The optional Historical AI Engine within KYC Portal comes with various options, this article here explains the “Application Lifetime” module within an application which gives great detail about the historical aspect of the application itself.
In the off-the-shelf version of KYC Portal, clicking on the top risk dial gives you a snapshot of risk over time of the application. This module stores the snapshot of risk whenever there is a risk band change or else whenever there is a new addition or removal of a related party within the structure.
When clicking on the “Application Lifetime” button (which is only available with the Historical AI Engine module), the system will start showing you the application history of risk changes over time, even within the same band of risk. It also keeps a snapshot of the statuses so whenever you change the status of an application, linked to how the risk was at that point in time.
You can also compare snapshots which allow you to investigate and analyse what changed in an application and what led to such risk changes. It allows you to open the snapshot of a certain point in time and compare it with another date, in a left and right comparison chart. Here it will show you all modifications such as removal, changing or adding of fields, all data and document changes within the application so the system is keeping a full tamper proof audit of all the changes allowing you to investigate changes across the application. This becomes very handy because at a glance you can see all the details of changes. If you have a structure with multiple entities, it will keep a full audit of changes, per entity, within the application.
The system is also storing all the potential and probable outcomes of the application, based on past decisions, so the system is studying all the actions that your teams are taking, based on previous applications; how they are choosing the status and also what the data of the fields were in the application, when then status was moved. This information gives an insight into the cost of compliance and cost of due diligence for an application, in advance of them being worked on and completed, giving you an insight into how much work should be most likely done on this application.
The above focuses on the AI history of the application itself. The Historical AI Engine also has addons which are available within the Reporting module of KYC Portal.
Click here for this part of the module.