Get in Touch
Discover Seven Key Focus Areas to Drive Effective KYC/CDD
Your financial institution (FI) is vulnerable to unnecessary risks with legacy approaches to KYC/CDD. And it can also prevent you from delivering exceptional customer experiences.
When it comes to understanding customers and their associated risks, every stage matters. Optimize each stage by following this playbook to deliver effective CDD:
When it comes to understanding customers and their associated risks, every stage matters. Optimize each stage by following this playbook to deliver effective CDD:
- Capture critical customer information: Collecting the critical customer information at the start is essential to determine if they’re who they claim to be and anticipate their expected behavior
- Enrich and validate: Building a robust, trusted customer profile for accurate risk assessments depends on supplementing existing data with additional sources
- Ensure consolidated entity profiles: Linking customer records across your firm and uncovering hidden relationships requires accurate identity resolution
- Screen: Enabling synchronized integration between CDD and screening solutions enables you to leverage an automatic, ongoing feedback loop for assessing and reassessing customer risk
- Risk score customers: Determining how the customer relationship is managed throughout the life cycle and how much they’ll cost your business revolves around appropriate risk scoring
- Review: Eliminating analyst challenges connected to irrelevant or incomplete data supports informed assessments and can introduce significant efficiencies into your investigations
- Monitor continuously for change: Leveraging a proactive, risk-based approach to KYC drives more accurate risk scores and helps future-proof your CDD program