risk management solutions, compliance solution, kyc verification - KYC Portal CLM

The dynamic management of risk is all about decision making. The term ‘Dynamic Risk Assessment’ is commonly used to describe a process of risk assessment being carried out in a changing environment, where what is being assessed, is developing as the process itself that is being undertaken. More and more organisations are finding it necessary to strengthen their KYC/AML platforms to stem the tide of illicit financial transactions and meet new regulatory processes and requirements. For enterprises with moderate to high risk exposures, this calls for a rigorous automated system based on dynamic risk assessment. Financial institutions need a way to adapt rules, parameters and scenarios to match the risk profile for any given account or individual in order to monitor differentially based on risk.

The configuration engine in KYC Portal gives full control to the compliance team to define and maintain their entire regulatory framework at product or 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. 

KYC Portal allows the compliance team to dictate and dynamically tweak 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.

Organisations need a more accurate, holistic and dynamic view of an entity’s behaviour across all products, businesses, channels and risk factors. We see various companies adopting various approaches to doing the risk-based approach on all their subjects. The most common is the famous excel sheet with never-ending rules, calculations, figures and weighting on all aspects of risk. Excel sheets are a manual process that require a lot of human effort to input and maintain for each subject. Based on static data that needs to be manually changed per sheet. Another very common approach to risk is the "I know all my customers" syndrome whereby the processes are so lax and risk reviews are almost non-existent as the organisation bases the facts on the close personal relationship that they have with subjects.  

However, based on statistics, we can confirm that having a robust, central automated risk-based platform at the core of the entire process of lifetime due diligence will not only reduce the risk to perform the risk-based assessment, but will also maximise efficiencies all throughout the entire due diligence process of the company.

Request a live demo today or send us a direct email, to get answers to your questions and see how KYC Portal can help you.


Malta: +356 2141 1400
UK: +44 (0) 114 392 0015
ALL ARTICLES - SITEMAP - Terms and Conditions - Privacy Policy
Images from Freepik