The perception of risk changes drastically on so many
factors! Based on the industry that you are in, based on the regulatory
framework that you operate from and also on the regulatory framework of the
jurisdiction where the service is being provided to, market happenings, internal
policy and many other endless aspects. What one company perceives as high risk
might be perceived as acceptable by other companies. Even within the same
company offering the same service, risk can change dramatically. For example,
an individual who is applying for a retail bank account who is from a specific
shady jurisdiction might be high risk, but not as high a risk as if that same
person had to be a shareholder being a corporate client that we are
on-boarding.
KYC Portal’s configuration engine allows the organisation to
be able to tweak and adapt the entire regulatory process at service level in
real-time. Whenever a change or new adaption of risk interpretation is applied,
the system will instantly re-assess all the subjects in the database, re-calculate
the risk and alert the compliance team should the subject have moved across the
brackets of the risk-based approach. KYC Portal also allows the client to be
able to define the brackets of what is perceived as LOW, MEDIUM, HIGH and also
EXTREME (based on the recommendation within the latest 4th AML
directive). Organisation can also choose the methodology of risk calculation
within the programme, further augmenting the capability of choosing how risk-averse the organisation is to the service being provided.
Such a configuration within KYC Portal allows
for the automation of all the risk aspects irrespective of how many different
services the company offers, irrespective of how many jurisdictions you operate
in and also irrespective of the load of subjects that you on-board.