In our last whitepaper, we discussed how KYCP helps you stay on top of regulatory changes and risk exposure, thanks to its fully dynamic configuration module that allows your compliance team to tweak the entire regulatory process, not only at company level but also at service and product level. In this article we explain just how dynamic KYC Portal really is, not only from a configuration point of view but from every aspect!
The regulatory processes in which compliance teams are operating are constantly changing. From new data being requested, to updated risk factors and form requirements, the entire process changes based on the latest regulations, market happenings and also internal policies.
The configuration engine in KYC Portal gives full control to the compliance team to define and maintain their entire regulatory framework at 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.
Such dynamic settings include but are not limited to, the definition of the risk-based approach, the review process, 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, 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. Such engine also allows the client what is presented to the end customers in the outreach modules of KYC Portal giving them full control to define and tweak each on-boarding process at a granular level.
Allowing clients to define and tweak such processes, in real-time and at service level, allows for utmost flexibility. The ability of having a real-time perception of the risk, based on the same service offered, but within different jurisdictions is indeed powerful. Also, such changes are instantly perceived not only on subjects going forward but also on all past subjects so whenever a change or new adoption 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.
KYCP’s dynamic configuration engine, is attracting the attention of companies from all over the world and in various industries both regulated and not. We currently sell to over 15 countries spanning from the USA to Dubai, Mauritius, Russia, South Africa, UK and all over Europe.
What is most interesting is the fact that our 60+ clients are spread over such a vast selection of industries from banking, payment providers, corporate service providers, legal and accounting to logistics, gaming, precious metal refineries, oil and gas, taxi booking and dispatch providers and cash management services, to mention a few.
KYC Portal can be adopted by any organisation who is required to perform due diligence on their subjects, whether B2B or B2C, no matter the size of the company or industry. If the requirement is there, KYC Portal is there to help them remain compliant and keep their risk exposure under control.