risk management solutions, compliance solution, kyc verification - KYC Portal CLM
In addressing the inefficiencies inherent to the practices governing the compliance sector, the KYC Portal platform, launched in late 2016, already delivers a unique set of ground-breaking innovations that help streamline the entire compliance process: from the delegation of document collection, custom automated risk score calculations allowing for zero human input in the on-boarding of all customers and the equally system-determined acceptance of low-risk subjects (allowing organisations to refocus their expertise where it really matters), automating the ongoing reviews of customer accounts, minimising exposure to risk to a single day and reducing costs by over 60%.

At the Harnessing FinTech Innovation in Retail Banking event in London, this June 7th, Aqubix, creators of KYC Portal are introducing the revolutionary Compliance Community.Taking the cue from compliance experts’ requests to help them determine the correct course of action when setting up the bespoke rules and regulations governing KYC Portal, the Compliance Community portal allows the anonymous cross-checking across jurisdictions, industries and dataset types with free text searches to determine specifically what single or multiple operators are collecting, how they structure their data and what requirements they place on single customers.

The Compliance Community allows users of KYC Portal to compare all the configuration data and rules governing individual programme setups across all other users, in any jurisdiction, industry or program type. Access is granted after having in turn shared their own setup in a totally anonymous fashion, opening up a world of opportunities through which operators can finally come to terms on whether they are doing too much or to little at the expense of impacting their business objectives.

Offering the ability to drill down datasets granularly, users can query any variable, rule or parameter across participating operators’ configurations, including entities, the field collected on each entity, respective scoring risks, questionnaires and related scored answers and also mandate documents and checklists. The Compliance Community allows operators to determine what volume of data should be collected, how risk is being perceived and calculated, the type and extent of mandated documentary evidence being required, the construction and depth of profiling questionnaires and associated result scores.

In addition, users can, always in total anonymity, query directly the author being referenced, allowing for ongoing communication that in turn contributes to a uniform approach across all sectors, effectively creating homogeneous benchmarks based on actual processes that are being implemented in the industry.
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