KYCsphere

Risk Management

Key Challenges

• Ability to focus limited compliance manpower resources on highest risk customers.
• Ability to objectively ascertain a quantitative risk score, rather than subjective assignment of risk categories to customers.
• Being able to "backfill" risk scores in spite of limited profile data captured from customers acquired in the past.
• Constant monitoring of actual customer behavior against the expected behavior.

Please fill-in your name along with email & press the button on the right and we would explain why these & many other challenges need to be addressed.

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KYCsphere Solution

Under the recommended risk-based approach towards regulatory compliance, it becomes pertinent to initially assess and constantly monitor risks that your customer base poses to your institution. This allows you to be proactive in mitigating risks that could be highly damaging to short-term profitability and long-term reputation of your organization.

KYCsphere Risk Management tool uses advanced algorithms to calculate risk scores of new as well as existing customers on the basis of customer profile; products & services subscribed; geographies of their operations; types of transactions performed and their deviation from the expected behavior. These risk scores are constantly recalculated based on customer profile changes including discovered association with high risk categories such as PEPs, Money Services Businesses, Casinos etc.; and most importantly suspicion of fraud, money laundering, financial crime, other serious crimes including drug trafficking and terrorist financing. This risk score based intelligence not only allows you to take informed decisions while taking new customers on-board but also lets you to risk prioritize large number of alerts and subsequent customer due diligence to be performed by your limited resources of compliance team on a daily basis.
This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

Please fill-in your name along with email & press the button on the right and we would showcase to you how this could be achieved.

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Key Benefits

• Define suitable risk score thresholds, drastically reduce the number of false positive alerts generated and better manage due diligence and monitoring of high risk customers.
• Save overall regulatory compliance costs, while reducing unnecessary data furnishing burden on the lower risk customers, and freeing resources from non-priority compliance tasks.
• Under the risk based approach, enhance overall Know Your Customer (KYC) processes, including Alert Management, Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) work-flows, for new Customer On-Boarding and efficiently make the existing customer base compliant.
• Monitor customer risks throughout their relationship life cycle to avoid doing business with unduly risky customers.

Please fill-in your name along with email & press the button on the right and we would help you to arrive at substantial cost savings by using Microsoft® Azure Cloud based KYCsphere.

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