to the different jurisdiction in which the same service or product is being offered.
The solution allows the compliance team to set the system in quite some detail allowing for further automation based on the data being perceived. Such settings include but are not limited to, the definition of the risk-based approach, the actual scoring methodology, the data that is required for each type of entity, the document requirements as well as the associated risk levels for Enhanced Due Diligence processes, the digitisation of questionnaires and forms with embedded risk (to remove manual checking of each and every form being submitted), the definition of statuses, roles, rights and also the workflow and rules engine that allows the operational team to define within KYC Portal the actual logic on who needs to handle what based on risk, status and authority.
See the full detail of how the Configuration Engine works with a detailed video of the actual module in our Due Diligence Community section.
Configuring KYC Portal with your requirements - CLICK HERE