Risk and Compliance Management

Key Challenges

  • Ability to focus limited compliance manpower resources on highest risk customers.
  • Ability to objectively ascertain a quantitative compliance risk score, rather than subjective assignment of risk categories to customers.
  • Being able to "backfill" compliance 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.

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KYCsphere Solution

Under the recommended risk-based approach towards regulatory compliance, it becomes pertinent to initially assess and constantly monitor compliance 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 and Compliance Management tool uses advanced algorithms to calculate compliance risk scores of new as well as existing customers on the basis of customer profile; financial products & services subscribed; countries of their operations; types of transactions performed and their deviation from the expected behavior. These compliance 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. Most importantly suspicion of fraud, money laundering, financial crime, other serious crimes including drug trafficking and terrorist financing would cause a spike in customer's risk score and trigger an alert immediately. This compliance 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. Subsequently customer due diligence can then be performed by your limited resources of compliance team, incrementally 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.

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Key Benefits

  • Establish robust risk and compliance management processes by defining 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 risk and compliance throughout their relationship life cycle to avoid doing business with unduly risky customers, as soon as possible.

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